Sector Update: Healthcare
Healthcare stocks are higher today with the NYSE Healthcare Sector Index climbing 0.7% and shares of healthcare companies in the S&P 500 advancing 0.6% as a group.
In company news, Avanir Pharmaceuticals ( AVNR ) is up 2.3% to $5.89 a share, advancing to a new 52-week high of $5.97 in mid-afternoon trade after announcing a settlement agreement with Wockhardt USA and Wockhardt resolving patent litigation filed in response to Wockhardt's bid to market generic versions of Avanir's Nuedexta capsules.
Nuedexta is used to treat involuntary outbursts of crying or laughing in people with certain neurological disorders, including multiple sclerosis and amyotrophic lateral sclerosis.
The settlement generally bars Wockhardt from marketing a generic version of the drug until August 2026 in exchange for AVNR dropping its suit in Delaware state court. Other terms were not disclosed. AVNR still has cases pending against two other would-be generic Nuedexta manufacturers.
In other sector news,
(+) TMH, The provider of outsourced physician staffing receives a subpoena from Department of Health and Human Services' Inspector General seeking documents related to its services at hospitals affiliated with Health Management Associates ( HMA ).
(-) NLNK, Discloses plans in a new regulatory filing to sell up to $60 mln of its common stock from time to time in at-the-market equity offerings.