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Health care shares were lower at mid-day Monday.
In health care stocks news, Calithera Biosciences ( CALA ) shares surged 52.2% after it and Incyte ( INCY ) said Monday they struck a global collaboration and license agreement for the research, development and commercialization of Calithera's small molecule arginase inhibitor CB-1158 in hematology and oncology.
CB-1158 is currently being studied in a monotherapy dose escalation trial and additional studies are expected to evaluate CB-1158 in combination with immuno-oncology agents, including anti-PD-1 therapy.
Under the agreement, Calithera will receive an up-front payment of $45 million plus a $8 million equity investment from Incyte. Incyte will buy shares at a price of $4.65 each. Incyte will also receive worldwide rights to develop and commercialize CB-1158 in hematology and oncology; Calithera will retain certain rights to research, develop and commercialize certain other arginase inhibitors in certain orphan indications.
In other sector news,
(+) EYEG, (+13.9%) Reports 75% of subjects in pilot trial of its ocular bandage gel achieved complete wound closure by day three
(-) OCRX, (-68.3%) Says phase 2b study of intravenously-administered ornithine phenylacetate (OCR-002) did not show statistically significant results in the primary and secondary endpoints
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