Healthcare stocks are lower, with the NYSE Healthcare Sector
Index losing 1.3% and shares of healthcare companies in the S&P
500 dropping 1.4% as a group.
In company news, Akorn Inc. (
) is up nearly 10% at $18.05 a share, earlier rising to a new
52-week high of $18.97 after announcing a $640-million buyout offer
for Hi-Tech Pharmacal Co. Inc. (
The deal calls for HITK shareholders to receive $43.50 for each
of their shares - a 23.5% premium over Monday's losing price for
the stock. HITK shares are up 22.2% at $43.04 apiece this
AKRX said it is expecting between $15 million to $20 million in
annual run-rate synergies within 12 months of closing. The combined
companies are expected to generate over $500 in annual sales with
the deal expected to add to non-GAAP per-share adjusted earnings
immediately after closing.
In other sector news,
(+) CPRX, (+48.2%) Said Firapse, its experimental treatment for
patients with Lambert-Eaton Myasthenic Syndrome was designated as a
Breakthough Technology by the U.S. Food and Drug
(-) ACUR, (-18.2%) Said a pain-killer using its new
abuse-deterent technology did not make a statistically significant
difference in reducing recreational use of the drug during Phase II
testing. Firm now expects to delay its FDA submission for Aversion
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