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NBY

Health Care Sector Update for 05/12/2016: PBMD,NBY,PARN

Top Health Care Stocks

JNJ -0.57%

PFE -0.24%

MRK -1.20%

ABT -0.55%

AMGN -1.36%

Health care stocks were mostly underwater Thursday, with the NYSE Health Care Index sinking about 0.8% while shares of health care companies in the S&P 500 were down over 0.4% as a group.

In company news, Prima Biomed Ltd. ( PBMD ) surged Thursday after the Australian biotech firm signed a licensing agreement with U.S.-based Sydys Corp to develop Prima's CVac immuno-oncology program.

Under terms of the spin-out transaction, Sydys will license virtually all of Prima's CVac related assets, including clinical data from Phase I and Phase II trials along with patents and manufacturing protocols and know-how. Prima, which will own a 9.9% equity stake in privately held Sydys after the deal closes, also is selling selected equipment and inventory to Sydys.

The agreement also sets up more than A$400 million ($293 million) in development, regulatory and commercial milestone payments to Prima in addition to sales royalties in the low single digits.

PBMD shares recently were up nearly 14% at $1.07 each after earlier reaching a session high of $1.16 a share.

In other sector news,

(+) HSGX, (+20.3%) Q1 net loss of $0.60 per share is a penny wide than the Capital IQ consensus. Revenue falls 31% to $17.6 mln, also lagging the $19.6 mln Street view.

(-) PARN, (-17.9%) Prices $4.2 mln public offering of 2.55 mln shares at $1.65 apiece, a 3.15% discount to Wednesday's closing price.

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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