Healthcare stocks are giving back a sliver of their earlier
advance with the NYSE Healthcare Sector Index now adding 0.7% and
shares of healthcare companies in the S&P 500 rising 1.1% as a
In company news, Ariad Pharmaceuticals Inc. (
) is set to finish moderately higher, with shares rising 2.2% to
$2.34 each after the drug-maker said it plans to eliminate 160
positions - or 40% of its workforce - as part of a broader program
aiming to reduce costs next year at the company by $26 mln.
ARIA expects to complete the layoffs, all in the U.S., by Dec.
31. The decision follows the company recently opting to temporarily
suspend the marketing and commercial distribution of Iclusig
thrombosis medication in the U.S.
The company said it will provide additional details of its
cost-cutting program on Nov. 12 when it reports its Q3 financial
In other sector news,
(+) SNTS, (+37.8%) Agrees to a $2.6-bln acquisition by Salix
), accepting $32 per share. SLXP also is up nearly 18%, saying the
deal will "lead to significant accretion in 2014" and "greater" EPS
accretion in 2015.
(-) DRRX, Prices 7.14 mln shares at $1.40 each; board chairman
to buy 714,000 shares. Proceeds are expected to support future
clinical trials, research & development and working
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