Tuesday's Health Winners & Losers

Avanir Pharmaceuticals(AVNR Quote) stuck out in an otherwise flat biotech session Tuesday before the July Fourth holiday.

The Aliso Viejo, Calif., drugmaker gained 33 cents, or 14%, to $2.70, having announcing that it signed an agreement to sell its schizophrenia drug FazaClo to Ireland-based Azur Pharma. Azur will pay Avanir $42 million at the close of the deal, $10 million in contingent payments in 2009, and up to $2 million in royalties. Azur will takeover all business operations and manufacturing agreements and following the close of the transaction, which the companies anticipate by early August.

As a result of the anticipated "reduced operating infrastructure" following the sale of FazaClo, Avanir's CFO, Mike Puntoriero, will resign July 11. Martin Sturgeon, who joined the company as chief accounting officer in February, will assume the role of interim CFO.

Avanir is part of the Nasdaq Biotechnology index, which was up 0.85, or 0.1%, at 812.36.

Par Pharmaceutical (PRX Quote) also rose Tuesday after announcing it entered an exclusive licensing agreement to receive commercialization rights to BioAlliance Pharma's antifungal therapy Loramyc, which is in phase III development for the treatment of an infection found in immuno-compromised patients.

Par will pay BioAlliance $15 million initially, and then $20 million pending FDA approval, as well as unspecified royalties on sales. Par climbed $1.58, or 5.5%, to $30.13.

Diomed Holdings(DIO Quote) sad after Monday's after market close that a judge issued a permanent injunction prohibiting both AngioDynamics(ANGO Quote) and Vascular Solutions(VASC Quote) from selling products that Diomed said infringed on its patent regarding endovascular laser treatment of varicose veins.

On Tuesday, small-cap Diomed was up 4 cents, or 3.7%, to $1.12; AngioDynamics had gained 63 cents, or 3.5%, to $18.65; and Vascular Solutions had edged down 5 cents, or 0.5%, to $9.63.