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Sector Update: Healthcare; Valeant Partner Ackman Pursues Proxy Fight with Allergan

Healthcare stocks were generally lower in afternoon trading, with the S&P/TSX Healthcare index down 1.3%.

Valeant Pharmaceuticals (VRX.TO): -2.2%

Tekmira Pharmaceuticals (TKM.TO): -3.4%

Catamaran (CCT.TO): -0.3%

Oncolytics Biotech (ONC.TO): +1.5%

Cardiome Pharma (COM.TO): -1.1%

In corporate news, Valeant Pharmaceuticals' partner in its bid for Allergan, Bill Ackman, has decided to pursue a proxy fight with the NYSE-listed Botox-maker, several reports said. The Pershing Square CEO, who holds more than 9% stake in Allergan, reportedly called for a special meeting for shareholders to vote in favor of unseating six of the nine directors of Allergan board.

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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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