ARTICLE | Company News

Aug. 14 Company Quick Takes: Myriad plunges on sales concerns; plus AbbVie-Allergan, TB Alliance, Akari, Carmine

August 14, 2019 11:59 PM UTC

Myriad falls on sales forecast, GeneSight concerns
Myriad Genetics Inc. (NASDAQ:MYGN) tumbled $19.05 (43%) to $25.50 Wednesday, the day after the molecular diagnostics maker reported 4Q revenues of $215 million, below FactSet’s consensus of $222 million. The company also issued weaker-than-expected 2020 revenue guidance of $865-$875 million, short of the consensus estimate of $918 million. In its 10-K filing, Myriad also revealed it was in discussions with FDA about changing how results from its pharmacogenetic test GeneSight are reported to healthcare professionals. Myriad said it was unsure how the change would affect future sales.

AbbVie lone suitor of Allergan
AbbVie Inc. (NYSE:ABBV) was the only company courting an acquisition of Allergan plc (NYSE:AGN), according to an SEC filing. AbbVie Chairman and CEO Richard Gonzalez first met with Allergan Chairman, President and CEO Brent Saunders on March 13; on June 7, Gonzalez expressed interest in an implied takeout price of $184 per share, split two-thirds in cash and one-third in AbbVie shares. On June 25, AbbVie proposed to acquire Allergan for an implied price of $188, comprising $120.30 per share plus 0.866 shares of AbbVie (see "AbbVie Chooses Revenue over Innovation with Allergan Takeout")...