AnorMed's (ANOR) shares jumped after Millennium Pharmaceuticals (MLNM) said it plans to acquire the company in a deal worth $515 million. Anormed has agreed to support the deal, which represents a 40% premium to an unsolicited tender offer from Genzyme (GENZ). Shares jumped 26% to $12.64.
CytRx (CYTR - Get Report) lost 26.8% to $1.34 after the company said its Lou Gehrig's disease drug arimoclomol did not show a significant change in disease progression. The trial did meet its primary goal of proving the drug's safety and tolerability, however.
Elan's (ELN) shares sank Tuesday after a Piper Jaffray analyst said sales of the company's multiple sclerosis drug Tysabri could be lower than she expected. Shares were trading 2.2% lower to $15.52.PDI's (PDII - Get Report) shares dropped 9.5% to $11.89 after the company said GlaxoSmithKline (GSK - Get Report) doesn't intend to renew its contract sales agreement with the company in 2007. Also falling were KOS Pharmaceuticals (KOSP), whose shares sank 7.1% to $44.17, Immunomedics (IMMU), down 6.2% to $1.66, Targacept (TRGT), 4.4% lower to $5.50, and Nymox Pharmaceutical (NYMX), off 5.3% to $3.79. Health stocks rising during the trading day included Acorda Therapeutics (ACOR - Get Report), soaring 32.5% to $11.26, Critical Therapeutics (CRTX), gaining 10.7% to $2.38, MGI Pharma (MOGN), up 6.9% to $17.05, Crucell (CRXL), whose shares gained 6.6% to $24.31, and EpiCept (EPCT), up 26.5% to $2.15.