Top Health Care Stocks
Health care stocks were lower in mid-day trade, although a spate of merger activity was keeping the sector near its break-even mark. In recent trade, the NYSE Health Care Sector Index was losing around 0.4% while shares of health care companies in the S&P 500 were slipping 0.4% as a group.
In company news, PlasmaTech Biopharmaceuticals Inc. ( PTBI ) was surging Wednesday after the biotech company said it was acquiring Abeona Therapeutics, which is working to commercialize therapies for patients with lysosomal storage diseases.
The deal calls on PlasmaTech to issue 4 million of its shares to Abeona investors at closing. The transaction also includes another $9 million in performance milestone awards, payable in either stock or cash.
Abeona CEO Tim Miller will remain with the combined companies, succeeding Plasmatech Chief Executive Scott Schorer.
PTBI shares were up nearly 53% at $9.13 each, easing from an earlier run to $11.15 a share. The stock has traded within a 52-week range of $2.75 to $26.00, falling a stock-adjusted 75% over the past 12 months before Wednesday's rally.
In other sector news,
(+) GEVA, (+114.8%) Accepts $8.4 bln buyout offer from Alexion Pharmaceuticals ( ALXN ), with GEVA shareholders receving $230 for each of their shares in combination of $115 in cash and 0.6581 of a ALSN share.
(-) ARDX, (-24.4%) Tenapanor drug candidate fails to meet primary endpoint of reducing the urinary albumin-creatinine ratio in patients with chronic kidney disease during Phase II testing.
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