Health stocks climbed in alignment with the broader market midweek, amid news of various collaborations and updates from the sector.
( CRXL) traded up $1.80, or 11.6%, to $17.27, on Wednesday after the company and
announced they had signed a deal with California-based
, pre-approving Avid to supply materials to its new drug development technology.
, parent company of Avid, rose 3 cents, or 9.4%, to 35 cents.
Also, Chinese company
and Princeton, N.J.-based
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.
said Wednesday that the Federal Trade Commission approved its $580 million buyout ($11.25 a share) of
Third Wave Technologies
, 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.
( BRL) shares continued to rise a day after the company and
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.
In analyst actions, JP Morgan initiated coverage on a slate of Big Pharma names Wednesday. The company gave overweight ratings to
( SGP). And it gave neutral ratings to
( WYE) and
Those stocks are all components of the Amex pharmaceutical index, which rose 0.7% to 291.88. The Nasdaq and Amex biotechnology indices slightly outperformed the pharma index, adding 2.1% and 1.3% respectively.