Shares of Perrigo Company (NASDAQ: PRGO) jumped more than 7% after the company announced that it has signed a definitive agreement to acquire substantially all of the assets of Paddock Laboratories, Inc.), a privately-held, Minneapolis-based manufacturer and marketer of generic pharmaceutical products for approximately $540 million in cash. Perrigo expects to receive a significant tax benefit as a result of the acquisition of Paddock's assets. The net present value of this tax benefit is estimated to be $95 million. The acquisition is expected to close during the Company's fiscal 2011 fourth quarter pending regulatory approval.
Rexahn Pharmaceuticals, Inc. (AMEX: RNN) surged more than 10% after the pharmaceutical company announced that Teva Pharmaceutical Industries Limited (NASDAQ: Teva) purchased 2,334,515 shares of Rexahn's common stock in a private offering for $3.95 million, or $1.692 per share. This investment by Teva was made pursuant to the terms of the Securities Purchase Agreement, dated June 26, 2009, as amended. The investment money will be used for the purpose of supporting the research and development program for the pre-clinical stage, anti-cancer compound RX-3117. After this transaction, Teva will own 6.29% of the outstanding shares of Rexahn.
Labopharm Inc. (NASDAQ: DDDS) rallied more than 8% after the company today announced that Health Canada's Therapeutic Products Directorate has approved OLEPTRO (trazodone hydrochloride Extended Release Tablets), a novel once-daily formulation of the antidepressant trazodone, for the symptomatic relief of Major Depressive Disorder (MDD) in adults. OLEPTRO acts as a serotonin antagonist reuptake inhibitor, providing physicians and patients in Canada with a new option in the treatment of MDD.
ZBB Energy Corporation (AMEX: ZBB) soared more than 14% on Thursday after the company announced that it has secured contracts in China to provide ZBB technology to one of the world's leading solar companies as well as a major petrochemical producer. ZBB CEO Eric Apfelbach said the company's next generation energy storage and power electronics technology will provide the two manufacturers with a more clean, reliable, consistent and energy efficient power platform.
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