Friday's Health Winners & Losers
After an enthusiastic midweek hop, biotech stocks rounded out a blasé end-of-week performance with business updates and legal matters Friday.
Celera (CRA), however, emerged as a winner. The company said Friday it received a $2 million milestone payment from Merck (MRK) for the advancement of odanacatib for osteoperosis into a phase III clinical trial.
Celera, an Applera (ABI) subsidiary, and Merck have had a collaboration agreement since 1996 on a program targeting cathepsin K, an enzyme believed to play a role in osteoperosis. Merck has been sole responsible for research and development since February 2003.
Celera shares gained 3.7% to $14.05. Applera was unchanged. Merck was 1.2% lower at $51.65.Other stocks dealt with the aftermath of business updates: Idenix Pharmaceuticals (IDIX) lost ground after announcing a
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