The American Depositary Receipts of AstraZeneca plc (NYSE:AZN) slipped nearly 2% in Monday’s pre-market session after the drugmaker reported that the U.S. FDA approved its Bydureon Pen (2 mg) despite a boxed warning regarding the risk of thyroid C-cell tumors in the use of Bydureon.
The Bydureon Pen is an injectable suspension used as a supplement to diet and exercise for patients with Type 2 diabetes. The company, however, warned of the risk of Bydureon causing “increased incidence” in thyroid C-cell tumors. Although it said it is unknown whether Bydureon is really the cause, as human relevance “could not be determined by clinical or nonclinical studies.”
Specialty chemicals Rockwood Holdings (NYSE:ROC) reported Monday better-than-expected Q4 2013 financial results. It also provided its forecasts for 2014. It said adjusted net income was 39.5 million, or $0.53 per share, up from $35.6 million, or $0.44 per share, for the same period last year, driven by the strong performance in its surface treatment and lithium application segments. On average, analysts surveyed by Capital IQ had expected adjusted EPS of $0.33.
Net sales rose 7.8% year-on-year to $347 million, beating the Capital IQ consensus by $5 million. For 2014, the company targets adjusted EBITDA margins of 22% to 23% for the surface treatment segment and 36% to 38% for lithium application.
The Men’s Wearhouse (NYSE:MW) confirmed that it entered into a non-disclosure agreement with Jos. A. Bank Clothiers (NASDAQ:JOSB) on Saturday night, March 1, under which the companies have agreed to exchange certain confidential information and to work in good faith to evaluate a potential combination, and that Men’s Wearhouse has received a draft merger agreement from Jos. A. Bank.
Men’s Wearhouse noted in a statement that its existing cash tender offer for $63.50 would provide Jos. A. Bank shareholders with a substantial premium and immediate value, and that as previously announced, Men’s Wearhouse is prepared to increase its offer price to $65 per share if Jos. A. Bank can demonstrate or Men’s Wearhouse can discover additional value through discussions or limited due diligence.