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Market Update

Mylan to Launch Cheaper Generic Version of EpiPen

Author: Manish Shah
Last Update: 5:45 PM ET August 29 2016

3:00 PM New York Ė Aleris agreed to be acquired by the rival China Zhongwang for $2.3 billion. Cemex agreed to sell its several U.S. assets to Grupo Cementos. Mylan will launch cheaper generic version of EpiPen only after public outcry. USG agreed to sell its distribution unit for $670 million.

Tollbooth Index increased 37.02 or 0.3% to 11,068.68.

Earnings Review

Aleris Corporation (ARS), after Reuters said aluminium rolled products maker agreed to be acquired by China-based rival China Zhongwang Holdings for about $2.33 billion.

Cemex SAB de CV gained 1.3% or 10 cents to $8.45 after the Mexico-based cement producer agreed to sell its several U.S.-based assets to Grupo Cementos de Chihuahua for about $306 million.

Caesars Entertainment Corp (CZR) tumbled 16.7% or $1.26 to $6.27 after a U.S. court judge said casino-entertainment and hospitality services provider canít hide from approx $11 billion in claims from bondholders.

Mylan NV fell 13 cents to $42.90 after the U.K.-focused generic and branded products maker said it plans to launch a cheaper generic version of the life-saving allergy treatment EpiPen at a 50% discount to its branded version after the company faced an outcry from patients.

NextEra Energy Inc increased 26 cents to $121.88 after the electric power producer secured financing to acuire 80% stake in Energy Future''s Texas-based Oncor Electric Delivery Co. LLC.

The utility provider said it intend to pay $9.5 billion in cash and stock for repayment of the Energy Future Intermediate Holding Company LLC debt.

The transaction is subject to bankruptcy court approval but expected to complete in the first-quarter of 2017.

USG Corporation (USG) soared 8.6% or $2.42 to $30.48 after the building materials producer agreed to sell its distribution unit, L&W Supply Corp, to roofing supplier ABC Supply Co Inc for $670 million.

The transaction is expected to be completed before the end of this year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc