Health Winners & Losers: Crucell
06/25/08 - 04:14 PM EDT
Elizabeth Trotta
Health stocks climbed in alignment with the broader market midweek, amid news of various collaborations and updates from the sector.
Dutch company Crucell (CRXL Quote - Cramer on CRXL - Stock Picks) traded up $1.80, or 11.6%, to $17.27, on Wednesday after the company and DSM Biologics announced they had signed a deal with California-based Avid BioServices, pre-approving Avid to supply materials to its new drug development technology. Peregrine Pharmaceuticals (PPHM Quote - Cramer on PPHM - Stock Picks), parent company of Avid, rose 3 cents, or 9.4%, to 35 cents. Also, Chinese company Wuxi PharmaTech (WX Quote - Cramer on WX - Stock Picks) and Princeton, N.J.-based Covance (CVD Quote - Cramer on CVD - Stock Picks) said after Tuesday's market close that they will collaborate for preclinical development contracting in China. Wuxi shares added $2.73, or 15.3%, to $20.56 on Wednesday, while Covance shares ticked up $1.82, or 2.2%, to $85.19. Elsewhere, Hologic (HOLX Quote - Cramer on HOLX - Stock Picks) said Wednesday that the Federal Trade Commission approved its $580 million buyout ($11.25 a share) of Third Wave Technologies (TWTI Quote - Cramer on TWTI - Stock Picks), granting an early termination of the antitrust review. The deal is still subject to completion of the tender offer set to expire on July 16. Hologic traded up 2.8% to $22.72, while Third Wave edged up 7 cents, or 0.6%, to $11.20. Meanwhile, Barr Pharmaceuticals (BRL Quote - Cramer on BRL - Stock Picks) shares continued to rise a day after the company and Bayer came to terms on a generic version of Yasmin and Yaz oral contraceptive products. Bayer will provide Barr the generic products for launch prior to the patent expiration, and Barr will have sole responsibility to market the drug in the U.S. Barr plans to launch a generic version of Yasmin on or before July 1, 2008, and Yaz on or before July 1, 2011. Barr's shares added 54 cents, or 1.3%, to $43.45 on Wednesday after trading up $1.66 a day earlier.
RSS
