Epix Pharmaceuticals (NASDAQ:
EPIX -
News) shares soared 30% after it entered into a drug discovery and development pact with GlaxoSmithKline (NYSE:
GSK -
News). As part of deal, Epix will receive an upfront payment of $35 million, which includes $17.5 million from the sale of 3 million shares of its common stock. Epix will also be eligible for up to $1.2 billion for the achievement of certain milestones, and royalties on product sales.
Imperial Sugar Co. (NASDAQ:
IPSU -
News) shares jumped 15% after it reported that it swung to a fiscal fourth-quarter profit from a year-earlier loss and declared a $3 special dividend. For the quarter ended Sept. 30, Imperial earned $15.7 million, or $1.36 a share, compared with a loss of $20.3 million, or $1.92, in the year-earlier period. Continuing operations produced earnings of $1.34 compared with a loss of 26 cents. Sales reached $240.3 million, up 6.1% from $226.6 million. In a statement, Imperial said gross-profit margin widened to 15.5% from 4.7%, primarily because of higher sales prices, offset by higher energy, freight and raw-sugar costs. The special dividend, which comes in addition to the company's regular dividend, is payable Jan. 5 to holders of record Dec. 26. Looking ahead, Imperial said fiscal 2007 prices and margins probably will lag 2006 levels, offset partly by reduced raw-sugar and energy costs. The combination of factors leads the company to believe it can "maintain a profit outlook that is superior to historical averages," Imperial said.
Mama.com Inc. (NASDAQ:
MAMA -
News) shares surged 81% after the company said it's launched its video search engine in beta format in partnership with the Pixsy Media Search platform.
Shares of Nymox Pharmaceuticals (NASDAQ:
NYMX -
News) rose 8.3% after the company said it's developing NXC-4720 for the reduction of E-Coli contamination of food products. The company said studies have shown the NXC-4720 product "is capable of reducing the level of E. Coli O157:H7 contamination by over 99%."
Oriental Financial Group (NYSE:
OFG -
News) shares rose 7.1% after the company said it's repositioned its sale investment portfolio, making moves that it expects to increase its net interest income by about $16 million, or 67 cents a share, in 2007.
Sabre Holdings Corp. (NYSE:
TSG -
News) shares climbed 5% after it agreed to be acquired by private-equity firms Silver Lake Partners and Texas Pacific Group for about $5 billion, or $32.75 a share. The transaction includes the assumption of about $550 million of debt. The price represents a premium of 30% over the company's average closing share price during the 60 trading days ended Dec. 8, Sabre said. The Southlake, Texas-based travel-booking service said it doesn't expect changes to its current management team. The deal is expected to close in the second quarter of 2007, the company said.
Scotts Miracle-Gro Co. (NYSE:
SMG -
News) shares rose 5% after it said it plans to recapitalize its balance sheet and return $750 million to its shareholders. It plans to accomplish this through a Dutch auction tender offer for up to $250 million worth of its stock and a special one-time cash dividend for the balance of the program. The provider of consumer lawn and garden products expects to complete the recapitalization, including a new $2.1 billion credit facility, by March 31. Scotts also forecast pro forma net income growth of 11% to 13% for 2007 with sales tabbed to increase between 8% and 10%. It sees free cash flow of more than $165 million for the year.
Trailer Bridge Inc. (NASDAQ:
TRBR -
News) shares gained 8.5% after it said it's received a contract to the exclusive carrier to Puerto Rico for all new vehicles made by Ford Motor Co. (NYSE:
F -
News). Financial terms weren't disclosed although the company did say the deal would make Ford its largest customer in revenue terms.
-Marketwatch
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