Valeant Pharmaceuticals International, Inc. (NYSE:VRX) [Detail Analytic Report] declared that Joseph C. Papa has assumed role of Chairman and CEO. As previously released, Joseph C. Papa succeeds J. Michael Pearson. Mr. Papa stated that he is thrilled to begin working closely with talented employees across Valeant as we start an important new chapter. They have a lot of work to do, but he is confident they will succeed in better serving their customers and realizing exceptional potential of Company. On April 25, 2016, the Company released that Mr. Papa would turned into Chairman and CEO. Mr. Papa, at age of 60, has more than 35 years of experience in pharmaceutical, healthcare services and specialty pharmaceutical industries, including 20 years of branded prescription drug experience. Mr. Papa joins Valeant from Perrigo Company plc, where he served as CEO since 2006 and was appointed as Chairman of the Board of Directors in 2007.
Neuralstem, Inc. (NASDAQ:CUR) [Detail Analytic Report] revealed on Tuesday that pricing of an underwritten public offering of 20 million shares of its common stock at a public offering price of $0.40 per share as well as warrants to buy 20 million shares of common stock. The warrants have an exercise price of $0.40 per share, are immediately exercisable and expire on the fifth anniversary of the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. The firm declared that the gross proceeds of offering anticipated to be around $8M, before deducting underwriting discounts and commissions and other estimated offering expenses, exclusive of exercise of any warrants. Neuralstem intends to use the net proceeds from this underwritten offering to fund regulatory, pre-clinical and clinical activities and general corporate purposes, including working capital and the repayment of debt.
Community Health Systems, Inc. (NYSE:CYH) [Detail Analytic Report] unveiled yesterday that its wholly owned subsidiary, CHS/Community Health Systems, has commenced a cash tender offer for up to $900M of Issuer’s around $1.6B aggregate principal amount outstanding of its 5.125% Senior Secured Notes due 2018 on the terms and subject to the conditions set forth in the Issuer’s Offer to Purchase dated May 2, 2016. The tender offer will expire at 5:00 p.m., New York City time, on May 31, 2016, unless extended or earlier terminated by the Issuer. The Issuer reserves the right to terminate, withdraw, or amend the tender offer at any time subject to applicable law.
Each holder who validly tenders its 2018 Notes on or prior to 5:00 p.m., New York City time, on May 13, 2016 will be entitled to an early tender payment, which is included in the total consideration above, of $30 for each $1,000 principal amount of 2018 Notes validly tendered by such holder if such 2018 Notes are accepted for purchase pursuant to the tender offer.