Morgan Stanley is putting up a $7.5 billion bridge loan, JP Morgan is putting up a $5 billion revolving credit line and Bank of America Merrill Lynch is leading a separate $2 billion revolver, un-named sources told Thomson Reuters.
Last year Abbott announced its plan to spin out the pharma biz, saying it would keep the Abbott brand for its diversified medical businesses. Abbott CEO Miles White later told shareholders in a letter that the split "reflects long-term changes in the healthcare market that have led us over time to create distinctly different business models." Earlier this month the company revealed the new executive roster for AbbVie.
China Medical plunges, rebounds after bankruptcy news
Shares in China Medical (PINK:CMEDY) plunge after bondholders file a request for liquidiation, but prices rebound and then some today – shares were up nearly 16% as of about 2:30 p.m.
- Precision Spine acquires Spinal USA, Precision Medical for $72M
- Hologic’s $4B GenProbe buyout clears U.S. anti-trust regulators
- Medgenics raises $10M
- Ablative Solutions reels in $5M
- EndoGastric Solutions raises $13M
- Agile Diagnosis drums up $3M
- GreatCall pulls down $7M loan
- C.R. Bard (NYSE:BCR): JP Morgan reiterates "neutral" rating, raises its price target from $97 to $105.
- Edwards Lifesciences (NYSE:EW): Zacks Equity Research reiterates "neutral" rating.
- Medtronic (NYSE:MDT): Zacks Equity Research reaffirms "neutral" rating.
- St. Jude Medical (NYSE:STJ): Lazard Capital upgrades from "neutral" to "buy;" Goldman Sachs re-affirms "buy" rating.