Healthcare Business Review: Savient’s Favorable RULING, Forest Gets FDA OKAY
Here are Monday’s top stories:
Shares of Savient Pharmaceutical, Inc. (NASDAQ:SVNT) pop subsequent to a favorable Court ruling that granted both of Savient’s motions in a lawsuit brought by Tang Capital Partners and other convertible note holders. The Court found no default on SVNT’s convertible notes, nor can the plaintiff noteholders appoint a receiver, because they have no standing. The plaintiff’s claims for breach of fiduciary duty and waste have not yet been decided.
Akorn, Inc. (NASDAQ:AKRX) gets slapped with a Deutsche Bank downgrade to Hold, as its shares’ high valuation, the lack of exclusivity for a generic version of Abbott Laboratories’ (NYSE:ABT) Prometrium, and a disappointing Vancomycin intro were given as reason. Deutsche dropped its price target from $15 to $14, as well.
Forest Laboratories, Inc. (NYSE:FRX) shares sank, even as the FDA approved its Tudorza Pressair for the long-term maintenance treatment of bronchospasm associated with chronic obstructive pulmonary disease, which includes chronic bronchitis and emphysema. The firm expects the med to be available to wholesalers in the fourth quarter.
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