After a modest puff-up on Friday, health stocks sank back to start the week lower, in line with the broader markets.
said Monday that its partner
( SHPGY) issued a voluntary recall of two lots of Daytrana, a transdermal patch for the treatment of symptoms associated with Attention Deficit Hyperactivity Disorder. The company said the patches don't meet the product's release liner removal specification, and thus users could have problems removing the release liner when they peel the patch open.
Noven shares lost 34 cents, or 2.7%, to $12.34, while Shire rose 23 cents, or 0.4% to $53.24.
shares rose another $1.05, or 3%, to $35.56 on Monday. The stock surged 44% on Friday after King Pharmaceuticals aired its offer to buy the company for $33 a share in cash and Alpharma rejected the offer.
A quick check on our other buyout babes in limbo:
( DNA), the focus of a $89 a share offer from Roche, fell 46 cents, or 0.5%, to $97.60, still considerably above Roche's offer price.
, the object of
$60-a-share affections, rose 41 cents, or 0.6%, to $63.98.
( IVGN) set a date for its shareholders to vote on the proposed acquisition of
, a transaction valued at $6.7 billion. On Oct. 16, shareholders can cast their votes in a special meeting - the approval of shareholders of both companies is a condition of the closing of the transaction.
Invitrogen's shares were unchanged at $42.25, while Applied Biosystems's shares were up 5 cents, or 0.1%, to $36.27.
In clinical news,
said Monday that data from a 13-week, placebo controlled study show depression drug Cymbalta significantly reduced chronic lower back pain. The results were presented at the annual congress of the European Federation of Neurological Societies in Madrid, Spain.
The company said patients on the depression drug had a 50% reduction in pain, versus 19% on placebo, as measured by the Likert pain scale. The company, however, said significantly more patients in the Cymbalta arm of the study discontinued because of adverse events.
Lilly shares were off by 53 cents, or 1.1%, at $47.50 on Monday.
A few other biotech and pharma developments:
( GENZ) said Monday that it and the Medicines for Malaria Venture have formed a new collaboration with India's Advinus Therapeutics. The group will develop improved treatments for specific patient groups most at risk for malaria. Shares of Genzyme, which specializes in treatments for rare diseases, fell $1.84, or 2.3%, to $78.26.
Nicox said Monday that its U.S. partner
has elected not to launch late stage studies of an experimental treatment for glaucoma and ocular hypertension in Asia. Pfizer said in May that it wouldn't take the French company's drug, PF-03187207, into phase III studies outside of Asia after a phase II study missed its primary goal.
Pfizer shares fell 17 cents, or 0.9%, to $19.58 on Monday.
Pfizer, Eli Lilly, King and Bristol-Myers Squibb are all components of the Amex pharmaceutical index, which was down 3.04, or 1%, at 310.16.
The Nasdaq biotechnology index, which includes Genzyme, ImClone, Invitrogen and Noven, shed 11.96, or 1.3%, to 889.21.