Markets

Health Care Sector Update for 12/21/2015: AVEO,CAPN,KBIO

Top Health Care Stocks

JNJ -0.32%

PZE +1.41%

MRK +0.78%

ABT +0.45%

AMGN +0.21%

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.

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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