US Markets

Health Care Sector Update for 10/11/2021: FLXN,PCRX,ADMS,SUPN,CCXI,PTGX

Health care stocks lost more ground this afternoon, with the NYSE Health Care Index sinking 0.5% while the SPDR Health Care Select Sector ETF (XLV) was down 0.7% shortly before Monday's closing bell.

The Nasdaq Biotechnology index, however, still was climbing 0.2%.

In company news, Flexion Therapeutics (FLXN) raced nearly 61% higher after the biopharmaceuticals company agreed to be acquired by Pacira BioSciences (PCRX) for $8.50 per share in cash and with investors also receiving one non-tradeable contingent value right worth up to $8 per share in cash. Pacira shares were 5.4% higher in late trade.

Adamas Pharmaceuticals (ADMS) shares climbed as much as 75% after the company accepted a buyout offer from Supernus Pharmaceuticals (SUPN) valued at up to $450 million, with the buyers offering $8.10 in cash for each Adamas share, or about $400 million, plus up to $1 per share more based on sales for Adamas' Gocovri Parkinson's drug.

Protagonist Therapeutics (PTGX) climbed over 93% after the US Food and Drug Administration lifted a full clinical hold on phase 2 testing of its rusfertide drug candidate in patients with excessive erythrocytosis and other diseases marked by iron overload.

ChemoCentryx (CCXI) climbed 5.5% after the biopharmaceuticals company named Rita Jain chief medical officer, and following upgrades at SVB Leerink and JPMorgan. Jain has been a ChemoCentryx director since March 2019 and was previously chief medical officer at Immunovant (IMVT) and Akebia Therapeutics (AKBA) following stints at AbbVie (ABBV) and Abbott Laboratories (ABT).

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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