Health Winners & Losers: Indevus
Updated from 4:19 p.m. EDT
Health stocks stayed in positive territory overall on Friday with a few regulatory and deal-oriented headlines.
One big mover, Indevus (IDEV), rocketed $1.78, or 103%, to $3.51 on a double dose of positive news.
Indevus said Friday that it will resubmit its application for its testosterone replacement therapy, Nebido, in the first quarter of 2009 and that a new trial -- which could have delayed the filing for up to 18 months -- won't be necessary. Separately, the company announced it will partner with Teva Pharmaceuticals (TEVA) for pagaclone, a drug for treating stuttering that's in midstage development.Heading in the other direction, NPS Pharmaceuticals (NPSP) said in a filing with the Securities and Exchange Commission on Thursday that GlaxoSmithKline (GSK) is terminating a phase II study of osteoporosis drug Ronacaleret due to lack of efficacy. Shares gave up $1.05, or 12.6%, to $7.28 on Friday. Also on the decline, Savient Pharmaceuticals' (SVNT) shares fell after the company said that it is still evaluating its options for its lead product, pegloticase, as well as other transactions to maximize shareholder value. The company said, however, that it can't give any assurance if or when a deal will get done. The company said it was on track to file its application for the approval of the drug with the FDA by the end of October. Shares declined $2.90, or 15.5%, to $15.82. In other news, Alpharma (ALO) hasn't tired of rejecting King Pharmaceuticals (KG). The company advised shareholders not to tender their shares to King. Earlier in September, King's board authorized a tender offer to purchase all of the outstanding shares of Class A Common Stock of Alpharma for $37 a share -- up from its initial $33 a share proposal.
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