Healthcare stocks were holding on to small gains Monday with the NYSE Healthcare Sector Index rising about 0.3% and shares of healthcare companies in the S&P 500 also ahead about 0.3% as a group.
In company news, MannKind ( MNKD ) was higher Monday after the drug-maker earlier today announced a global licensing agreement with Sanofi ( SNY ), with the companies planning a Q1 launch next year for the rapid-acting drug in the United States.
Under the terms of the agreement, MNKD will receive an upfront $150 million payment from SNY, along with up to $775 million in potential milestone payments dependent on specific regulatory and development targets, as well as sales thresholds. The companies also will report profits and losses on a global basis, with SNY retaining 65% of the proceeds.
SNY also agreed to advance up to $175 million of MNKD's collaboration expenses.
MNKD shares were up nearly 7% at $8.68 each, earlier climbing to an intra-day high of $10.75 a share. The stock has traded within a range of $3.80 to $11.48 during the past 52 weeks, rising about 20.6% over the past 12 months.
SNY shares were narrowly higher today, rising about 0.1% to $52.36 apiece.
In other sector news,
(+) PIP, (+38.4%) Delaware Court of Chancery late Friday orders SIGA Technologies to pay PharmAthene lump sum expectation damages for lost profits linked to SIGA's smallpox antiviral.
(-) AEGR, (-5.4%) Announces plans for $250 mln private placement of convertible senior notes due 2019. Proceeds will be used to repurchase up to $35 mln of its common stock.
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