Robert's Feed
Mar 5, 2015
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AbbVie CEO may have overpaid again in $21 bln deal

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

AbbVie’s chief executive may have overpaid once again. Richard Gonzalez prompted the pharmaceutical giant to cough up $1.6 billion last year to free it from its bid for Irish drug manufacturer Shire. Now the company is paying $21 billion for biotech firm Pharmacyclics, after an intensely competitive auction. AbbVie may end up with a blockbuster medicine, but at too high a cost.

Mar 4, 2015
via Breakingviews

Actavis sale dresses up barely investment grade

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Actavis is showcasing the value of being barely investment grade. The acquisitive drugmaker attracted huge demand this week for $21 billion of bonds a mere notch above junk. They yield less than Verizon’s bigger and better-rated issue did in 2013. Buyers of top-tier debt can’t help but keep looking further downward.

Feb 23, 2015
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Deal junkie Valeant shoots up on $10 bln fix

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Deal junkie Valeant Pharmaceuticals has shot up on a $10 billion fix. The drugmaker’s pledge last year to focus on organic growth and debt reduction didn’t last long. Cost cuts and tax savings from buying Salix Pharmaceuticals proved irresistible. What Valeant’s injecting isn’t clear, though. Salix’s numbers are fuzzy after it admitted pumping clients full of inventory.

Feb 12, 2015
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Yahoo’s Alibaba spinoff attracts big discount

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Yahoo can’t even earn a reward for doing what shareholders wanted. The company’s plan for a tax-free spinoff of its stake in Alibaba looks logical. But a Breakingviews calculator suggests investors are attaching a 34 percent discount to the U.S. tech firm’s Alibaba shares – assuming, that is, Yahoo’s core business is worth something.

Feb 12, 2015
via Breakingviews

Yahoo’s Alibaba spinoff attracts big discount

Photo

By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Yahoo can’t even earn a reward for doing what shareholders wanted. The company’s plan for a tax-free spinoff of its stake in Alibaba looks logical. But a Breakingviews calculator suggests investors are attaching a 34 percent discount to the U.S. tech firm’s Alibaba shares – assuming, that is, Yahoo’s core business is worth something.

Feb 11, 2015
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Drugmakers unlikely candidates for next big short

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Drugmakers make unlikely candidates for the next big short. Kyle Bass, a hedge fund manager who bet successfully on a U.S. housing crash, is targeting pharmaceutical companies worth a combined $450 billion in market capitalization. A new method of challenging patents gives him a tool. But it’s not clear how his firm, Hayman Capital, has a leg up on existing, aggressive and experienced generic firms.

Feb 5, 2015
via Breakingviews

Pfizer’s generics injection lifts mood for breakup

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Pfizer has made more than its share of value-destroying acquisitions. The pharmaceutical giant’s $15 billion purchase of Hospira could reverse that history. The injectable-drug maker’s strength in non-branded medications should boost Pfizer’s own generics unit – and open the way for spinning it off.

Feb 5, 2015
via Breakingviews

Pfizer’s generics injection lifts mood for breakup

Photo

By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Pfizer has made more than its share of value-destroying acquisitions. The pharmaceutical giant’s $15 billion purchase of Hospira could reverse that history. The injectable-drug maker’s strength in non-branded medications should boost Pfizer’s own generics unit – and open the way for spinning it off.

Feb 3, 2015
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Small print debases $41 bln U.S. spectrum sale

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The U.S. government has made a windfall. Some $41 billion of bids in its latest radio spectrum sale added up to about twice as much as expected. But the small print is making the auction look flawed. By bidding through entities it doesn’t fully control, the $33 billion Dish Network seems to have secured a 25 percent price discount aimed at small businesses.

Feb 3, 2015
via Breakingviews

Small print debases $41 bln U.S. spectrum sale

Photo

By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The U.S. government has made a windfall. Some $41 billion of bids in its latest radio spectrum sale added up to about twice as much as expected. But the small print is making the auction look flawed. By bidding through entities it doesn’t fully control, the $33 billion Dish Network seems to have secured a 25 percent price discount aimed at small businesses.

    • About Robert

      "Robert Cyran, U.S. tech columnist, joined Breakingviews in London in 2003 and moved four years later to New York, where he continues to cover global technology, pharmaceuticals and special situations. Robert began his career at Forbes magazine, where he assisted in the start-up of the international version of the magazine. Before working at Breakingviews he worked as a market researcher and reporter covering the pharmaceutical industry. Robert has a Masters degree in economics from Birmingham University and an undergraduate degree from George Washington University."
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