Healthcare shares are mixed in pre-market trade. Akorn, Inc. (
) shares are up 5.5% after it says it signed a definitive agreement
to acquire Hi-Tech Pharmacal Co., Inc. (
) for $640 million in cash. Under the terms of the agreement, Akorn
will pay $640 million in cash, or $43.50 per share. This represents
a 23.5% premium over the closing price on August 26. HITK shares
are soaring 22% at $42.85.
Akorn expects to achieve between $15 million and $20 million in
annual run-rate synergies within 12 months of close. The combined
company is expected to have annual revenues in excess of $500
million and the transaction is expected to be accretive to Akorn's
non-GAAP adjusted earnings per share immediately upon closing.
), a developer and manufacturer of precision guided therapy tools
for the diagnosis and treatment of coronary and peripheral vascular
disease,has signed an agreement to acquire the Pioneer Plus
diagnostic ultrasound transducer and percutaneous catheter from
Medtronic Inc. (
). The Pioneer Plus "re-entry" catheter has regulatory clearance in
the U.S and Europe as well as other geographies.
The transaction is slated to close by the end of August. No
additional details of the transaction were disclosed. Shares of
VOLC are flat in pre-market trade; MDT is down 0.6%.
Also, China Cord Blood Corp. (
) shares are unmoved at $4.27 pre-market as the company's Q1 EPS of
$0.07 topped Capital IQ analyst estimates of $0.05 per share.
Revenues increased by 11.6% to RMB128.7 million, or USD$21.0
million, in line with CIQ analyst estimates.
Finally, OncoGenex Pharmaceuticals, Inc. (OGXI) has initiated
the Rainier clinical trial, an investigator-sponsored, randomized,
placebo-controlled Phase 2 trial evaluating apatorsen in
combination with ABRAXANE and gemcitabine in patients with
previously untreated metastatic pancreatic cancer.
OGXI closed down by nearly 2% to $9.01 on Monday, within a
52-week range of $8.52 - $14.78.