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UTi Worldwide Inc. latest news:
Valeant shares rise on divestiture of 'female Viagra'
Valeant Pharmaceuticals International Inc. shares rose 2.4% premarket on Monday after the company said it will divest its Sprout Pharmaceuticals subsidiary, which makes the "female Viagra" drug Addyi, to "a buyer affiliated with former shareholders of Sprout." Under the deal, Valeant will receive a 6% royalty on worldwide sales of Addyi beginning 18 months from the sale agreement's signing, Valeant will no longer -- as required under the original transaction -- have to split future profits with the former shareholders or pay for marketing and other expenditures. Valeant bought Addyi in 2015 for $1 billion, but the product has not sold as well as expected, and Valeant announced a plan to relaunch the drug earlier this year. Some have said Addyi, which is supposed to treat low sexual desire in women, didn't sell well because Valeant didn't market the drug aggressively enough, while others have said that the drug simply doesn’t work for women. Litigation against Valeant will also be dismissed, the company said. Valeant will also provide a $25 million loan to fund initial operating expenses for the deal, which is expected to close by the end of the year. Valeant shares have dropped 24% over the last three months, compared with a 4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Daimler recalls over 1 million vehicles worldwide for air bag fix
BERLIN/WASHINGTON (Reuters) - Daimler AG is recalling more than 1 million Mercedes-Benz cars and sport utility vehicles worldwide to address potential unintended air bag deployments, the German automaker said on Monday.
Sigma Designs to reduce workforce by a quarter amid restructuring
Sigma Designs Inc. late Wednesday said it was reducing its workforce by roughly a quarter as part of a restructuring to "accelerate the return to profitability," the Fremont, Calif., company said in a statement. Sigma estimated the move will lower fiscal year 2019 non-GAAP operating expenses by approximately $34 million. "As part of our business review, we have decided that in the near-term, the most prudent action is to significantly reduce expenses," Chief Executive Thinh Tran said. "This will not only bring expenses in line with our current revenue levels, but we believe it will also improve our ability to pursue other strategic alternatives," he said. Sigma plans to reduce its headcount to between 200 and 250 positions worldwide and to consolidate facilities. The company expects one-time charges for severance and lease termination of approximately $8 million to $10 million over the third and fourth quarters in the current fiscal year, it said. Shares of Sigma rose more than 3% in after-hours trading after ending the regular session up 0.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Endocyte's stock rockets again on heavy volume after license deal for prostate cancer treatment
Shares if Endocyte Inc. rocketed 49% on heavy volume Tuesday, and have not run up nearly four-fold this week, after the biopharmaceutical company announced a license agreement with ABX GmbH for a phase-3 ready treatment for prostrate cancer. Trading volume was 54.8 million shares in afternoon trade, enough to make the stock the most actively traded on the Nasdaq exchange. On Monday, the stock blasted off 157.5% on volume of 55.9 million shares. Under terms of the agreement, Endocyte has exclusive worldwide rights to develop and commercialize PSMA-617, in exchange for a $12 million upfront payment to ABX and potential milestone payments of up to $160 million. In addition, Endocyte has issued 2 million shares of its stock to ABX and issued a warrant for the purchase of up to 4 million additional shares. "This transaction is transformational to Endocyte, accelerating out path to commercialization," said Chief Executive Mike Sherman. "We intend to seek regulatory approval to initiate a Phase 3 registration trial of Lu-PSMA-617 in early 2018." The stock has now more than doubled year to date, while the iShares Nasdaq Biotechnology ETF has rallied 27% and the S&P 500 has gained 13%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPDATE: Alnylam shares jump 24% on positive results from late-stage trial of hATTR amyloidosis treatment
Sanofi and Alnylam Pharmaceuticals Inc. on Wednesday reported positive results in a late-stage trial of a treatment for Hereditary ATTR (hATTR) Amyliodosis patients with polyneuropathy. Alnylam shares jumped 24% after resuming trading following a halt. In a joint statement, the companies said an investigational RNAi therapeutic met its primary and secondary endpoints. The disease is an inherited one that is progressively debilitating and often fatal and is caused by mutations in the TTR gene. TTR protein is produced in the liver and usually acts as a carrier for vitamin A. Mutations can cause proteins to accumulate and damage organs and tissue, including the heart. About 50,000 people worldwide suffer from the disease, which currently has no approved treatment apart from liver transplant. Patients typically have a life expectancy of 2.5 to 15 years after the first symptoms appear. "This is a significant milestone that supports our belief that RNAi therapeutics have the potential to become an innovative new class of medicines for patients with rare genetic diseases," said Elias Zerhouni, M.D., president, global R&D at Sanofi in a statement. Alnylam shares had gained 100.4% in 2017 through Tuesday, while the S&P 500 has gained 12%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Achillion announces termination of worldwide collaboration for hepatitis c with Janssen
Achillion Pharmaceuticals Inc(ACHN). * Achillion announces termination of worldwide collaboration for hepatitis c with Janssen Further company coverage:
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