$TGT 2Q15 Q&A: On a question asked by Benedict of Baird about savings trends, corporate vs. in store, Brian answered, TGT is on track with savings; have program identified to deliver the entirely to 2Bil, the $1.5Bil in SG&A plus the cost of goods savings.
$PRGO agreed to divest Tysabri royalty stream. Royalty Pharma will buy all of $PRGO's rights to receive Tysabri royalty payments from and after Jan. 1, 2017, which $PRGO has under agreement with $BIIB. Tysabri is FDA approved treatment for multiple sclerosis. $PRGO acquired Tysabri royalty stream rights through 2013 acquisition of Elan Corp. plc.
$PRGO agreed to divest Tysabri royalty stream for up to $2.85Bil. The consideration composed of $2.2Bil in cash at closing and up to $650MM in potential milestone payments based upon future global net sales of Tysabri in 2018 and 2020.
Offshore drilling company $ESV reported 4Q16 net income of $39MM, or $0.13 per share, compared to net loss of $2.47Bil, or $10.64 per share during 4Q15. Revenues declined 39% YoY to $505MM, mainly due to decline in reported utilization to 51%.
$PRGO agreed to divest its rights to the royalty stream from the global net sales of the multiple sclerosis drug Tysabri (natalizumab) to RPI Finance Trust, an affiliate of Royalty Pharma. This transaction is valued at a total consideration of up to $2.85Bil. This transaction is expected to close within 30 business days.