Healthcare Stocks Closing Lower; Opko Sells Sorrento Therapeutics Stake For 10-Fold Gain on 2009 Investment

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Healthcare stocks are lower this afternoon with the NYSE Healthcare Sector Index sliding about 0.1% and shares of healthcare companies in the S&P 500 are down 0.3% as a group.

In company news, Opko Health ( OPK ) is set to finish with a small decline, giving back a late-morning rise that followed the diagnostics equipment company saying it has cashed out on its investment in Sorrento Therapeutics ( SRNE ).

OPK said the sale adds around $22 mln to its cash position and represents an approximate ten-fold return of itss 2009 investment.

SRNE shares are down nearly 7% at $7.90 each.

In other sector news,

(+) PSDV, Said licensee Alimera Sciences ( ALIM ) has begun labeling discussions with the FDA for its Iluvien drug candidate, making a scheduled meeting next month with an advisory panel about the potential diabetic macular edema treatment unnecessary.

(-) CVM, Prices offering of 4.76 mln equity units at 63 cents each, generating $3 mln in gross proceeds to fund Phase III testing of its Multikine vaccine for brain and head cancer. Units consisted of one share and one warrant exercisable at $1.25.



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This article appears in: Investing , Commodities

Referenced Stocks: ALIM , OPK , SRNE

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