GM said a committee of bondholders has agreed to a sweetened debt for equity swap deal which would offer the bondholders 10 percent of the company's stock plus warrants to buy up to 15 percent, if they agree to support the sale of the company's assets to a new company under bankruptcy court protection. GM shares gained about 15% Thursday morning, while GM's various publicly traded notes were up about 25%.
Shares of Perry Ellis International (NASDAQ:PERY) climbed over 17% to 8 dollars a share; the company earned 46 cents per share for the quarter, beating analyst expectations of 24 cents. The company had earned 60 cents a share in the same quarter last year. Revenues were hurt by the departure of multiple retailers which filed for Chapter 11, but the decline was somewhat offset by strong performance of the company's golf brands. Net revenue fell just under 10% compared to last year.
Exelixis (NASDAQ:EXEL) and Sanofi-aventis (NYSE:SNY) announced they have signed a global license agreement and development collaboration. Exelixis will receive an upfront cash payment of 140 million dollars, 21 million dollars in research funding, and potential earn-out payments of over a billion dollars depending on the achievement of certain milestones. Exelixis CEO George Scangos said, "Sanofi-aventis has a track record of success in commercializing innovative cancer therapies and is deeply committed to advancing the care of cancer patients. We believe that their expertise and resources will enable us to move aggressively in advancing the development of XL147 and XL765 and other potential PI3K inhibitors [which] may have utility in treating diverse cancers."
Shares of Exelixis were soaring 30% Thursday morning; Sanofi-aventis gained just under 2%.
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