Pfizer Sues to Block Generic AzaSite Sales and 2 More Heavily Traded Stocks to Follow
Pfizer (NYSE:PFE): Current price $29.05
Merck & Co. (NYSE:MRK) and Pfizer have sued the generic drugmaker Mylan Pharmaceuticals in order to disallow it from selling a copy of AzaSite, which is an antibiotic eye solution for combating bacterial conjunctivitis. On May 1, Mylan advised Pfizer, Merck and InSite Vision that it sought FDA clearance to sell a generic version of AzaSite, according to a lawsuit filed on Friday in federal court in Trenton, New Jersey. The complaint requests that a judge block Mylan from moving into the market prior to the patents’ expiry; one ends in 2018, and the other three in March 2019, says the FDA’s website. Pfizer holds a license with InSite to sell AzaSite, and InSite has a marketing arrangement with Inspire Pharmaceuticals, a division of Merck.
Intel Corporation (NASDAQ:INTC): Current price $25.09
Last year, Intel shelled out $10.1 billion for research and development, and the company’s Chief Technical Officer Justin Rattner said Monday on stage at the Bloomberg Next Big Thing Summit, that “Half of that money goes to wildly experimental tech. Fifty cents of every dollar goes into exploratory stuff and the other 50 cents of every dollar goes into tech that serves the business unit that makes the money.” A lot of that experimental tech is spent on Intel-designed devices, although Rattner did not announce plans to bring any of these devices to market. Glass is built using Intel’s rival ARM chips, so it would have been quite notable had he endorsed it, but he did say that Intel’s lab is working on wearable tech, and he does foresee a big future for alternatives to Glass.
Smithfield Foods (NYSE:SFD): Current price $33.15
The activist shareholder Starboard Value, which is one of Smithfield Foods’ biggest investors, has proposed that it should break into three separate businesses rather than going forward with its planned $4.7-billion sale to the Chinese group Shuanghui International. The group said that the company should shop the hog production, pork and international divisions separately, saying that Smithfield could be worth well more than the $34-per-share offer from the Chinese company. If debt is added in, the deal was valued at roughly $7.1 billion.