Health Winners & Losers: Progenics
05/22/08 - 04:23 PM EDT
Elizabeth Trotta
On the deal front, Myriad Genetics (MYGN Quote - Cramer on MYGN - Stock Picks)shares rose after the company announced an agreement with Danish company Lundbeck A/S worth up to $350 million. Lundbeck, which markets the second most prescribed Alzheimer's drug in Europe, Ebixa (called Namenda in the U.S.), will pay Myriad $100 million upfront for outside-the-U.S. rights to Myriad's late-stage Alzheimer's drug Flurizan.
Myriad shares added $2.14, or 4.7%, to $48.21. One stock in the red, Pfizer (PFE Quote - Cramer on PFE - Stock Picks) shares edged down 1.2% to $19.78, after a report from the Institute for Safe Medication Practices addressed disturbing side effects of its smoking-cessation drug Chantix and the subsequent decision by the FAA to ban the drug's use by pilots and air-traffic controllers. According to the report, the drug is suspected in various adverse drug event reports, including serious accidents and falls, potentially lethal cardiac rhythm disturbances, seizures, psychosis, aggression and suicide, among other things. The Food and Drug Administration said in November that it was reviewing reports of erratic behavior and suicidal thoughts related to Chantix.
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