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Sector Update: Healthcare

Posted
6/20/2013 8:36:00 AM
By: MT Newswires
Referenced Stocks:DRRX;ELN;FRX

Healthcare shares are lower pre-market. PTC Therapeutics (PTC) begins trading on the Nasdaq Global Market today. The company has priced its initial public offering of 8,372,000 shares of common stock at a public offering price of $15.00 per share, before underwriting discounts.

All of the shares in the offering are being sold by PTC. In addition, the underwriters have an option for a period of 30 days to purchase up to 1.3 million additional shares of common stock from PTC at the public offering price, less the underwriting discount.

Forest Laboratories ( FRX ) shares are up 0.65% at $41.82 in pre-market after a Reuters report said yesterday that the company is one of several possible suitors for Elan ( ELN ). ELN is up 0.42% in pre-bell. Royalty Pharma, which had bid for Elan in February, withdrew its offer yesterday as Elan shareholders approved a share repurchase plan. Elan is formally up for sale.

Finally, DURECT ( DRRX ) said Thursday that it the New Drug Application for its investigational product POSIDUR has been accepted by the FDA. This indicates that the application is sufficiently complete to permit a substantive review.

POSIDUR is a post-operative pain relief depot that utilizes DURECT's patented SABER technology to deliver bupivacaine and is designed to provide up to three days of pain relief after surgery. DURECT submitted the NDA as a 505(b)(2) application. The PDUFA goal date has been confirmed as February 12, 2014. DRRX is flat at $0.83 per share.