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Health Care Sector Update for 04/10/2017: AKRX,FMS,CYTX,OMED

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Top Health Care Stocks

JNJ -0.50%

PFE -0.22%

MRK -0.42%

ABT -0.84%

AMGN -0.22%

Health care stocks continue to edge lower this afternoon, with the NYSE Health Care Index slipping about 0.1% while shares of health care companies in the S&P 500 were were down almost 0.2% as a group.

In company news, Akorn ( AKRX ) shares were surging in late Monday trading after the specialty drugmaker late Friday confirmed it was in talks about a potential buyout and is currently engaged in discussions to potentially be acquired by German kidney dialysis company Fresenius ( FMS ).

Rumors about a potential linkup between the companies were first reported earlier Friday by Bloomberg.

In a prepared remarks, Akorn said: "There can be no assurance any transaction will result from these discussions or as to the terms of any such transaction," adding neither company expects to make additional comments about the process until there was a material event.

AKRX shares were up over 9% at $32.50 apiece, climbing to a session high of $33.58 a share earlier Monday. FMS shares also were slightly higher today, rising about 0.2% to $41.66 each following a prior session high of $41.77 a share.

In other sector news,

(+) CYTX, Receives Investigational Device Exemption from the FDA for an early-stage clinical trial to evaluate its Cytori cell therapy.

(-) OMED, Demcizumab drug candidate fails to meet primary endpoint of progressive-free survival in patients with pancreatic cancer. Also, Bayer Pharma decides against exercising option to license the company's Wnt pathway inhibitors, vantictumab and ipafricept, citing strategic reasons.

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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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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