Posts Tagged ‘buzz stocks’

Fundtech Ltd. (FNDT) mulls new offer, shares stronger

Thursday, September 15th, 2011

Fundtech Ltd. (Nasdaq: FNDT) U.S.-listed shares climbed 31.7% to $23.13 after the Israeli financial services firm said an offer from private-equity company GTCR topped an all-stock bid from S1 Corp. Volume for the stock topped 793,000 shares, way more than the daily average of around 62,500.

A news release out Sept. 15 noted that the board of directors of Fundtech, whose American headquarters are located in Jersey City, has determined that a binding offer it has received from GTCR Fund X/A LP and its affiliated entities, which contemplates the acquisition of all of Fundtech’s outstanding ordinary shares at $23.33 per share in cash, constitutes a “Company Superior Offer” under Fundtech’s previously announced merger agreement with S1 Corporation.

Under the terms of GTCR’s binding offer, an entity formed by GTCR would merge with Fundtech under the laws of the State of Israel, and as a result of the merger all outstanding ordinary shares of Fundtech would be converted into the right to receive $23.33 per share in cash.

Fundtech was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world.

Transcept Pharmaceuticals Inc. (TSPT) nearly doubles on drug review

Thursday, September 15th, 2011

Transcept Pharmaceuticals Inc. (Nasdaq: TSPT) shares rose 93.7% to $6.47 a day after the drug developer said U.S. regulators might finish a new review of its sleep drug within two months. Volume for the stock exceeded 3.8 million, towering above a daily average of only 235,000.

A news release out Sept. 14 noted that the company, headquartered in Point Richmond, Calif., plans to resubmit to the U.S. Food and Drug Administration (FDA) its New Drug Application (NDA) seeking approval of Intermezzo® (zolpidem tartrate sublingual tablet) for use as-needed for the treatment of insomnia when a middle of the night awakening is followed by difficulty returning to sleep.

The plan to resubmit the Intermezzo® NDA results from a meeting today with the FDA during which the FDA generally agreed with a Transcept proposal to reduce the recommended Intermezzo® dose for women from 3.5 mg to 1.75 mg, and to keep the recommended Intermezzo® dose for men at 3.5 mg. The Transcept proposal also includes new instructions stating that Intermezzo® should only be taken if patients have at least four hours of bedtime remaining, and that patients should refrain from driving for at least one hour after arising and until five hours after dosing Intermezzo®.

In the same release, Transcept CEO Glenn A. Oclassen was quoted as saying “We are pleased that the FDA has expressed general agreement with our proposal to address the concerns expressed in the July 2011 Intermezzo® Complete Response Letter. We look forward to working with the FDA to complete the review of this important new treatment strategy for insomnia characterized by middle of the night awakening.”

Transcept is a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in the field of neuroscience.

Jakks Pacific Inc. (JAKK) jacks price on takeover bid

Wednesday, September 14th, 2011

Jakks Pacific Inc. (Nasdaq: JAKK) shares rose 22.5% to a price of $19.60, a day after Oaktree Capital Management Funds sent a letter to the toy manufacturer offering to acquire it for $20 a share. Volume for the stock measured 3.2 million shares near Wednesday’s close, compared to a daily average of less than 197,000.

A news release dated Sept. 13 stated that the offer represents a 25% premium over the Company’s closing stock price as of September 13, the 30-day average closing price of the Company’s stock leading up to September 13, and the average closing price of the Company’s stock over the preceding 24 months.

Jakks CEO Stephen Berman notified Oaktree this morning that the company board of directors is mulling over the offer.

The Malibu-based Jakks Pacific, Inc. is a leading designer and marketer of toys and consumer products, with a wide range of products that feature some of the most popular brands and children’s toy licenses in the world.

Vermillion Inc. (VRML) jumps on patent news

Wednesday, September 14th, 2011

Vermillion Inc. (Nasdaq: VRML) shares climbed 23.7% to $3.03 after the diagnostics company said it had been issued a patent called “serum biomarkers in lung cancer.” Volume for the stock totaled more than 826,000 shares, compared to an all-day average of less than 153,000.

A press release out Sept. 6 announced that the United States Patent and Trademark Office (USPTO) had issued to the Company patent number 8,014,952 for the serum.

Said Vermillion CEO Gail Page, “This patent highlights on-going progress in expanding our intellectual property portfolio. Beyond our core focus areas of ovarian cancer and peripheral artery disease, we now have patents in lung cancer, breast cancer, and Alzheimer’s disease. It is our goal to explore business opportunities to leverage this growing and valuable asset of the Company.”

Based in Austin, Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients.

Global Industries Ltd. (GLBL) leaps on takeover by French firm

Monday, September 12th, 2011

Global Industries Ltd. (Nasdaq: GLBL) shares rose 51.2% to $7.78 after France’s Technip SA agreed to buy the underwater oil-services specialist for $937 million in cash.

A news release out Sept. 12 revealed that Technip will acquire the Houston-based Global in an all-cash merger. Under the terms of the agreement, which was unanimously approved by Global’s Board of Directors, Global stockholders will receive $8.00 in cash for each share of Global’s common stock. The transaction values Global at an enterprise value of approximately $1,073 million, including Global’s approximately $136 million of net debt.

The $8.00 per share acquisition price represents a 55% premium to Global’s closing share price on September 9, the last trading day prior to announcement of the transaction, and a 92% premium to Global’s average closing share price for the 30 trading days ending on September 9, 2011. The transaction is not subject to any financing condition.

The release quotes Global CEO John B. Reed as saying “Global and Technip share a common view of the promising subsea market. The merger of our two companies will provide our customers with an unrivaled execution capability, combining Technip’s leading, integrated subsea capabilities with Global’s G1200 and G1201, complementary market presence and skills and knowhow in SLay and heavy lift.”

Global is a leading solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide.