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Health Care Sector Update for 06/15/2016: AEGR,QLTI,LAKE,CBYL


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Health care stocks were set to finish moderately lower Wednesday, with the NYSE Health Care Index falling 0.2% while shares of health care companies in the S&P 500 also were dropping 0.4% as a group.

In company news, Aegerion Pharmaceuticals ( AEGR ) soared Wednesday after the specialty drugmaker agreed to merge with rival QLT Inc ( QLTI ) in a stock swap valued at around $43.3 million.

The deal calls on each Aegerion share to be exchanged for 1.0256 shares of QLT common stock in a transaction expected to close by the end of the year. An investor syndicate of new and existing shareholders in both companies also plans to invest about $22 million in the combined companies, which will be called Novelion Therapeutics following the merger.

Novelion shares will trade on both the Nasdaq Global Select Market and the Toronto Stock Exchange.

AEGR shares were up more than 27% at $1.69 apiece, earlier racing to a session high of $2.12 a share. QLTI shares also were higher, rising slightly more than 6% to $1.52 apiece, backing down from an earlier climb to $1.74 a share.

In other sector news,

(+) LAKE, Reports Q1 net income of $0.00 per share, down from a $0.31 per share during the year-ago period but still beating Street expectations for a $0.04 per share net loss. Net sales fall 18% to $20.4 mln, also topping the $19.99 mln consensus.

(-) CBYL, Accepts share purchase agreement that will make KalVista majority owner of CBYL with an 81% stake. Will become KalVista Pharmaceuticals after expected closing late in Q3 or early in Q4.

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: LAKE ,


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