Top Healthcare Stocks
Healthcare stocks are sharply lower with the NYSE Healthcare
Sector Index falling about 0.7% and shares of healthcare companies
in the S&P 500 sliding 0.9% as a group.
In company news, OncoMed Pharmaceuticals Inc. (
) is set to nearly double in price today, with shares rising over
93% to $27.05 each after inking a deal with Celgene Corp (
) pairing the biopharmaceutical companies to jointly develop and
commercialize up to six anti-cancer stem-cell product candidates
from OMED's biologics pipeline.
Under the agreement, OMED will receive a $155-million, upfront
payment with CELG also purchasing just over 1.47 million OMED
shares at $15.14 apiece - and 8.1% premium to OMED's closing price
yesterday. The $22.3 million investment will provide CELG with a 5%
stake in its partner company.
The agreement also includes option-exercise and milestone
payments, paid on a per-program basis. For demcizumab, one of
OMED's more advanced drug candidates to treat pancreatic cancer,
these payments could eventually total $790 million, the companies
CELG is down nearly 2% in late trade at $160.08 a share.
In other sector news,
(+) CNAT, U.S. Food and Drug Administration grants orphan drug
status for the company's Emricasan drug candidate - now in Phase
IIb testing - to stymie recurrent fibrosis and cirrhosis in
(-) THO, Q1 earnings of $0.68 per share, ex items, trail analyst
expectations by $0.02. Revenue rises 5.1% year over year to $800
mln, roughly matching Street view looking for $802.6 mln in
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