Sector Update: Healthcare; Valeant's Buyout Offer Rejected Again by Allergan, Theratechnologies Granted Patent Term Extension in U.S. for Tesamorelin
Healthcare stocks were generally lower in afternoon trading. The S&P/TSX Healthcare index was down by 0.9%.
Valeant Pharmaceuticals (VRX.TO): -1.7%
Theratechnologies (TH.TO): +3.5%
Tekmira Pharmaceuticals (TKM.TO): +0.3%
Concordia Healthcare (CXR.TO): -2.7%
Nuvo Research (NRI.TO): -4.0
In corporate news, Allergan rejected the latest acquisition offer from Pershing Square Capital Management and Valeant Pharmaceuticals International, saying a review of the proposal with independent financial and legal advisors concluded it "substantially undervalues the company, creates significant risks and uncertainties for the stockholders of Allergan, and is not in the best interests of the company and its stockholders."
Meanwhile, Theratechnologies late Monday said the United States Patent and Trademark Office (USPTO) has issued a patent term extension certificate for tesamorelin, the company's principal compound. The USPTO has extended the term of US patent No. 5,861,379 (tesamorelin composition of matter patent) by five years. This patent was originally set to expire in May 2015 and is now set to expire in May 2020.
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