Health Winners & Losers: Vivus

Health stocks slightly underperformed the broader markets on Tuesday, continuing to edge down amid clinical data and analyst actions.

Mylan (MYL Quote) said Tuesday that it signed an agreement with NATCO Pharma for the generic version of Teva's (TEVA Quote) multiple-sclerosis drug Copaxone. Mylan will obtain exclusive distribution rights in the U.S. and all major markets in Europe, Australia, New Zealand, Japan and Canada and options to expand into additional territories. Financial details were not disclosed. Mylan shares rose 28 cents, or 2.2%, to $12.92.

Copaxone is under patent protection in the U.S. until 2014. Teva, which reported Copaxone sales of more than $1.7 billion in 2007, saw shares decline $1.09, or 2.4%, to $43.67. Teva is a component of the Amex Pharmaceutical index, which continued on a downward trend, losing 1% to 287.19.

Meanwhile, data presented at the American Diabetes Association in San Francisco continued to move stocks.

Vivus (VVUS Quote) said that in a 28-week, phase II trial in type II diabetes, patients treated with Qnexa had a 1.2% reduction in HBA1c, a common measure of glycemic control, compared to a 0.6% reduction in the placebo group. Patients treated with Qnexa also lost 8% of their baseline body weight, vs. a 1.2% loss in those in the placebo group. Shares gained 32 cents, or 4.6%, to $7.31.

Amylin Pharmaceuticals (AMLN Quote) added back 90 cents, or 3.4%, to $27.74 Tuesday, after falling more than 10% in regular trading Monday on threatening competition from Roche and Novo Nordisk (NVO Quote).