Diamonds and Dogs
6/25/12Momenta Pharmaceuticals Inc. (MNTA)
Momenta Pharmaceuticals saw its momentum only heading downward today as it dropped close to $4.00, or 22.40%, closing at $13.20. Momenta saw its decline begin after news was released that a federal court has upheld Teva Pharmaceutical Industries patents for its blockbuster multiple sclerosis drug Copaxone. Momenta and partner Novartis AG had been seeking to have the patents declared invalid in order to allow them to market a generic version of the product. Momenta said it plans to appeal the decision. Shares of partners Mylan Laboratories and Natco Pharma Ltd., who were also seeking to have the patents invalidated, likewise traded lower.
J. Alexander's Corp. (JAX)
J. Alexander's saw a huge pop today, up 16.46% at $11.53. Fidelity National Financial Inc. released news that it will buy restaurant operator J. Alexander's Corp for about $72 million. Shareholders of J. Alexander's can elect to receive $12 per share in cash or a combination of $3 in cash and one share of Class A common stock of American Blue Ribbon Holdings Inc. (ABRH). When issued, the ABRH shares will be listed for trading on Nasdaq. J. Alexander's will be merged with a unit of ABRH, a newly formed restaurant operating subsidiary of Fidelity. J. Alexander's, which operates 33 restaurants in 13 states in the United States, may solicit superior proposals from third parties during 30 days following execution of deal, the company said in a separate statement.