Healthcare shares are higher in pre-market, while shares in
Lexicon Pharmaceuticals (
) are up more than 21% pre-bell after the company said that its
LX4211 product, a glucose inhibitor to treat patients with type 2
diabetes with severe kidney impairment, met primary endpoints.
The drug aims to reduce glucose levels after eating, a key
objective of diabetes therapy. The shares are well past the top of
their 52-week range of $1.55 - $2.75.
And, Merck (
) announces a restructuring this morning that includes about 8,500
job cuts. The company expects to realize about $2.5 billion in
annual net cost savings by the end of 2015 and estimates that $1.0
billion, or 40 percent, of the savings will be realized by the end
Total pre-tax costs for the new restructuring program are
estimated to range between $2.5 billion and $3.0 billion.
Finally, Hyperion Therapeutics (
) has granted exclusive rights to Swedish Orphan Biovitrum to
distribute its Ravicti, an oral liquid for the chronic treatment of
urea cycle disorders, in the Middle East.
The rights were granted on a named patient basis. No financial
details were given. Hyperion is unchanged pre-bell in a 52-week
range of $10.00 - $28.34.
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