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Kendle International Inc. (Nasdaq: KNDL) $9.50 . Along witgh INC Research, LLC,, today jointly announced a definitive merger agreement under which INC Research will acquire Kendle in an all-cash transaction with a total equity value of approximately $232 million. Kendle is a leading global CRO with extensive expertise in Phase I-IV clinical development and more than 3,000 associates in 31 countries worldwide.
Under the terms of the agreement, INC Research will acquire all of the outstanding shares of Kendle for $15.25 per share in cash, representing a 60.5 percent premium over Kendle's closing share price on May 4, 2011. This represents a premium of 51.3 percent over the 30-trading day average of Kendle's closing price. The Board of Directors of Kendle unanimously approved the transaction, which is expected to close in the third quarter subject to approval by Kendle's shareholders as well as satisfaction of customary closing conditions and regulatory approvals.
What They Do: Kendle International is a leading global clinical research organization providing the full range of early- to late-stage clinical development services for the world's biopharmaceutical industry.
Hansen Medical (Nasdaq: HNSN) $3.06 . Today announced recent business highlights and financial results for the first quarter ended March 31, 2011. Total revenue for the first quarter ended March 31, 2011 was $5.3 million, up 95 percent compared to $2.7 million in the same period in 2010.
Procedures performed in the period with company products grew to a record 671 worldwide. During the first quarter, the company recognized revenue on five Sensei Robotic Systems as well as shipment of a record 693 catheters.
Net income for the first quarter 2011, including total non-cash stock compensation expense of $2.3 million, was $11.7 million, or $0.22 per basic and $0.21 per diluted share, based on average shares outstanding of 54.1 million shares and 55.5 million shares respectively. The 2011 first quarter net income was primarily attributable to an approximate $23 million gain on sale of the non-robotic rights associated with the FOSSL technology. This compares with a net loss for the first quarter of 2010, including non-cash stock compensation expense of $1.3 million, of $3.8 million, or $0.10 loss per basic and diluted share, based on average shares outstanding of 37.5 million shares. The 2010 first quarter net loss benefitted from a $10 million legal settlement.
What They Do: Hansen Medical develops products and technology using robotics for the accurate positioning, manipulation and control of catheters and catheter-based technologies.
ON Semiconductor Corporation (nasdaq: ONNN) $10.28. Today announced that total revenues in the first quarter of 2011 were $870.6 million, an increase of more than 50 percent from the fourth quarter of 2010. As previously announced, the company completed its acquisition of SANYO Semiconductor on January 1, 2011. During the first quarter of 2011, the company reported GAAP net income of $74.8 million, or $0.16 per fully diluted share. The first quarter 2011 GAAP net income included net charges of $46.4 million, or $0.10 per fully diluted share, from special items. The special item details can be found in the attached schedules. During the fourth quarter of 2010, the company reported a GAAP net income of $61.0 million, or $0.14 per fully diluted share. Further information, including the unaudited results of operations for SANYO Semiconductor for the first quarter of 2011, is provided in the financial tables attached to this release.
What They Do: ON Semiconductor is a premier supplier of high performance, silicon solutions for energy efficient electronics.
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