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Health Care Sector Update for 06/07/2016: MDCO,LDRH,ZBH,VRX


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Health care stocks were mixed this afternoon, with the NYSE Health Care Index rising around 0.1% while shares of health care companies in the S&P 500 were down nearly 0.5% as a group.

In company news, The Medicines Co ( MDCO ) shares were higher Tuesday afternoon, reversing earlier declines that followed the generics drugmaker overnight pricing a $350 million offering of 2.75% convertible senior notes due 2023.

The notes are convertible into Medicines Co common stock with an initial conversion price of around $48.97 a share, a 32.5% premium to the stock's closing price on Monday. The company expects to use a portion of the net proceeds to repurchase around $220 million of its 1.375% convertible notes due 2017 in privately negotiated transactions, paying around $325 million for the 2017 notes.

MDCO shares were up nearly 3% at $38.01 apiece just before Tuesday's closing bell, easing just 4 cents from their session high and rebounding from an early slide to $36.43 a share.

In other sector news,

(+) LDRH, Agrees to $1 bln buyout offer from Zimmer Biomet Holdings ( ZBH ), which will pay $37 in cash for each LDRH share, a 63.8% premium over Monday's closing price.

(-) VRX, Q1 EPS of $1.27 misses Street view by $0.10 per share. Revenue climbs 9.3% to $2.37 bln, beating the $2.34 bln consensus. Lowers FY16 forecast for earnings, revenue below analyst expectations.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , US Markets
Referenced Symbols: MDCO , ZBH , VRX


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