Health Care Sector Update for 07/23/2020: BNTX,AMAG,CNTG,AMZN

Health care stocks were little changed as a group, with the NYSE Health Care Index falling 0.2% while the SPDR Health Care Select Sector ETF was down 0.1%.

The Nasdaq Biotechnology index was falling hard, however, dropping over 1.2% this afternoon.

In company news, BioNTech SE (BNTX) dropped 13% after pricing an upsized $511.5 million public offering of 5.5 million American depositary shares at $93 apiece, representing a 10.7% discount to Wednesday's closing price. The German biopharmaceuticals company added 500,000 ADS to the offering over its original plans while MIG GmbH & Co provided underwriters with a 30-day option to buy up to 825,000 of its ADS to cover potential overallotments.

Among gainers, AMAG Pharmaceuticals (AMAG) was almost 14% higher after Thursday announcing a licensing deal with European drugmaker Norgine to develop and sell its ciraparantag drug candidate as a potential antidote for multiple anticoagulants. As part of the exclusive agreement, AMAG will receive a $30 million upfront fee and is eligible for up to $260 million milestone payments tied to various regulatory and commercial goals. The deal also includes an escalating double-digit royalty schedule.

Centogene (CNTG) rose 10.5% on Thursday after the pharmaceuticals and diagnostics company said its CentoKit-19 validated test kits for COVID-19 are now available in Germany through (AZMN). The test kit also offers a secure test registration portal for the SARS-CoV-2 coronavirus.

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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