Boston, MA 10/06/2014 (wallstreetpr) – Durata Therapeutics Inc (NASDAQ:DRTX) has agreed to be purchased by Actavis plc (NYSE:ACT). The deal is expected to complete later this year or early next year. DRTX has been offered $23 per share, which suggests 66% premium from the previous closing price before the deal was made public. The companies said the agreement values DRTX at about $675 million. However, shareholders of DRTX are eligible for additional $5 per share in milestone payments if certain targets are met on the company’s key product, Dalvance. Although the offer from ACT appears to be a huge premium, investigation has been launched into the deal. Rigrodsky & Long, P.A. said it was investigating the deal for possible violation of fiduciary duties by the Board of DRTX.
Unilife Corp (NASDAQ:UNIS) has entered into a non-exclusive agreement with Sanofi SA (ADR) (NYSE:SNY) for the supply of wearable injectors. The agreement will run for a minimum of 15 years, allowing SNY to use the wearable injectors for all its large dose drugs, but excluding insulins. UNIS said the deal also allows SNY to make the injectors available for its partners as well. However, the deal allows UNIS to enter into supply deals for the products with other partners as long as agreements do not affect SNY’s access to the wearable injectors. UNIS expects to tap additional $50 million from the supply of customized wearable injectors to SNY.
Revolution Lighting Technologies Inc (NASDAQ:RVLT) announced that it expects significant improvement in its 3Q earnings results compared to last year or the previous quarter. The manufacturer of LED light bulbs said its 3Q revenue is expected in the region of $26 million, almost 5 times the revenue figure it generated in the like quarter a year earlier. The projected revenue also signals 50% premium over 2Q revenue. Meanwhile, an insider at RVLT recently moved to increase his exposure to the company’s equity. The CEO, Robert V. Lapenta, acquired 100,000 shares at an average price of $1.67 apiece.
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