Pharma stocks outperformed their biotech cousins Monday with a few buyout and clinical updates gracing the news wires.
After a steep drop last week -- 70% from Monday's open to Friday's close --
shares did manage to regain $1.09, or 11%, to $11.02 on Monday. The stock weathered a double knock last week when it presented
on Alzheimer's drug bapineuzumab and then
of a deadly brain infection in patients taking Tysabri.
Elan's bapineuzumab partner
( WYE) also regained some ground, adding 87 cents, or 2.2%, to $41.11.
But Elan's Tysabri partner,
, relatively hugged the flatline.
Elsewhere, activist investor Carl Icahn came out about
Bristol Myer Squibb's
$60-a-share bid for the 83% of
it doesn't already own. However, nothing promising came out. ImClone said in a press release that Icahn and the board feel Bristol's bid
the company. The company said in the release that it has had discussions about splitting its Erbitux franchise from its pipeline-- and that its investigating whether someone in the Bristol camp was privy to too much information.
ImClone shares were off by 31 cents, or 0.5%, at $65.03, while Bristol shares were up 28 cents, or 1.3%, at $21.39.
said it won't raise its $3-a-share ($64 million total purchase) offer price for
SGX shares fell 6 cents, or 2%, to $2.96, while Lilly's shares edged up 33 cents, or 0.7%, to $47.37.
On the clinical side,
( SGP) reported positive interim topline results from a mid-stage study on its Hepatitis C candidate boceprevir. The company said that at 48 weeks, the sustained virologic response (SVR) rate in the boceprevir-combination arm, with patients taking pegintron and rebetol for four weeks before adding boceprevir, was 74%, vs. a 38% SVR for those in the control group.
Schering's shares were up 62 cents, or 3%, at $21.03, while
, which is developing competing HCV candidate Telaprevir, lost $2.75, or 8.4%, to $29.95.
Vertex is a component of the Amex Biotechnology Index, which gave up 11.97, or 1.4%, to 837.69. On the other hand, the Amex Pharmaceutical Index added 4.79, or 1.6%, to 307.71, with nearly every component touching green.