Jazz Pharmaceuticals Inc.’s ($4.23, +$1.59, +60.23%) sodium oxybate showed meaningful improvement in treating the pain and the main symptoms associated with fibromyalgia in Phase III studies. The company had already announced positive results from the trials late last year, saying preliminary results achieved their endpoints.
Maguire Properties Inc. ($1.57, +$0.50, +46.73%), a struggling Los Angeles real-estate investment trust, sold a newly developed office building in Irvine, Calif., for about $160 million, a price representing an estimated 40% discount to its construction cost.
Six Flags Inc. (SIXF, $0.15, -$0.11, -42.05%), one of the world’s largest amusement-park chains, will be mostly owned by its lenders if a bankruptcy judge approves a deal negotiated between the company and its debt holders. The theme-park company filed for Chapter 11 bankruptcy protection early Saturday amid a mountain of debt topping $2 billion and a looming $300 million payment due to preferred stockholders in August.
BioDelivery Sciences International Inc. (BDSI, $7.62, +$0.86, +12.72%) has reached an agreement with the Food and Drug Administration and a review team regarding the company’s new-drug application for the treatment of cancer-related pain, signaling approval could be near.
Columbia Banking System Inc. (COLB, $10.71, -$1.89, -15%), a bank-holding company, said it expects a larger second-quarter loss than analysts expected. The company plans to increase its loan-loss provision in the quarter because of continuing declines in real estate values.
In addition to the $3.4 billion it is seeking from the Treasury, Hartford Financial Services Group Inc. (HIG, $11.50, -$1.45, -11.20%) said Friday that it will sell up to $750 million in stock to further bolster its capital position as it prepares to report more investment losses in the second quarter.
Innospec Inc. (IOSP, $10.18, -$0.47, -4.41%) said its board approved a stockholder rights plan to protect against takeover efforts. The chemical company said it believes the value of its business isn’t reflected in its share price, which could make it vulnerable to a hostile takeover.
Lincoln National Corp. (LNC, $16.47, -$1.28, -7.21%) said Monday it is aiming to raise $2.1 billion in capital, including a $600 million common stock offering, as part of its broader program to bolster capital levels and reduce debt. The insurance holding company also announced plans Monday to sell $500 million in senior debt and $950 million in preferred stock under the Treasury’s Capital Purchase Program.
Limited Brands Inc. (LTD, $12.48, -$0.33, -2.58%) said it is looking to raise $500 million through a private placement of senior notes due 2019 as the retailer looks to pay down debt. The company joins a host of other companies issuing notes as they look to raise cash.
Synta Pharmaceuticals Corp. (SNTA, $2.54, -$0.17, -6.27%) will see its cancer-drug venture with GlaxoSmithKline PLC end within 90 days, putting the treatment further into question after a late-stage trial was stopped earlier this year amid mortality concerns.
Standard & Poor’s Ratings Service lowered its credit ratings on TRW Automotive Holdings Corp. (TRW, $9.36, -$0.86, -8.41%) further into junk territory, saying weak light vehicle sales through 2010 would result in the auto-parts maker using more cash than previously estimated.