Merger news launched a couple of health care sector stocks higher Monday, while ASCO data dragged a few players down a bit.
Inverness Medical Innovations (IMA) announced Monday it has agreed to acquire Cholestech (CTEC) in a stock-for-stock merger. Cholestech shareholders will receive 0.43642 shares of Inverness common for every Cholestech share. The transaction is pending approval by Cholestech's shareholders, and is expected to close in the fall. Cholestech leapt $2.90, or 17.3%, to $19.70, and Inverness was down $1.86, or 3.9%, to $46.31.
Losing Monday, Cell Therapeutics ( CTIC) announced after market close on Friday that it registered to sell $150 million of securities. The company said the number and price of the securities will be determined at the time of sale. The company's stock fell 5 cents, or 11%, to $4.17.Data presented at the annual meeting of the American Society of Clinical Oncologists in Chicago, which started on Friday and will continue through Tuesday, pushed a few biotech stocks down. For more news from this meeting, check out TheStreet.com's