Market Report: Court ruling boosts Shire's hand in fight with AbbVie

Investors are betting that a juicier bid for Shire could be in the works, after the pharmaceutical company won a key patent ruling in the US.

A judge upheld Shire's claim that generic drug makers are infringing on patents relating to Shire's best-selling hyperactivity drug Vyvans.

Mick Cooper, analyst at Edison Investment Research, said the ruling "strengthened Shire's hand" in its fight against AbbVie's takeover bid, launched last week. The speculation helped Shire climb 113p to 4,517p.

It was one of the few companies to make gains as the sell-off on the bluechip index accelerated. Uncertainty in Iraq and a downward revision of US first quarter GDP figures turned investors off equities and the FTSE 100 slipped to its lowest level since April, down 53.45 points at 6,733.62.

Meggitt was the worst performer, falling 17p to 508.5p after a downgrade from JPMorgan.

Premier Oil retreated 13.8p to 322.1p on the mid-cap index as the independent fossil fuel specialist named finance director Tony Durrant as successor to out-going chief executive Simon Lockett.

City stalwart and Tullet Prebon chief executive Terry Smith's new investment vehicle Fundsmith Emerging Equities Trust got off to a strong start as a listed company, closing at 1,040p on its first day of trading after being offered at 1,000p.

Recently floated Card Factory received a trio of analyst endorsements, as UBS, Investec and Nomura all gave it a buy rating. But after a strong morning rally, the company ended the day up just 1.5p at 206p.

Quindell chairman Rob Terry upped his stake in the AIM-listed insurance outsourcing business, which recently missed out on a premium listing. It crept up 7.5p to 209p.

Sheffield headquartered Synectics tumbled 97p to 329p after a profit warning. The company blamed the crisis in Iraq for knocking off £7m its revenue forecast and £2.1m from predicted net profit.

Hydrogen energy group Acta also lost 0.75p to 4.12p after warning that revenue for the year could be "below current market expectations".

PROMOTED VIDEO
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Account Manager - (Product & Account Management, Marketing)

£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...

Training/Learning and Development Coordinator -London

£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...

Training Programme Manager (Learning and Development)-London

£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...

.NET Software Developer (.NET, C#, ASP.NET, front-end)

£30000 - £45000 per annum: Harrington Starr: A Global Financial Service Organi...

Day In a Page

A new Russian revolution: Cracks start to appear in Putin’s Kremlin power bloc

A new Russian revolution

Cracks start to appear in Putin’s Kremlin power bloc
Eugene de Kock: Apartheid’s sadistic killer that his country cannot forgive

Apartheid’s sadistic killer that his country cannot forgive

The debate rages in South Africa over whether Eugene de Kock should ever be released from jail
Standing my ground: If sitting is bad for your health, what happens when you stay on your feet for a whole month?

Standing my ground

If sitting is bad for your health, what happens when you stay on your feet for a whole month?
Commonwealth Games 2014: Dai Greene prays for chance to rebuild after injury agony

Greene prays for chance to rebuild after injury agony

Welsh hurdler was World, European and Commonwealth champion, but then the injuries crept in
Israel-Gaza conflict: Secret report helps Israelis to hide facts

Patrick Cockburn: Secret report helps Israel to hide facts

The slickness of Israel's spokesmen is rooted in directions set down by pollster Frank Luntz
The man who dared to go on holiday

The man who dared to go on holiday

New York's mayor has taken a vacation - in a nation that has still to enforce paid leave, it caused quite a stir, reports Rupert Cornwell
Best comedians: How the professionals go about their funny business, from Sarah Millican to Marcus Brigstocke

Best comedians: How the professionals go about their funny business

For all those wanting to know how stand-ups keep standing, here are some of the best moments
The Guest List 2014: Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks

The Guest List 2014

Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks
Jokes on Hollywood: 'With comedy film audiences shrinking, it’s time to move on'

Jokes on Hollywood

With comedy film audiences shrinking, it’s time to move on
It's the best of British art... but not all is on display

It's the best of British art... but not all is on display

Voted for by the British public, the artworks on Art Everywhere posters may be the only place where they can be seen
Critic claims 'I was the inspiration for Blanche DuBois'

Critic claims 'I was the inspiration for Blanche DuBois'

Blanche Marvin reveals how Tennessee Williams used her name and an off-the-cuff remark to create an iconic character
Sometimes it's hard to be a literary novelist

Sometimes it's hard to be a literary novelist

Websites offering your ebooks for nothing is only the latest disrespect the modern writer is subjected to, says DJ Taylor
Edinburgh Fringe 2014: The comedy highlights, from Bridget Christie to Jack Dee

Edinburgh Fringe 2014

The comedy highlights, from Bridget Christie to Jack Dee
Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

The woman stepping down as chair of the Heritage Lottery Fund is worried