Amylin Pharmaceutical POPS 8.9% with 4 Stocks Hitting 52-Week Highs
Amgen’s (NASDAQ:AMGN) license agreement with NPS Pharmaceuticals, Inc. (NASDAQ:NPSP) for royalties from sales of cinacalcet HCl (Sensipar/Mimpara), has been modified by NPS. Under terms of the revised agreement, NPS will receive a one-time $25 million payment in this current month in exchange for its rights to receive royalties under the license agreement that would accrete following December 31, 2018. The amendment also restricts the royalty offset of the royalty advance that NPS received from Amgen in August 2011, to $8 million per quarter with royalties in excess of $8 million paid to NPS for the respective quarter, thereby extending the period for royalty advance repayment. After the repayment of the royalty advance and a 9 percent per annum discount factor on the outstanding balance, Amgen will resume paying NPS all royalties accreted through December 31, 2018. As of June 30, NPS owed Amgen a remainder of $92 million on the royalty advance. Shares closed up 2 percent on the day at $74.37, having been traded between $47.66 and $73.75.
Amylin Pharmaceutical’s (NASDAQ:AMLN) acquisition by AstraZeneca (NYSE:AZN) and Bristol-Myers Squibb (NYSE:BMY) has only whetted the appetite of AZN for more purchases, says its interim CEO Simon Lowth, who comments that his company has the cash and appetite for more new acquisitions, according to the Financial Times. Lowth added that the joint purchase of Amylin has reduced capital costs and creates more flexibility as well, for pipeline development and to search out new products. Shares closed up 8.9 percent in the day at $30.71, having traded between $8.03 and $28.49 for the past 52 weeks.
Bristol-Myers Squibb (NYSE:BMY) shares closed up 0.25 percent on the day at $36.04, and have traded in a range of $25.69 to $35.95 the past 52 weeks.
Camden National Corporation’s (NASDAQ:CAC) subsidiary, Camden National Bank, and The First, N.A., a subsidiary of The First Bancorp (NASDAQ:FNLC), jointly reported that they have reached a definitive agreement through which The First will acquire the branch at 63 Union Street in Rockland, Maine. To implement the transaction, The First will buy the deposit accounts in the Rockland location as well as a small volume of loans. Also, The First has okayed a definitive agreement to acquire the 145 Exchange Street building in Bangor, Maine, owned by Camden National. The total value of the purchase is estimated to amount to 7.7 million. Shares closed up 5.46 percent on the day at $38.62, having been trading between $24.58 and $37.70 in a range of 52 weeks.
Chs Inc (NASDAQ:CHSCP) reported it has acquired a 50 percent ownership of Andali, a supplier of fertilizer storage and blending services located in Paranagua, Brazil. The company currently has a service agreement with Andali, forming a part of its extensive supply chain capabilities. Shares closed up 2.74 percent on the day at $31.52, and have been trading between $27.11 and $30.75 during the last 52 weeks.
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