Friday's Health Winners & Losers
Generic drugmaker Dr. Reddy's Laboratories (RDY) fell 3.3% to $15.90 after pricing a public offering of 12.5 million American depositary shares at $16 each.
The offering, which is expected to close on Nov. 22, excludes the underwriter's over-allotment option. The company previously filed a registration and preliminary supplement prospectus with the Securities and Exchange Commission for a proposed offering of up to 13.5 million ADS's, excluding the over-allotment.
Drugmaker AMDL (ADL) jumped 8.9% to $5.12 after its China subsidiary Jade Pharmaceutical received approval from regulators there for its antibiotic levofloxacin.
The drug, which will be used to treat conditions like pneumonia and urinary tract infections, belongs to a class of drugs called fluoroquinolones. AMDL says the group represents the fastest-growing type of antibacterials in terms of revenue and is being used increasingly to treat a broad range of infections.Genentech (DNA) gained 1.4% to $81.87 as it received an additional regulatory approval for its breast-cancer drug Herceptin. The drug can now be used, along with a regimen of doxorubicin, cyclophosphamide and paclitaxel chemotherapy, as a treatment of early-stage, localized lymph-node positive breast cancer in patients also classified as positive for the protein known as HER2. Pharmaceutical company Shire (SHPGY) reported positive data from clinical research on an investigational drug for attention deficit hyperactivity disorder. Still, Shire lost 0.7% to $59.83. Based on study results on patients aged 6 to 17 years old, the drug, guanfacine extended release, significantly improved symptoms of ADHD when used by itself. Results were presented at the annual meeting of the U.S. Psychiatric and Mental Health Congress late Thursday. Allergan (AGN) rose 3% in late trading after the U.S. approved a silicone-gel implant made by its Inamed unit. The decision ended a 14-year virtual ban on the implants despite lingering safety concerns, the Associated Press reported. Mentor (MNT) also received approval for its implant product. Allergan rose $3.60 to $116.10. Shares in Mentor were halted.
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