Healthcare Stocks Tumble; Repros Therapeutics Prices Upsized $72-Mln Stock Offering


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Healthcare stocks are lower today with the NYSE Healthcare Sector Index down around 2.7% and shares of healthcare companies in the S&P 500 falling about 2.5% as a group.

In company news, Repros Therapeutics Inc. ( RPRX ) is up 3.3% to $19.82 a share, climbing as high as $20.00 today after pricing an upsized offering of 3.75 mln shares at $19 apiece, just a 1% discount to the drug manufacturer's closing price last night and generating about $71.25 mln in gross proceeds.

The maker of drugs intended to treat hormone and reproductive disorders earlier this week announced plans to sell 3 mln shares.

Underwriters participating in the offering received 30-day options to purchase up to 562,500 additional shares to cover possible overallotments. The offering is scheduled to close on June 25.

In other sector news,

(+) WMGI, Sells its OrthoRecon business to MicroPort Medical BV for $290 mln.

(-) PGNX, Prices underwritten public offering of 8.5 mln shares of common stock at $4.40 apiece, generating about $37.4 mln in gross proceeds. The company plans to use the new money on research and development and general corporate purposes.

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) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: RPRX

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