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


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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.

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


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