Sector Update: Health Care


Health-care shares were flat to higher in pre-market trade Monday.

In health-care stocks news, Abbott ( ABT ) shares were up about 1% after it said it will sell its developed markets branded generics pharmaceuticals business to Mylan ( MYL ) for equity ownership of a newly formed entity that will combine Mylan's existing business and Abbott's developed markets pharmaceuticals business, and will be a publicly traded company.

The deal represents a value of approximately $5.3 billion based on Mylan's closing stock price on Friday. The developed markets portion of this business generated approximately $2 billion in sales in 2013. Abbott will retain its branded generics pharmaceuticals business and products in emerging markets. Abbott also retains its other businesses and products in developed markets.

And, Synergy Pharmaceuticals ( SGYP ) said it has reached the halfway mark for total enrollment in the first pivotal phase 3 trial of plecanatide in patients with chronic idiopathic constipation. The company plans to release top-line data from the first phase 3 CIC trial in the second quarter of 2015.

Finally, Salix Pharmaceuticals ( SLXP ) and Progenics Pharmaceuticals ( PGNX ) have announced the Food and Drug Administration (FDA) has informed Salix that its RELISTOR subcutaneous injection, 20 mg/ml, has been approved on the data submitted in the supplemental NDA (sNDA), for the treatment of opioid-induced constipation (OIC) in patients taking opioids for chronic non-cancer pain.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: ABT , MYL , SGYP , SLXP , PGNX

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