Health Care Sector Update for 03/20/2017: CTMX,BMY,ESPR,CERU,NVS

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Top Health Care Stocks

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Health care stocks saw their losses widen slightly this afternoon, with the NYSE Health Care Index declining 0.1% while shares of health care companies in the S&P 500 were down about 0.2% as a group.

In company news, CytomX Therapeutics ( CTMX ) rallied Monday after the oncology-drug researcher today said it was expanding its collaboration agreement with Bristol-Myers Squibb ( BMY ) working to discover new therapies and additional targets for CytomX's Probody platform.

Under terms of the new pact, Bristol-Myers will make a $200 million upfront payment to CytomX in exchange for exclusive global rights to develop and commercialize Probody for up to six more oncology targets along with two non-oncology targets.

CytomX also will also be eligible to receive up to $448 million in future development, regulatory and sales milestone payments in addition to tiered royalties rising from the mid-single digits to the low-double digits of net sales for each new product commercialized by Bristol-Myers.

CTMX shares were up nearly 25% at $18.91 each just ahead of today's closing bell, earlier reaching a 16-month high of $20.02 a share. BMY shares were holding on to a narrow 0.1% gain at $56.39 apiece, easing somewhat from their prior session high of $56.71 a share.

In other sector news,

(+) ESPR, Confirms its LDL-cholesterol lowering program is adequate to support approval of an LDL-C lowering indication for its bempedoic acid product and now expects to submit a new drug applicaton for reducing risk for cardiovascular disease risk with regulators in the United States and Europe.

(-) CERU, Dare Bioscience becomes majority owner of the company. Sells CRLX101 & CRLX301 product lines to BlueLink Pharma for $1.5 mln; also divests its Dynamic Tumor Targeting Platform to Novartis ( NVS ) for $6 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , US Markets
Referenced Symbols: CTMX , BMY , NVS , ESPR , CERU

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