Top Health Care Stocks
Health care stocks extended their declines this afternoon, with the NYSE Health Care Index declining nearly 0.5% while shares of health care companies in the S&P 500 were down over 0.3% as a group.
In company news, shares of Chinese herbal medicine company Shineco Inc ( TYHT ) slumped Monday, sinking over 14% to a session low of $2.81 apiece after the holding company today said it has agreed to a strategic cooperation pact with an experienced grower and seller of apocynum, a herb that grows throughout most temperate regions of the world and can be used to make tea, fiber or even a cardiac stimulant for patients with heart arrhythmia.
Under terms of the Sept. 21 agreement, Shineco will invest around RMB47.5 million, or about $7.19 million, and will hold a 95% stake in the new joint venture to be known as Xinjiang Shineco Taihe Agriculture Technology Ltd. Jianjun Wang, an apocynum expert, will put up a RMB2.5 million stake and own the remaining 5% of the venture.
The joint venture expects to eventually farm around 50,000 acres of apocynum amd Shineco is estimating the new business will contribute around $40 million in revenue to the company by the end of 2018.
In other sector news,
(+) ARDM, FDA begins accelerated priority review of its Linhaliq drug candidate for non-cystic fibrosis bronchiectasis in patients with chronic Pseudomonas aeruginosa infections. The agency also set a Jan. 26, 2018, deadline to finish its review of the new drug application for Linhaliq.
(-) ATOS, Contracts with Stockholm South General Hospital in Sweden to conduct a Phase II evaluation of its Endoxifen topical treatment for women to reduce mammographic breast density, which other studies have shown to lower the risk of developing breast cancer.
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