Top Health Care Stocks
Health care stocks have reversed their losses during the final hour of Thursday trading, with the NYSE Health Care Index gaining 0.3% while shares of health care companies in the S&P 500 were adding 0.4% as a group.
In company news, Teva Pharmaceutical Industries Ltd ( TEVA ) rose Thursday after the generics drugmaker today announced the $2.3 billion purchase of Mexican rival Representaciones e Investigaciones Mdicas SA de CV, better known as Rimsa.
Teva said the Rimsa transaction cements its place in the Mexican market as well as creating a platform for growth elsewhere in the region. It sees the deal yielding "substantial" synergies although the acquisition is not expected to boost its non-GAAP earnings until the first three months of 2017.
TEVA shares were up almost 4% at $58.53 apiece, earlier reaching a session high of $58.77 a share.
In other sector news,
(+) XOMA, Signs licensing pact with Novartis ( NVS ) that could pump as much as $480 million into the biotech company in exchange for global rights to its anti-transforming growth factor-beta antibody program.
(-) MDGN, Prices $40 million public offering of 6.155 million shares at $6.50 apiece, a 16.9% discount to yesterday's closing price for the stock.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.