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Health Care Sector Update for 10/24/2016: OASM,INO

Top Health Care Stocks

JNJ +0.19%

PFE -0.19%

MRK -0.27%

ABT -0.58%

AMGN +0.07%

Health care stocks were ending with small declines, with the NYSE Health Care Index slipping 0.3%, giving back a narrow advance, while shares of health care companies in the S&P 500 were down 0.1% as a group.

In company news, Oasmia Pharmaceutical ( OASM ) was finishing with a strong gain, with American depository shares of the Swedish oncology drug company rising over 18% this afternoon after acquiring a novel cancer project from Karo Pharma for around $2.7 million in stock.

In a regulatory filing, Oasmia late Friday disclosed it was in talks about a potential deal, adding it expected to release more information by Monday "at the latest." The company today said Karo's KB9520 has demonstrated promising results for a number of different types of cancer during pre-clinical testing.

Oasmia issued around 3 million of its shares to Karo priced at SEK 8.12 (91 cents) apiece, diluting its existing investors by about 2.6%. During development, Oasmia will be responsible for all project costs and it has also pledged to share 20% of all future revenues generated by KB9520 with Karo.

OASM ADS were up nearly 15% in late trade at $3.09 apiece, easing slightly from a session high of $3.20 a share.

In other sector news,

(-) INO, FDA places clinical hold on proposed Phase III trial for VGX-3100 drug candidate, seeking more information to support shelf-life of disposable parts of Cellectra 5PSP immunotherapy delivery device.

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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