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VRX

Valeant

09:35
06/19/17
06/19
09:35
06/19/17
09:35

Valeant jumps after naming hedge fund manager Paulson to board

Shares of Valeant Pharmaceuticals (VRX) popped in early trading after the company announced that activist investor John Paulson, one of its biggest shareholders, will join the board of directors. PAULSON JOINS BOARD: Valeant reported this morning that billionaire hedge fund manager John Paulson, of Paulson & Co, was elected to its board of directors, effective June 14. Paulson & Co. is one of Valeant's largest investors, with a 5.6% stake in the drug maker as of March 31. Valeant CEO Joseph Papa commented that "We are pleased to welcome John to Valeant's board of directors. With his significant business and financial expertise, John will be a strong addition to the board. His experience will be especially valuable as we continue to execute on our transformational strategy to turnaround Valeant." Paulson commented that the strategic plan to transform Valeant "smartly focuses on rebuilding the company's core franchises in ophthalmology, dermatology and gastroenterology while simultaneously using the proceeds from the sale of non-core assets and operating cash flow to de-lever the company." He added he is "fully supportive of the strategy and leadership team at Valeant." Paulson's addition increases the size of Valeant's board to 11 members, 10 of whom are independent. WHAT'S NOTABLE: Valeant has been a target of activist investors including Pershing Square's Bill Ackman, who resigned from Valeant's board and sold his stake in the company amid increasing investment losses earlier this year. After calling the Valeant investment a "huge mistake" in March, Ackman stated in a May interview with Bloomberg that he will "probably stay away from pharmaceutical companies" after the large losses he incurred investing in Valeant. Meanwhile, Valeant CEO Joseph Papa, who joined the company in May 2016, is working to taper the company's focus to its dermatology, gastrointestinal and eye care businesses by selling other assets to repay its debt. Papa said in January that Valeant will pay down $5B of its debt over the next year and a half through a combination of non-core asset sales and the operation results of the company. PRICE ACTION: Valeant is up nearly 5% in early trading to $13.28, though shares are down about 9% year-to-date.

  • 19

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  • 24

    Aug

VRX Valeant

06/08/17
WELS
06/08/17
NO CHANGE
Target $9
WELS
Underperform
Valeant's iNova sale to have minimal impact on debt, says Wells Fargo
Wells Fargo analyst David Maris believes Valeant Pharmaceuticals' sale of iNova Pharmaceuticals for $930M in cash, while possibly "slightly deleveraging," will not have much of an impact on the company's total debt of $28.5B, particularly if the gross proceeds are reduced by tax or other payments. The analyst notes that press reports in September suggested iNova could fetch more than $1B. Maris keeps an Underperform rating on Valeant with a $9 price target. The shares in morning trading are up 8% to $13.18.
06/09/17
WELS
06/09/17
NO CHANGE
WELS
Outperform
Wells says Valeant's focus on EBITDA ignores rising borrowing costs
After Valeant Pharmaceuticals issued a regulatory filing with financial data for its just sold iNova Pharmaceuticals unit, Wells Fargo analyst David Maris says that while the company is executing deals and reducing absolute debt, "leverage seems to be relatively unchanged." Valeant's focus on EBITDA versus earnings is to have investors "ignore the impact of increased borrowing costs and any impact from potential dilutive equity based financing," Maris tells investors in a research note. Valeant has indicated an equity raise is not off the table, the analyst adds. He has an Underperform rating on the stock with a $9 price target. Valeant in afternoon trading is down 26c to $13.00.
06/14/17
RODM
06/14/17
NO CHANGE
Target $6
RODM
Buy
EyeGate price target lowered to $6 from $10 at Rodman & Renshaw
Rodman & Renshaw analyst Raghuram Selvaraju lowered his price target for EyeGate Pharmaceuticals (EYEG( to $6 after the company granted a subsidiary of Valeant Pharmaceuticals (VRX) exclusive commercial and manufacturing rights to the EyeGate II Delivery System and EGP-437 combination product for treatment of post-operative pain and inflammation in ocular surgery patients. The analyst views the development, along with the top-line data from the first-in-human pilot trial of ocular bandage gel in patients with large corneal epithelial defects, as positive developments and raised his valuation of the company to $112M from $80M. His lowered target reflects higher shares outstanding. Selvaraju reiterates an Outperform rating on EyeGate.
06/16/17
CANT
06/16/17
INITIATION
Target $18
CANT
Overweight
Valeant initiated with an Overweight at Cantor
Cantor Fitzgerald analyst Louise Chen started Valeant Pharmaceuticals with an Overweight rating and $18 price target. The analyst believes Valeant can reduce its debt to manageable levels over the medium term and thinks new management can post earnings upside in 2019 and beyond. The analyst also thinks the negative media attention placed on the company has reduced significantly from a year ago.

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