On Monday, buyouts and weekend data hoisted a few biotech stocks well into the green -- but overall health indices lacked enthusiasm.
In the buyout arena,
Adams Respiratory Therapeutics
added $15.43, or 35%, to $59.11, after announcing that it
agreed to be acquired by British company Reckitt Benckiser Group for $2.3 billion, or $60 a share, a 37.3% premium to the stock's Friday closing price.
Also, Japanese drugmaker Esai said it
for $3.9 billion in cash, or $41 a share, to build on its cancer-drug business. The price is a 23% premium to MGI's Friday closing price of $33.45. MGI rose $6.47, or 19.3%, to $39.92.
Adams and MGI are both components of the Nasdaq biotechnology index, which was down 6.69, or 0.77%, to 866.94.
gained ground after teaming up with
General Electric Company's
GE Healthcare unit to develop and market a pandemic-influenza vaccine. The companies said the goal of the collaboration is that any required vaccine could be produced within 12 weeks of identification of a pandemic strain, half the time taken by currently available processes. Novavax's VLP-based H5N1 pandemic-flu vaccine is currently in phase I/IIa clinical trials.
Novavax's shares edged up 14 cents, or 3.5%, to $4.09.
And last but not least, various companies presented data at the American Society of Hematology annual meeting over the weekend.
In a late-stage study,
beat a currently used chemotherapy drug in helping patients with newly diagnosed chronic lymphocytic leukemia (CLL) reach remission. Cephalon shares were up 78 cents, or 1%, to 77.32 on Monday.
presented positive data on multiple myeloma drug Revlimid, but shares were battered Monday as investors mulled
Another company with multiple myeloma data,
discussed positive results of one late-stage study and interim data of another that support the ability of its Velcade to compete in previously untreated multiple myeloma, an indication it could get approval for in 2008.