Abbott Labs, Allegiant Travel, Biogen, DDI Among Stocks Hitting 52-Week Highs
Abbott Laboratories (NYSE:ABT): Abbott will present clinical trial results from two different interferon-free, Phase 2 studies for the treatment of hepatitis C at the International Liver Congress 2012. In the study known as “Co-Pilot,” different doses of ABT-450/r, plus ABT-333 and ribavirin administered for 12 weeks showed sustained virological response at 12 weeks post treatment in 95% and 93% of treatment-naive genotype 1 patients. In a separate study, known as “Pilot,” 91% of genotype 1 infected, treatment-naive patients taking ABT-450/r and ABT-072 combined with ribavirin administered for 12 weeks, achieved sustained viral response at 24 weeks. The shares closed at $61.46, up $0.32 or 0.52% on the day. They have traded in a 52-week range of $46.29 to $61.49.
Allegiant Travel Com (NASDAQ:ALGT): Allegiant has decided to charge passengers up to $35 for a carry on bag, the Las Vegas Review-Journal reports. In a memo to employees, President Andrew Levy says the fee follows Allegiant’s “ongoing effort to develop an innovative, new approach to travel. … (I)n many cases, the industry has seen our success and followed our lead.” The shares closed at $60.33, up $3.31 or 5.8% on the day. They have traded in a 52-week range of $38.95 to $57.76.
American Realty Capi (ARCT): American announced the final results of its modified “Dutch Auction” tender offer for the purchase of up to $220M in value of shares of its common stock. ARCT has accepted for purchase 20,952,380 shares of its common stock at a purchase price of $10.50 per share, for an aggregate cost of approximately $220,000,000, excluding fees and expenses relating to the tender offer. The 20,952,380 shares accepted for purchase in the tender offer represent approximately 11.7% of ARCT’s currently issued and outstanding shares of common stock. The shares closed at $10.49, up $0.13 or 1.25% on the day. They have traded in a 52-week range of $5.54 to $10.58.
Biogen Idec Inc (NASDAQ:BIIB): Cowen analyst Eric Schmidt estimates that the market for dexpramipexole, a treatment for Lou Gehrig’s disease from Biogen Idec (NASDAQ:BIIB), may top $1B a year if approved, Bloomberg reports. Sanofi’s (NYSE:SNY) Rilutek, which provides only a modest benefit in reducing the progression of ALS, has U.S. sales of about $50M. The shares closed at $127.82, down $0.98 or 0.76% on the day. They have traded in a 52-week range of $72.70 to $128.87.
Ddi (NASDAQ:DDIC): Viasystems Group (NASDAQ:VIAS), and DDi Corp. (NASDAQ:DDIC) announced that they have entered into a definitive merger agreement pursuant to which Viasystems will acquire DDi for $13.00 per share in cash, which represents a 20% premium to the volume weighted average price of DDi’s common stock over the last three months. The total transaction value is approximately $282M, or $268M net of DDi’s cash plus debt assumed. Based on the results for the twelve months ended December 31, 2011 for Viasystems and DDi, on a pro forma basis, the combined operation would have had approximately $1,320 million of revenue, and, excluding any cost synergies, pro forma Adjusted EBITDA would have been approximately $183M. Viasystems expects the transaction to be immediately accretive to Adjusted EPS, even without the impact of anticipated cost synergies, which Viasystems expects to be at least $10M annually, before income tax effects, and realizable within 6 months after closing. Adjusted EBITDA and Adjusted EPS are defined below. The shares closed at $12.93, up $0.67 or 5.46% on the day. They have traded in a 52-week range of $6.66 to $12.63.
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