Top Healthcare Stocks
Healthcare stocks extended their rebound Wednesday with the NYSE
Healthcare Sector Index climbing 1.7% and shares of healthcare
companies in the S&P 500 up 2.0% as a group just before the
In company news, Pacira Pharmaceuticals Inc. (
) was holding on to a 9.9% gain just ahead of the closing bell
Wednesday afternoon and the maker of a local anesthetic used to
treat post-operative pain completing a public offering of 1.6
million shares priced at $64 each.
After paying underwriting discounts and other offering costs,
PCRX will pocket about $96 million in net proceeds. The company did
not say how it plans to use the new funding. Underwriters
participating in the deal also received 30-day options to buy up to
240,000 additional shares to cover possible overallotments.
The company also announced a strategic partnership with DPx
Holdings' Patheon unit to manufacture and package the company's
Exparel injection at Patheon's facility in Swindon, UK. The deal is
expected to add about $300 million of manufacturing capacity,
almost doubling its current capacity of around $400 million from
its plant in San Diego.
Under terms of the partnership, PCRX will oversee the design and
purchase of manufacturing equipment to be installed at the new
plant, with Pacira having responsibility for construction and
validation of the facility, expected to be completed in two or
Shares were up nearly 10% at $71.93 each, earlier climbing to a
session high of $72.38 a share. The stock has a 52-week range of
$24.70 to $83.41 a share, jumping over 148% in value during the
In other sector news,
(+) APPY, Closes public offering of 8.34 mln shares of its
common stock at $2.40 each, generating just over $20 mln in gross
proceeds. Underwriters also received 30-day options to buy up to
1.25 mln more shares to cover overallotments.
(-) ISRG, Q1 revenue forecast of $465 mln trails Capital IQ
consensus by $71.6 mln, or 13.3%. The company also announces a $67
mln pre-tax charge reflecting estimated costs of settling product
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