Sector Update: Health Care

By Staff,

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Healthcare stocks were moderately lower with the NYSE Healthcare Sector Index slipping about 0.4% and shares of healthcare companies in the S&P 500 also falling about 0.4% as a group.

In company news, Allergan Inc. ( AGN ) shareholder Samlyn Capital has amassed a $150 million stake in the Botox maker, yet the hedge fund is still undecided on whether it should back Valeant Pharmaceuticals' (VRX, VRX.TO) $53 billion hostile takeover bid for AGN, the Wall Street Journal reported.

In Q2 2014, Samlyn Capital founder Robert Pohly began to rapidly increase his stake in AGN, the paper noted citing sources familiar with the matter. According to an investment document obtained by the WSJ, AGN represents one of Samlyn's top five so-called "long" investments.

In Monday's trade AGN shares were up 2.3% to $171.30 while VRX shares gained 2.1% to $124.49.

In other sector news,

(+) GILD, Inks collaboration pact with Sandoz to commercialize its tavaborole topical treatment for fungal infections on toenails following its July 8 FDA approval. GILD will receive $40 mln upfront payment and $25 mln in additional milestone payments.

(-) GNCA, Begins Phase II dose-optimization trial for its GEN-003 drug candidate to treat Type 2 herpes simplex. Interim results from the trial are expected in mid-2015.

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: AGN

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