While Sanford C. Bernstein & Co. said the $19 billion company could approach Meda again, Needham & Co. said Mylan instead may set its sights on another target, such as $5.1 billion Hikma Pharmaceuticals Plc. Buying Mallinckrodt PLC (NYSE:MNK) would help the generic-drug maker diversify and lower its tax rate, Piper Jaffray Cos. said. Mallinckrodt PLC (NYSE:MNK), which has registered headquarters in Dublin, would also be a logical target for Mylan, said David Amsellem, a New York-based analyst at Piper Jaffray. A deal would follow a tactic peers have used to cut expenses by acquiring companies in countries with lower corporate tax rates, such as Ireland. Mallinckrodt PLC (NYSE:MNK) stock opened at $70.59 in last session, and closed at $73.84, while the day range of MNK stock is $69.89 – $75.12. The stock showed a positive weekly performance of 10.23%.
Impax Laboratories Inc (NASDAQ:IPXL) announced its earnings results. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.19. Impax Laboratories Inc (NASDAQ:IPXL) stock opened at $26.76, in last session and closed at $27.00, by gaining 1.62%. The 52 week range of is $16.09 – $29.46. Company’s market capitalization is $1.89billion.
Last week, Bayer and Reckitt Benckiser emerged among other potential suitors – Novartis AG (ADR) (NYSE:NVS), Sanofi U.S. (NYSE:SNY), and Boehringer Ingelheim Inc. – as the two major frontrunners, each offering $13.5 billion for the consumer health unit. Novartis AG (ADR) (NYSE:NVS) stock advanced 0.41% and finished the last session at $87.36. The EPS of the stock remained 3.92. Company’s market capitalization is $211.94billion.
Select Medical Holdings Corporation (NYSE:SEM) posted its quarterly earnings results on Thursday. The company reported $0.25 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.24 by $0.01. Select Medical Holdings Corporation (NYSE:SEM) stock opened the session at $14.43, and closed the session at $14.03. The 52 week range of the SEM stock remained $7.21 – $14.49 and the day range was $13.92 – $14.49.