Updated from 2:32 p.m. EDT
raced to the head of the pack among health and pharmaceutical shares Tuesday after the company priced a 5.35-million-share IPO at $6.50.
The company originally planned to offer the shares at $7 to $9 a share but lowered the range Monday to $6.50 to $7. SG Cowen and Banc of America Securities acted as lead underwriters for the offering. Shares of Momenta Pharmaceuticals traded up $1.31, or 20.2%, to $7.81.
raced ahead on Tuesday as well, after the biotech company priced 6 million shares at $6 apiece. Senomyx had originally planned to offer shares at $13 to $15 a share, but last week it reduced the offering price to between $6 and $7. Citigroup acted as lead underwriter for the offering. Shares of Senomyx traded up 75 cents, or 12.5%, to $6.75.
rose after the drugmaker announced a collaboration with
to develop and commercialize the cancer drug VX-680. Vertex will receive an upfront payment of $20 million and an additional $14 million over the next two years for research.
What's more, Vertex could receive as much as $350 million in milestone payments, including $130 million for the successful development of VX-680. Shares of Vertex traded up 42 cents, or 4.3%, to $10.15.
moved higher after it signed a licensing agreement with Toyama Chemical for Toyoma's proprietary quinolone antibacterial agent, garenoxacin. Toyoma granted Schering-Plough the exclusive right to develop, use and sell garenoxacin on a worldwide basis, excluding Japan, Korea and China.
The two companies had previously disclosed a letter of intent regarding garenoxacin back in March. In addition to Schering-Plough paying Toyoma an upfront fee of $80 million, Toyoma could also receive milestone payments of as much as $245 million. Shares of Schering-Plough traded up 95 cents, or 5.7%, to $17.75.
slumped after the company said it would report stronger-than-expected 2005 sales but warned it would not meet analysts' expectations for earnings. For 2005 the company expects to earn $1.42 a share on sales of $365 million. Analysts were looking for Medicis to earn $1.45 a share on sales of $342.5 million. Shares of Medicis traded down $2.56, or 6%, to $39.79.
Other health care volume movers included
, down 30 cents to $34.90;
, up 28 cents to $53.10;
, down $4.64 to $56.73; and
, down 13 cents to $52.77.