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Gillette adds twist to Gillette Home Run Derby

BY Antoinette Alexander

BOSTON — Procter & Gamble’s Gillette brand has announced a twist to this year’s Gillette Home Run Derby, which could push the final charitable donation to be the highest in the history of the event.

The event will be held Monday on ESPN at 8 pm Eastern time. Charitable donations have long been a staple of the Home Run Derby as each home run triggers a donation to be made by the sponsor and Major League Baseball. Charitable recipients include Boys and Girls Clubs of America and the MLB Reviving Baseball in Inner Cities program.

This year, two LED “Hit It Here” targets featuring the #FlexBall razor image will be placed at Target Field; one in left-center and the second in right-center field. If either target is hit during the Gillette Home Run Derby by one of the Home Run Derby participants, there will be a one-time incremental donation of $300,000 from Gillette, which could push the final donation amount to a level above the record of $615,000 set in 2012.
 
This new element is in addition to a custom orange baseball (or #FlexBall) that will be introduced toward the end of each participant’s at-bat. For each orange #FlexBall home run hit by a participant throughout the Gillette Home Run Derby, Gillette and Major League Baseball will combine to donate $10,000 to designated charities. Gillette and MLB will combine to make an additional donation of $5,000 for every non-FlexBall home run hit throughout the 2014 Gillette Home Run Derby.

“Gillette is thrilled to celebrate 75 years as a Major League Baseball sponsor and to be the title sponsor of this year’s Home Run Derby and support two great organizations — Boys and Girls Club of America and the MLB RBI program,” stated Hooman Shahidi, senior brand manager of Gillette North America. “Because our newest razor, the Fusion ProGlide with FlexBall Technology provides maximum contact* to get virtually every hair, we’re upping the ante for the players by challenging them to achieve maximum contact with the ‘Hit it here’ #FlexBall razor targets and trigger a possible record breaking charitable donation.”

The #FlexBall razor targets are just one of many ways Gillette is celebrating its newest razor during the MLB All-Star Week events. On Monday, Gillette is hosting the first-ever #FlexBall Grooming Lounge that will sit center stage between the #FlexBall razor targets, on the centerfield concourse at Target Field. This lounge will be open to all fans that are in the ballpark during the event. All are invited to stop by and enjoy a shave with the new razor before and during the Gillette Home Run Derby. In addition, fans visiting T-Mobile All-Star FanFest during MLB All-Star Week will have an opportunity to take a swing at an orange #FlexBall when they stop by the Gillette Home Run Derby attraction, where fans can try to win select prizes such as tickets to the Gillette Home Run Derby, Gillette product coupons, and more.

Leading-up to and during the Gillette Home Run Derby, fans can also engage with @Gillette and @MLB on Twitter using #FlexBall and #HRDerby to receive select giveaways and the latest updates.

The new FlexBall Technology handle moves, adjusts and pivots in 3D to meet the contours of a man’s face to get virtually every hair. This first of a kind razor uses the same Fusion ProGlide cartridges. Manual and power versions of the Fusion ProGlide with FlexBall Technology are available. Fans can subscribe to Gillette’s best shave for around $1 per week at Gillette.com.

The 2014 Gillette Home Run Derby will be held Monday at Target Field in Minneapolis, home of the Minnesota Twins, and televised live on ESPN beginning at 8 p.m. ET / 7 p.m. CT. In addition to coverage on ESPN, it will be broadcast live on ESPN HD, ESPN Deportes, WatchESPN and ESPN Radio in the U.S. as well as ESPN International. It also will be streamed live on MLB.com and via the MLB.com At Bat app.
 

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Mylan acquires Abbott’s non-U.S. developed markets specialty and branded generics business for $5.3 billion

BY Michael Johnsen

PITTSBURGH — Mylan on Monday announced that it has entered into a definitive agreement with Abbott whereby Mylan will acquire Abbott's non-U.S. developed markets specialty and branded generics business in an all-stock transaction. Upon closing, Abbott will receive 105 million shares of the combined company worth approximately $5.3 billion based on Mylan's closing price of $50.20 on Friday, July 11, 2014, representing an approximately 21% ownership stake. 
 
"We have been actively looking at a wide range of opportunities, and the acquisition of this business is absolutely the right next strategic transaction for Mylan as it builds on our strong momentum, expands and further diversifies our business in our largest markets outside of the U.S., and clearly positions Mylan for the next phase of growth through enhanced financial flexibility and a more competitive global tax structure," stated Robert Coury, Mylan executive chairman."In addition to maximizing our growth drivers, the transaction is expected to be immediately and significantly accretive, and to create significant additional cash financial flexibility at close, which we fully intend to put to use to fund future opportunities in this continually consolidating sector. The numerous strategic and financial benefits of this transaction will allow Mylan to potentially accelerate achievement of our long-term financial targets to the benefit of our shareholders."
 
The specialty and generics portfolio include more than 100 products in five major therapeutic areas (cardio/metabolic, gastrointestinal, anti-infective/respiratory, CNS/pain and women's and men's health) and include several patent protected, novel and/or hard-to-manufacture products with continued growth potential. With a strong presence in Europe, Japan, Canada, Australia and New Zealand, the portfolio is expected to provide approximately $1.9 billion in annual additional revenues at deal close. The business includes an active sales organization of approximately 2,000 representatives in more than 40 non-U.S. markets, as well as two high-quality manufacturing facilities.
 
"The assets also have an impressive commercial infrastructure and capabilities, which provide us with reach in the physician and patient channels in the acquired markets, complementing our reach in pharmacies," said Healther Bresch, Mylan CEO. "This enhanced commercial platform will help us drive the continued expansion of EpiPen Auto-Injector globally and enable us to more effectively launch important growth drivers, such as respiratory and biologics. We believe Mylan is uniquely positioned to realize improved financial performance and profitability from these assets by leveraging our integrated, efficient operating platform, more effectively distributing the portfolio across channels, and maintaining a greater strategic focus on key products."
 
This transaction further diversifies Mylan's business outside of the United States by adding a differentiated portfolio of durable specialty and branded generic products and providing entry into the over-the-counter market. Key products include Creon, Influvac, Brufen, Amitiza and Androgel.
 
The addition of the Assets also enhances Mylan's geographic reach and provides Mylan with enhanced scale and critical mass in Mylan's largest markets outside of the United States. The transaction is expected to approximately double Mylan's revenues in Europe by strengthening its presence in Italy, the United Kingdom, Germany, France, Spain and Portugal. It also is expected to more than double Mylan's revenues in Canada and Japan, and build on Mylan's business in Australia and New Zealand. The transaction also provides Mylan with a meaningful presence in the specialty and branded generics market in Central and Eastern Europe.
 
The combination significantly expands Mylan's commercial platform and capabilities. The business's strong salesforce in key developed markets enhances Mylan's reach with physicians and patients and complements Mylan's existing strength in pharmacies. This platform provides Mylan with the enhanced infrastructure and expertise to more effectively execute on growth drivers that require access to the physician channel, such as the global expansion of EpiPen Auto-Injector and the launch of biologics and respiratory products, including generic Seretide and generic Advair.
 
Abbott will carve out the Assets and transfer them to a new public company ("New Mylan") organized in the Netherlands. Immediately following the transfer, Mylan will merge with a wholly owned subsidiary of New Mylan, and New Mylan will become the parent company of Mylan. The new public company will be called Mylan N.V. and will be led by the current Mylan leadership team and headquartered in Pittsburgh.
 
Under the terms of the transaction agreement, Abbott will receive 105 million shares of New Mylan upon closing, resulting in Mylan shareholders owning approximately 79% of New Mylan and Abbott indirectly owning approximately 21% of New Mylan. Mylan shareholders will recognize gain for U.S. federal income tax purposes on the exchange of Mylan common shares for New Mylan ordinary shares.
 
Shares of New Mylan will continue to trade in the U.S. on the NASDAQ under Mylan's existing ticker symbol MYL.
 
The transaction has been unanimously approved by Mylan's board of directors and is expected to close in the first quarter of 2015, subject to certain closing conditions, including regulatory clearances and approval by Mylan's shareholders. 
 

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AbbVie sweetens pot of Shire offer to the tune of $53 billion

BY Michael Johnsen

DUBLIN — Shire on Monday announced that the company requested and has received a revised proposal from AbbVie on Sunday that would value a proposed merger deal at $53 billion. 
 
The revised proposal comprises £24.44 in cash ($41.82) and 0.8960 shares of new AbbVie per Shire share. Based on the AbbVie share price on July 11, AbbVie’s revised proposal has an indicative value of £53.20 ($91.04) per Shire share.  
 
Under the revised proposal, Shire shareholders would own approximately 25% of the combined new AbbVie.
 
The board of Shire has indicated it would recommend the deal subject to satisfactory resolution of the other terms of the offer. Accordingly, the board is in detailed discussions with AbbVie in relation to these terms, Shire announced.
 
"There can be no certainty that any firm offer will be made," Shire stated. "This statement is being made by Shire with the agreement of AbbVie."
 
AbbVie believes the combination of the two companies would enhance innovation and end-to-end R&D capabilities, generating a best-in-class product development platform, with near-term new product launches in liver disease (HCV), neuroscience, immunology, oncology, rare  diseases, ophthalmology and renal. AbbVie noted that its track record of product optimization is evidenced by its growth of the Humira franchise through increased penetration in existing indications, geographic expansion, and approvals for new indications. 
 
According to a Wall Street Journal report, a Shire acquisition would help diversify AbbVie's current focus on anti-inflammatory, HIV and cancer drugs and reduce its dependence on Humira before its U.S. patent expires in 2016. Shire's portfolio of drugs include Vyvanse, which is indicated for attention-deficit disorder, and treatments for rare genetic diseases like Hunter syndrome. 
 
 
 
 
 

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