Teva announces $1 billion debt refinancing
JERUSALEM — Teva Pharmaceutical Industries is buying $1 billion worth of its debt, the Israeli drug maker said.
Teva said its finance division, Teva Pharmaceutical Finance IV, had called for redemption of its $1 billion outstanding principal amount of 1.700% senior notes due 2014, funded with proceeds from the company’s offering of $2 billion principal amount of senior notes, priced on Dec. 13, 2012, and closed Tuesday.
The redemption date will be Jan. 7, 2013.
The company also announced that it entered into a new, five-year $3 billion unsecured revolving credit facility, replacing its existing $2.5 billion credit facility.
"By signing this new revolving credit facility, with its increased size and extended term, we took another step on our recently announced new strategy and secured ample liquidity to support Teva’s future growth," Teva chief financial officer and EVP Eyal Desheh said. "We were very pleased to see the significant oversubscription, demonstrating the strong desire from our relationship banks, as well as from additional new banks, to commit to this new facility."
Watson to present at Goldman Sachs, J.P. Morgan healthcare conferences
PARSIPPANY, N.J. — Watson Pharmaceuticals will present at two conferences sponsored by financial banks, the company said.
Watson said that president and CEO Paul Bisaro would provide an overview and update of the company’s business at the 2013 Goldman Sachs "Healthcare CEOs Unscripted: A View from the Top" conference, scheduled for Jan. 3, 2013, at the Goldman Sachs Conference Center in New York.
Six days later, on Jan. 9, Bisaro will present at the annual J.P. Morgan Healthcare Conference, at the Westin St. Francis Hotel in San Francisco.
Federal court rules against Endo in painkiller case
CHADDS FORD, Pa. — A federal court decision means that a nontamper-resistant formulation of a painkiller made by Endo Health Solutions can enter the market early next month, the drug maker said.
The U.S. District Court for the District of Columbia dismissed a case filed by Endo subsidiary Endo Pharmaceuticals against the Food and Drug Administration, in which the company had argued that the FDA failed meet a legal obligation to determine whether the original formulation of Opana ER (oxymorphone) extended-release tablets was withdrawn from the market for safety reasons.
Endo launched a reformulated version of Opana ER designed to be crush-resistant in March 2012, but the court’s ruling allows a generic, nontamper-resistant version to be launched on Jan. 2, 2013. The court ruled that the FDA had not unduly delayed making a determination, which it plans to do by May 2013.
"We are extremely disappointed by today’s decision," Endo president and CEO Dave Holveck said. "Despite the fact that the generic product will not be therapeutically equivalent to the crush-resistant formulation, the launch of a generic noncrush-resistant version of Opana ER in January will irreparably undermine the significant progress made in the reduction of abuse and misuse of oxymorphone. We are hopeful that the FDA will ultimately make the right decision before May in light of the surveillance data supporting that the original formulation of Opana ER was discontinued for reasons of safety."