Sector Update: Healthcare
Healthcare shares were generally mixed in pre-market trade on Thursday.
In healthcare stocks news, Kindred Healthcare ( KND ) proposed to acquire all the outstanding shares of Gentiva Health Services (GTV) for a combination of $7.00 per share in cash and $7.00 of Kindred common stock. Kindred also offered to increase its offer to 100% cash if the Gentiva Board so elects.
GTIV shares were up about 58% pre-market; KND shares were steady.
Kindred's proposal would provide Gentiva shareholders with consideration valued at approximately $14.00 per share, representing a 64% premium over the closing price of Gentiva common stock on May 14, 2014, and a 59% premium over Gentiva's 60-day volume-weighted average closing price. The transaction would be valued at approximately $1.6 billion.
And, EntreMed ( ENMD ) reported that for Q4, or the quarter ended Dec. 31, 2013, it widened its loss versus the prior-year period's, as the company did not have revenue for the quarter.
The clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and other diseases reported Q4 net loss of $1.3 million or $0.05 per share, compared with net loss of $0.4 million or $0.02 per share in the prior-year period.
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