BioMarin & Prosensa
BioMarin is buying Dutch drug company Prosensa in a deal that could be worth more than $800 million. The size of the deal will depend on whether some of Prosensa’s drugs gain approval. Shares of BioMarin up more than two percent to $87.77. Prosensa saw its stock surge 62 percent to $18.60.
RenaissanceRe & Platinum Underwriters
Two reinsurers will combine a deal also announced today. RenaissanceRe will purchase fellow Bermuda-based reinsurer Platinum Underwriters for almost $2 billion. This is an effort by RenaissanceRe to generate business amid more competition and falling premiums. This is an effort by RenaissanceRe to generate business amid more competition and falling premiums. RenaissanceRe fell more than 2.5 percent to $98.76, while Platinum rose 21 percent to $74.19.
Merck is buying the rights to an experimental Ebola vaccine from New Link Genetics. As part of the deal, Merck will have the right to develop and distribute the treatment and any follow on products. With Merck involved, the drug’s development could move at a faster pace. Still, shares of Merck fell slightly to $59.25. New Link also fell more than two percent to $34.44.
Lockheed Martin won a nearly $5 billion government contract, sending shares up slightly. The deal is with the Pentagon to supply an eighth batch of F-35 fighter jets. The stock was 89 cents higher to $188.82.
A big selloff in shares of Trina Solar after the company cut its full-year forecast for shipments. This was partly because a large project order was cancelled. Its quarterly results also missed expectations. Shares slumped more than 5 percent to $10.36.
A unit of Citigroup must pay a $15 million fine for lapses in supervision. The financial industry regulatory authority (FINRA) that the company failed to adequately supervise its research analysts’ interactions with bank clients. The bank neither admitted nor denied the charges, but consented to the finding. Despite that shares rose almost 1.5 percent to $54.40.
Renting Redbox movies is about to get more expensive. The owner of Redbox Kiosks, Outerwall, is hiking the prices for renting movies and games to help fund improvements in its business as streaming sites are reducing demand for DVDs. Redbox movies used to cost $1.20 a day, now they’ll be $1.50. Shares rose by almost eight dollars to $71.39.
After the market close today Workday posted a smaller than expected for the third quarter on better than expected revenues. The maker of human resources software maker gave fourth quarter guidance that was basically in line with Street views. Still, shares tumbled initially in after hours trading. In the regular session, shares slipped slightly to $92.49