Sector Update: Healthcare; Cipher Pharmaceuticals Licenses Isotretinoin to Andromaco, Valeant Takeover Target Allergan to Review Offer

By Staff,

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Healthcare stocks were mixed in afternoon trading, and the S&P/TSX Healthcare index was down 0.4%.

Valeant Pharmaceuticals (VRX.TO): -0.1%

Cipher Pharmaceuticals (DND.TO): +0.7%

Concordia Healthcare (CXR.TO): -2.7%

Catamaran (CCT.TO): -0.9%

Tekmira Pharmaceuticals (TKM.TO): +1.7%

In corporate news, Cipher Pharmaceuticals has signed an agreement granting Laboratorios Andromaco the exclusive right to market, sell, and distribute its isotretinoin capsules in Chile. Cipher will supply Andromaco with isotretinoin products made by Cipher's partner Galephar Pharmaceutical. Financial terms of the deal weren't disclosed.

The specialty pharmaceutical company's isotretinoin product is a patent-protected formulation of isotretinoin, which is used in the treatment of severe recalcitrant nodular acne.

Meanwhile, Allergan board of directors will review and evaluate Valeant Pharmaceuticals International's hostile cash-and-stock takeover bid. Allergan stockholders would be able to elect to exchange each of their Allergan shares for $72.00 in cash and 0.83 Valeant common shares.

Allergan also called on its stockholders not to take any action at this time, pending the review of VRX's unsolicited exchange offer by the board.

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
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