Top Health Care Stocks
Health care stocks were moderately higher in afternoon trade, with the NYSE Health Care Index climbing about 0.4% while shares of health care companies in the S&P 500 were up almost 0.5% as a group.
In company news, AVEO Oncology ( AVEO ) rallied Monday after the specialty drugmaker announced an exclusive license agreement with EUSA Pharma for European rights to AVEO's Tivozanib treatment for advanced renal cell carcinoma.
The agreement also includes a number of additional territories outside North America, including South America and South Africa, and additional potential indications.
Under the terms of the agreement, EUSA Pharma will make an upfront $2.5 million payment for research and development funding and up to $394 million in future payments as the drug reach various regulatory and commercial milestones. EUSA Pharma plans to submit an application for marketing authorization for tivozanib as a first-line treatment for renal cell carcinoma during the first three months of 2016.
AVEO shares closed more than 22% higher at $1.26 apiece, earlier reaching as high as $1.42 a share.
In other sector news,
(+) CAPN, FDA grants Orphan Drug designation for the company's nasal, non-inhaled carbon dioxide technology for the treatment of trigeminal neuralgia.
(-) KBIO, Fires Martin Shkreli as its CEO following his arrest last week on securities fraud charges.
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