Health stocks spent another day dipping into the red as business and clinical news were not enough to overcome the broader market sentiment.
said it sold the rights to future royalties in HIV drugs Lexiva and Agenerase for a one-time cash payment of $160 million. Both products are marketed by
under a 1993 agreement. Agenerase has been largely replaced by Lexiva, which is marketed as Telzir in Europe. Vertex shares added 98 cents, or 3.4%, to $29.53, while Glaxo zigzagged to settle relatively flat at $43.71.
Gains in Vertex and
( OSIP), which was up 6% Tuesday, weren't enough to pull up the Amex Biotechnology index, which finished flat at 758.24. Components
( DNA) and
( CEPH) each lost more than a dollar, falling 1.7% and 1.8%, respectively.
VNUS Medical Technologies
( VNUS) said Tuesday that it entered into an agreement with
to settle patent litigation that began in 2005. Venus is granting the companies a non-exclusive, non-sublicensable patent covering certain endovenous laser products.
AngioDynamics and Vascular Soutions will make upfront payments of $6.8 million and $3.1 million, respectively, for past litigation, and will pay a per unit royalty payments for endovenous laser products sold of shipped in the U.S. until 2017.
Venus shares rose 16.5% to $20.52, AngioDynamics finished flat on light volume, and Vascular Solutions added 74 cents, or 11.7%, to $7.06.
In ratings, Stanford Group initiated research on
with a buy rating and $13 price target. Shares ended up 23 cents, or 2.4%, at $9.97 on Tuesday.
Elsewhere, on the clinical side,
shares added $1.14, or 3.6%, to $32.67 Tuesday after announcing positive top-line results from the CORD I and CORD II phase III clinical trials and also the results from a pharmacokinetic study on Xiaflex, a potential treatment for a condition that affects the connective tissue beneath the skin in the palm.
( AVAN) gave back $1.08, or 6%, to $16.90 on Tuesday after surging 28% to a new 52-week high on Monday. The company and partner
gave updated data on two small studies on CDX-110, an experimental treatment for aggressive brain cancer, earlier in the week at the American Society of Clinical Oncology annual meeting, sending shares on Monday's joy ride.