Healthcare stocks were mostly higher Monday, with the NYSE
Healthcare Sector Index advancing around 0.6% and shares of
healthcare companies in the S&P 500 climbing less than 0.1% as
In company news, Furiex Pharmaceuticals (
) rallied Monday, climbing nearly 29% after accepting a $1.1
billion buyout offer from Forest Laboratories (
Under terms of the proposed deal, FURX shareholders will receive
$95 per share in cash and could be eligible for up to $30 per share
in contingent value rights if FURX's eluxadoline experimental
treatment for irritable bowel syndrome is approved for U.S. sales
by the Food and Drug Administration and avoids being classified as
a controlled substance.
In a related deal, FRX said it has agreed to sell FURX's future
royalties from the sale of an anti-diabetes drug, alogliptin, and
Priligy - the name brand of the first compound developed to treat
premature ejaculation - to privately held Royalty Pharma for around
$415 million once the FURX transaction closes.
FURX shares were up 28.8% in mid-day trade, climbing as high as
$107 a share during Monday's session. The stock has a 52-week range
of $32.01 to $121.97 a share, jumping more than 208% in value over
the past 12 months. FRX shares were down about 0.9% at $89.02 each,
giving up earlier gains.
In other sector news,
(+) AZN, (+10.7%) Pfizer (
) confirms its interest in acquiring the company in a bid to put
offshore assets to work in addition to expanding product pipeline.
PFE shares were up 3.a% today.
(-) MYL, (-3.7%) Meda AB Board of Directors rejects the
company's proposal to combine the two companies.
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