Stocks In Focus: OREX, DTG, LTD
Thursday, September 02, 2021 8:25 AM

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Orexigen Therapeutics, Inc. (NASDAQ: OREX) said Thursday that it has entered into an exclusive partnership with Takeda Pharmaceutical Company Limited to develop and commercialize Contrave, Orexigen's investigational drug for the treatment of obesity, in the United States, Canada and Mexico. Under the terms of the agreement, Orexigen will receive an upfront cash payment of $50 million from Takeda, and Takeda will obtain an exclusive marketing right from Orexigen in the United States, Mexico and Canada while Orexigen retains the right to co-promote with Takeda in the United States. Orexigen will be eligible to receive payments of over $1 billion upon achieving certain regulatory and sales-based milestones. Assuming Contrave is commercialized, Takeda will pay tiered double-digit royalty payments on net sales in the Territory. Shares of the company surged more than 25% in pre-market trading.

Avis Budget Group, Inc. (NYSE: CAR) on Thursday increased the cash portion of its offer for Dollar Thrifty Automotive Group Inc. (NYSE: DTG) from $39.25 to $40.75 per share. The revised offer of $40.75 in cash and 0.6543 shares of Avis Budget stock, represents a premium of more than 22% over the Hertz Global Holdings, Inc. (NYSE: HTZ) offer.

Limited Brands Inc. (NYSE: LTD) said Thursday that its same-store sales surged 10% in August. 

Disclosure: Author doesn't own any of the stocks discussed here.



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Market news:

  • WH announces $10 billion in trade deals with India Nov 06, 2021 07:07 AM

    • MUMBAI, India - President Barack Obama is announcing trade deals worth $10 billion with India that are expected to create 54,000 U.S. jobs.
    • Obama was to make the announcements in a speech to U.S. and Indian business executives Saturday on the first day of his 10-day, four-country Asia trip.
    • For the most part, the deals were already pending.
      • Pope blasts Spain's "aggressive" anti-church ways Nov 06, 2021 07:02 AM

        • SANTIAGO DE COMPOSTELA, Spain - Pope Benedict XVI has criticized what he calls an "aggressive" anti-church sentiment that he says is flourishing in Spain.
        • The pope arrived Saturday on a two-day visit to rekindle the faith in a key Western nation.
        • Benedict said the anti-clericalism being felt today in Spain harks back to the 1930's, when the church suffered a wave of violence and ill feeling as Spain lurched from an unstable democracy to civil war.
          • Airlines stop Jakarta flights after volcano blast Nov 06, 2021 07:02 AM

            • MOUNT MERAPI, Indonesia - The tiny hospital at the foot of Mount Merapi struggled Saturday to cope with its victims after the volcano unleashed its most powerful eruption in a century, as international airlines canceled flights into the Indonesian capital hundreds of miles away.
            • Others, their lungs choked with abrasive volcanic ash, struggled to breathe.
            • It continued to rumble and groan Saturday, at times spitting gray clouds of ash and gas up to five miles (eight kilometers) into the air, dusting windshields, rooftops and leaves on trees hundreds of miles (kilometers) away Saturday.
              • Malaysian Airlines cancels flights to Jakarta Nov 06, 2021 06:39 AM

                • JAKARTA, Indonesia - Malaysia Airlines says it is temporarily canceling flights to Indonesia's capital following the eruption of the country's most volatile volcano.
                • Indonesia's most volatile mountain - around 280 miles (450 kilometers) west of Jakarta - unleashed its most powerful eruption in a century Friday.
                • Towering plumes of ash continued to rise from the mountain Saturday, dusting windshields, rooftops and leaves on trees hundreds of miles (kilometers) away.
                  • Tomas loses hurricane status after soaking Haiti Nov 06, 2021 06:11 AM

                    • PORT-AU-PRINCE, Haiti - Hurricane Tomas was downgraded to a tropical storm early Saturday as it passed over the Turks and Caicos Islands, losing steam a day after battering seaside towns in Haiti.
                    • Tropical storm warnings were in effect for Haiti, the northern coast of the Dominican Republic, the southeastern Bahamas, and the Turks and Caicos Islands, although the warnings for Haiti and the Dominican Republic were likely to be downgraded later Saturday morning, the National Hurricane Center in Miami reported.
                    • On Friday, panicked residents fled a coastal city in Haiti that had been slammed twice already this decade by killer floods.

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