Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Drug maker Depomed is preparing to put itself up for sale, following calls from activist investor Starboard Value LP to explore such a move, just a year after it fought off a hostile acquisition bid, people familiar with the matter said.
Negotiations with potential buyers are expected to kick off shortly after Depomed receives a court decision clarifying the patent exclusivity of its biggest drug, Nucynta, an opiate used to treat severe, often chronic pain, the people said this week. The ruling is expected by the end of the month.
Depomed is working with investment bank Morgan Stanley, which last year helped the company defend itself against a $3 billion unsolicited stock-for-stock offer from Horizon Pharma.
The sources asked not to be identified because the sale process is confidential. Depomed and Morgan Stanley declined to comment.
In April, Starboard announced it had accumulated a stake of close to 10 percent in Depomed and published a letter calling for the company to explore a sale. The following month, Starboard said it planned to request a special meeting to oust Depomed's board. The hedge fund is entitled to set the date of the special meeting between Sept. 24 and Nov. 17.
Newark, California-based Depomed acquired Nucynta in early 2015 from Janssen Pharmaceuticals for just over $1 billion. Its plan was to use its large sales force to scale up Nucynta's revenue to more than $500 million by 2018.
In recent months, however, Nucynta's sales have lagged the company's expectations, partly because of increasing concern among health insurers about the addictive potential of opiate-based drugs.
Depomed is embroiled in a court battle with several generics manufacturers that could potentially extend the patent life for some versions of Nucynta to as late as 2029. Nucynta is expected to enjoy protection through at least 2023.
In its second-quarter earnings statement in August, Depomed, which has market capitalization of $1.3 billion, lowered its sales forecast for the year by around $20 million.
Horizon said in April it was not interested in revisiting a deal with Depomed. Earlier this week, Horizon agreed to acquire rare diseases drugmaker Raptor Pharmaceutical for around $800 million.