Friday's Health Winners and Losers

Biotech companies tied up deals and wrapped up the pre-holiday week with a flat-to-green Friday for health indices.

Dutch company Royal Philips Electronics(PHG Quote) said Thursday that it would acquire Respironics (RESP Quote) for about $5.1 billion, launching the smaller company's shares $12.21, or 23%, to $65.30.

Philips will pay $66 a share for the sleep-disorder treatment company, which represents a 25% premium over the stock's Thursday closing price. The deal, which will fold Respironics into Philips healthcare unit, is expected to close in the first quarter. Philips was trading down $1, or 2.2%, at $43.16. Earlier in the week the company announced a $7.2 billion buyback of its stock.

Two other companies wrapped up previously announced deals. Valve company Edwards Lifesciences(EW Quote), said Friday that it completed its acquisition of certain assets of the CardioVations division of Ethicon, including the Port Access products for cardiac valve procedures. Edwards has said it expects CardioVations' product line to generate sales of more than $20 million in 2008. The company said it anticipates it won't have an impact on earnings in 2008 and will be accretive thereafter.

Inverness Medical Innovations(IMA Quote) said Friday that it completed its previously announced $230 million acquisition of ParadigmHealth, which provides decision support technologies and coaching for health choices for acutely ill and clinically complex patients, including neonatal intensive care and oncology patients. Shares were up $1.01, or 1.9%, at $54.98.