Today's Health Winners and Losers

Shares of Dov Pharmaceutical(DOVP) were among the worst-performing health-related stocks Tuesday, plunging 41% after the company said its medication for chronic low back pain didn't achieve a statistically significant effect compared with a placebo.

Dov said that bicifadine didn't show a significant difference at any of the doses tested in its first phase III trial. "We are disappointed by the unexpected results of our phase III trial, study 020," the company said. Dov said it plans to continue phase II trials of the drug in osteoarthritis and neuropathic pain, along with two other phase III trials of bicifadine in chronic low back pain. "We will provide more detailed guidance regarding our bicifadine chronic pain program once we are in a position to do so," Dov said. Shares were trading down $6.05 to $8.64.

Shares of Serologicals(SERO) jumped 33% after the biological products company agreed to be acquired by Millipore(MIL) in a deal valued at $1.4 billion. Serologicals shareholders will receive $31.55 a share, representing a 35% premium to Monday's closing price of $23.32. The deal, which also includes the assumption of debt, is expected to close by June 30.

On the basis of 2006 projections, Millipore expects the combined company to post annual revenue of $1.4 billion. Millipore expects 2007 sales growth of 9% to 11%. Assuming the transaction closes on time, Millipore expects Serologicals to add 10 cents to 15 cents a share to 2006 earnings, resulting in pro forma earnings of $3 to $3.10 a share. "The strategic combination of Millipore and Serologicals will significantly strengthen Millipore's bioscience division by giving it leading positions in high-growth segments such as drug discovery products and services, antibodies, cell biology reagents and stem cell research," Millipore said in a statement. Shares of Serologicals were trading up $7.79 to $31.11, while shares of Millipore rose $5.30 to $74.65.