were among the best-performing health-related stocks Tuesday, rising 12% after the company signed a licensing deal with
, which also agreed to acquire about 15% of Sonus.
The deal gives Schering an exclusive license to Sonus' Tocosol paclitaxel anti-cancer product. As part of the deal, Schering will pay Sonus an upfront fee of $20 million and milestone payments of up to $132 million. "The collaboration with Sonus Pharmaceuticals strategically complements our innovative and extensive internal pipeline of systemic and targeted cancer therapies and reinforces our strong commitment to oncology," Schering said in a statement.
As for the equity investment, Schering bought 3.9 million shares $4.02 apiece, resulting in proceeds of about $15.7 million. Schering also acquired five-year warrants to buy 975,000 shares at an exercise price of $4.42 a share. Shares of Sonus recently traded up 47 cents to $4.53.
Pharmaceutical Product Development
rose 11% after the company posted third-quarter results that topped expectations. The drug developer earned $38.4 million, or 66 cents a share, on sales of $273.3 million. Excluding items, the company would have earned 70 cents a share. Analysts polled by Thomson First Call were expecting earnings of 66 cents a share on sales of $246.7 million. A year earlier, the company earned $25 million, or 44 cents a share, on sales of $215.8 million. Shares were trading up $6.21 to $62.46.
rose 10% after the company signed a distribution agreement with Bioniche Pharma Group and lifted its 2006 earnings and sales guidance ahead of analysts' expectations. The distribution agreement allows AngioDynamics to exclusively market and distribute Bioniche's Sotradecol injection to radiologists and surgeons in the U.S. Sotradecol, which treats varicose veins, is the only FDA-approved sodium tetradecyl sulfate injection in the U.S.
AngioDynamics now expects 2006 earnings, excluding items, of $7.1 million on sales of at least $76 million. Previously, the company said that it would earn $6.1 million on sales of at least $72 million. Analysts had been expecting earnings of $6.4 million, or 50 cents a share, on sales of $73.9 million. Shares were trading up $1.88 to $21.59.