GlaxoSmithKline Discontinues GSK2251052 Development and 3 Stocks Reaching 52-Week Highs
Engility Holdings (EGL) is part of a General Dynamics (NYSE:GD) C4 Systems-led team which won a contract from the United States Marine Corps to build as many as four Engineering Development Models and nine Limited Deployment Units of the Processing and Display/Sensor Data Subsystem for Increment 1, Phase 2 of the Common Aviation Command and Control System. This contract has a total potential value of $61.4 million when all options are exercised. The General Dynamics-led team includes Raytheon Solipsys (NYSE:RTN); Ternion Corp.; Smartronix, Inc.; and Engility. Shares closed down 0.62 percent on the day at $19.61, and have been traded in a 52-week range of $13.91 to $19.92.
Global Partners (NYSE:GLP) has reached a purchase agreement through which to purchase a 60 percent membership interest in Basin Transload, which operates two transloading facilities located in North Dakota, having a combined rail loading capacity of 160,000 barrels per day. The total purchase price is estimated to be about $80 million. Through the terms, the remaining 40 percent will be divided evenly between current the owners TGC, L.P. and MBI Holdings. The buyer will arrange an optimal financing structure for the acquisition, and is currently choosing among a number of debt financing options. The deal should be accretive in the first full year of operation. Shares closed down 0.26 percent on the day at $26.64, having been traded in a 52-week range of $14.73 to $26.78.
Google (NASDAQ:GOOG) is a subject in the Vringo (AMEX:VRNG) Friday press release by its Chief Executive Andrew Perlman: “We are entering court mandated settlement discussions with Google on Tuesday, and trial is scheduled to begin the following week, on October 16th. Upon closing the financing, the company will have over $55 million of cash, and Vringo will be in a position of strength. We are pleased with the confidence our investors have shown in our business plan and growth strategy.” Google Shares closed down 0.05 percent on the day at $767.65, having been traded in a 52-week range of $510.30 to $769.89.
GlaxoSmithKline (NYSE:GSK) has halted the clinical development of GSK2251052, due to the identification of microbiological findings of resistance in a small number of patients in the Phase 2b trial for the treatment of complicated urinary tract infections. Since that point, the firm has conducted additional pre-clinical research, and subsequent to the assessment of various options, chose to discontinue further development of GSK2251052 and return all rights to GSK2251052 to Anacor Pharmaceuticals (NASDAQ:ANAC). The firms are currently collaborating to transition GSK2251052 back to the latter, which licensed the product to GSK in July 2010 under their ongoing research and development partnership. Shares closed down 0.15 percent on the day at $47.38, and have traded in a 52-week range of $41.50 to $47.50.
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