Updated from 2:20 p.m. EDT
were among the best-performing health and pharmaceutical stocks Wednesday, rising 5.1% after the company announced a licensing agreement with
Biogen Idec will receive exclusive rights to use ImmunoGen's proprietary tumor-activated prodrug technology so that it can develop and commercialize anticancer therapeutics. As part of the deal, ImmunoGen will receive an upfront payment of $1 million and up to an additional $42 million if certain milestones are reached. The company will also receive royalties from any products that are sold under the licensing agreement. Shares of ImmunoGen traded up 27 cents to $5.60.
( BRL) traded actively after the company received tentative approval from the Food and Drug Administration for a generic version of Femhrt tablets. The drug is used to treat women who experience moderate to severe hot flashes during menopause; it's also used for the prevention of osteoporosis. The company said that it anticipates receiving final FDA approval and launching the product in November 2009, six months before
patent for Femhrt expires. Shares of Barr traded down $1.58 to $40.47.
Despite warning that its full-year earnings would fall short of expectations, shares of
rose modestly Wednesday. Excluding items, the drug wholesaler now expects earnings of $3.95 to $4.05 a share, below its previous guidance of $4.10 to $4.20 a share. Analysts polled by Thomson First Call had expected earnings of $4.15 a share. The company blamed lower-than-anticipated price increases for the shortfall. Shares traded up 59 cents to $54.11.
Other health care volume movers included
, down $1.76 to $31.67;
, down 11 cents to $31.18;
( CHIR), up 34 cents to $38.32;
, up 17 cents to $52.27; and
( MEDI), down 19 cents to $25.59.