Harrods pays its directors £100m in bumper year November 4, 2013 HARRODS has paid its Qatari owners a dividend of £100m this year after turnover rose 10 per cent to £716m. According to Companies House accounts, the record figure came from increased demand for luxury items such as watches and jewellery. Despite the ringing tills, operating profits for England’s biggest department store dropped 13 per cent [...]
Babcock slides as Avincis deal remains unclear November 25, 2013 FTSE 100 engineering firm Babcock’s share price slid 3.1 per cent yesterday, after confirmation of a possible deal with Avincis failed to warm investors. Babcock and the helicopter services operator both confirmed on Sunday that they are in exclusive talks to establish a joint venture, although no deal value was given. City A.M. understands that [...]
AstraZeneca pays $50m for drug rights September 11, 2013 Merck & Co has licensed its experimental cancer drug to AstraZeneca Plc for a $50m (£31m) upfront fee in a deal that shows the UK’s second-biggest drugmaker continuing to rebuild its pipeline. Under the terms of the agreement, Merck, the second-largest US drugmaker, will also be eligible to receive future payments related to development and [...]
City Moves for 23 October 2013 | Who’s switching jobs October 22, 2013 Deloitte The business advisory firm has appointed Olaf Theilmann as a senior partner in its financial services practice. He was most recently at Barclays, where he was European chief commercial officer and member of its executive committee. Baker Tilly The accountancy firm has announced the hire of Karen Hine as head of private client tax. [...]
US drugmaker Perrigo agrees deal to buy Elan for $8.6bn ($16.50 per share) July 29, 2013 US drugmaker Perrigo has agreed to buy Elan for $8.6bn (£5.5bn) ending a long battle in which Elan rejected three hostile bids by US investment firm Royalty Pharma before putting itself up for sale last month. The deal will give Perrigo significant tax savings from being domiciled in Ireland, which has a 12.5 per cent [...]
Anglo Pacific falls to a loss August 29, 2013 Natural resources royalties company Anglo Pacific yesterday revealed its operating profits had fallen from £5.1m to £4.8m in the first six months of the year. The firm wrote off £34.3m of equity investments, sending it to a £30m loss for the period. APG acting chairman Brian Wides said: “The last six months have been a [...]
Bottom Line: Right prescription for all parties July 29, 2013 JOE PAPA’S maths may leave something to be desired – he said yesterday the Perrigo-Elan tie-up was a case of one plus one making at least three – but his dealmaking can’t be faulted. After waiting in the wings while Royalty Pharma repeatedly threw itself at the Irish biotech group, Papa yesterday revealed himself [...]
Lower royalty rates chip away at Imagination December 12, 2012 THE RISE of cheap smartphones in emerging economies has led to a leap in royalty payments to chip designer Imagination Technologies. The company, which is locked in a bidding war to acquire US-based chip designer MIPS, has seen a 66 per cent year-on-year rise in royalty revenues in the last six months, it said yesterday. This [...]
US drugmaker Perrigo buys Elan for $8.6bn July 29, 2013 IRISH biotech firm Elan yesterday accepted an $8.6bn takeover offer from US drug maker Perrigo, just weeks after batting off a hostile approach from Royalty Pharma. Perrigo will pay $6.25 per share in cash plus $10.25 per share in stock for Elan, in a deal that will see the Michigan firm almost halve its [...]
Perrigo buys Elan for £5.6bn July 29, 2013 PERRIGO today agreed to buy Irish pharmaceuticals firm Elan for $8.6bn (£5.6bn), giving the US drugmaker an operating base in Ireland and gateway for expansion into international markets. The deal – which ends a long-running takeover battle between Elan and US investment firm Royalty Pharma – is expected to create operating expenses and tax savings [...]