Health Winners & Losers: Biogen Idec, Elan

In other news, Novavax(NVAX Quote) said Tuesday that its experimental avian influenza vaccine produced a strong immune response in humans in a phase I/IIa study. The company said the vaccine showed strong antibody activity at three levels of dosing, with the highest dose producing the greatest effect.

Novavax said its manufacturing process makes it possible to potentially produce and distribute a vaccine matched to a pandemic strain in time to interrupt and/or halt a pandemic. The company, which is collaborating with GE Healthcare, said that because process involves recombinant technology and doesn't require a live influenza virus, a vaccine can be manufactured within 10 to 12 weeks of identification of a pandemic strain, roughly half the time required to manufacture egg-based vaccines.

Novavax shares were off by 6 cents, or 2%, at $2.91.