Updated from 2:39 p.m. EST
CTI Molecular Imaging
( CTMI) were among the best-performing health-related stocks Friday, rising 16.3% after the company agreed to be acquired by
for $1 billion, or $20.50 a share, in cash.
The buyout price represents a 17% premium to CTI's closing price of $17.53 on Thursday. CTI, a supplier of diagnostic imaging technology, posted 2004 operating income of $58 million on sales of $402 million. Siemens said the acquisition would allow its Siemens Medical Solutions unit to strengthen its molecular imaging development business. The transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2005. Shares of CTI Molecular traded up $2.85 to $20.38, while shares of Siemens traded down 69 cents to $81.25.
fell 4% after the company said that it would sell 8.5 million shares of stock for $6 apiece in a secondary offering, resulting in gross proceeds of $51 million. The price represents a 15% discount to Thursday's closing price of $7.03. UBS Investment Bank and CIBC World Markets led the underwriting syndicate. Shares traded down 28 cents to $6.75.
fell 1% after the health care provider posted mixed second-quarter results. The company earned $8.4 million, or 24 cents a share, on sales of $75.3 million. Analysts polled by Thomson First Call expected earnings of 23 cents a share on sales of $76.4 million. A year ago the company earned $5.3 million, or 15 cents a share, on sales of $57.1 million. Looking ahead, the company forecast third-quarter earnings of 25 cents to 26 cents a share, which is in line with analysts' expectations of 26 cents a share. Shares traded down 19 cents to $31.76.
fell 1% after the company priced $150 million in convertible notes that mature in March 2015. The company originally expected to sell $125 million in notes. The notes will be convertible into cash and, in certain circumstances, shares of Connetics stock at a conversion price of about $35.46 a share. As previously disclosed, a portion of the proceeds will be used to buy up to $35 million of the company's stock, which will be done concurrently with the notes sale. The remaining proceeds will be used to fund general corporate purposes. The sale is expected to close on March 23. Shares traded down 27 cents to $26.
Other health care movers included
, down 18 cents to $25.83;
Johnson & Johnson
, up 26 cents to $67.25;
, up 31 cents to $32.03;
, down 9 cents to $58.86;
, unchanged at $7.25;
( SGP), down 38 cents to $17.80;
, down 14 cents to $2.50;
, up 10 cents to $38.26;
, down 31 cents to $4.01;
( DNA), down 38 cents to $52.51; and
( AMLN), up 30 cents to $21.06.