Sector Update: Healthcare Stocks Mixed; Aratana Acquires Vet Therapeutics
Healthcare shares are mixed in pre-market trade. Biopharmaceutical company Aratana Therapeutics ( PETX ) has acquired Vet Therapeutics, Inc., a San Diego-based company with a proprietary antibody-based biologics platform.
Under the agreement, ARTX will pay to Vet Therapeutics' equity holders at the closing $30 million in cash, issue 625,000 shares of common stock and issue a promissory note for $3 million with a maturity date of Dec. 31, 2014. PETX is up 0.04%.
And, Molecular diagnostic company Myriad Genetics, Inc. ( MYGN ) said that the results from a verification study showed its myPath Melanoma test effectively differentiated malignant melanoma from benign skin lesions. MYGN is flat at $22.77 in pre-market trade.
The verification study evaluated a 23-gene panel designed to differentiate malignant melanoma from benign skin lesions. The myPath Melanoma test demonstrated high sensitivity of 89% and specificity of 93% at differentiating malignant melanoma from benign skin lesions.
MYGN closed at $22.77 on Friday and touched 52-week low $22.20.
Finally, St Jude Medical ( STJ ) is up more than 4% this morning after it said it has completed the acquisition of Nanostim, a privately-owned developer of miniaturized, leadless pacemakers, for a total of $123.5 million.
A further $65 million in cash may be payable if the company hits certain revenue-based milestones. St Jude said that aside for acquisition-related costs, the purchase won't affect its 2013 EPS outlook.
The company also said it recently received CE Mark approval for Nanostim's leadless pacemaker, which is designed to be implanted directly into the heart via a minimally invasive procedure. The device will soon be available in European markets.