The broader market climate depressed biotech and pharmaceutical stocks at the start of the week.
The Nasdaq and Amex biotechnology indices were down 2.5% and 2.7%, respectively, while the Amex Pharmaceutical Index was down 1.1%.
Big pharma stocks
Johnson & Johnson
were down more than 2% each.
were down more than 3.7%, while
shed 5.8% to $64.01. Fellow component
gave up 5.4%.
Vertex expanded its stock sale on Monday, granting an underwriter its option to purchase 1.125 million shares at $25.50 a share. This brings the total shares to be sold in the offering to 8.625 million. Vertex expects to receive $220 million in proceeds before commissions and expenses. The company previously announced it planned to raise $191 million through the offering. Shares were down $1.21, or 4.1%, at $28.04.
Meanwhile, pharmaceutical companies continue on the acquisition trail.
raised its bid for Czech company Zentiva N.V. by 9.5% to roughly $2.6 billion, winning approval from the generic drugmaker's board.
Sanofi's shares were down 3.2%, at $33.35 on Monday.
In legal news,
said Monday that a court granted Amgen's motion for a summary judgment of non-infringement of seven claims of a patent based on its relationship to Amgen's anemia drug Enbrel. Ariad's shares were off by 6.1% to $2.79.
announced the opening of a new early stage research center in Framingham, Mass. Scientists will focus on discovering treatments for such things as genetic diseases, cancer, immune diseases, kidney disease, cardiovascular disease, endocrinology and neurological disorders. At capacity, roughly 350 employees will occupy the 180,000 square foot facility, which cost $125 million.
Genzyme shares were down by 4.8%, at $76.84.