Updated from 2:37 p.m. EST
were among the best-performing health-related stocks Monday, rising 7.3% after the company filed an investigational new drug application with the Food and Drug Administration.
The company filed the new drug application so that it can conduct a phase IIb clinical trial on its ecabet sodium product, a prescription eye drop that is used to treat dry eye syndrome. Pending FDA approval, the company intends to launch the clinical trial during the second quarter of 2005. ISTA said the phase IIb trial will evaluate several ocular signs and symptoms; the results will be used to help determine and define the efficacy endpoints for its phase III trial. Shares traded up 65 cents to $9.61.
rose 1.4% after the company and its partner
said data from a phase III trial studying patients with advanced kidney cancer met its surrogate endpoint -- longer progression-free survival in patients taking BAY 43-9006 than those taking a placebo. As a result of the positive results, the companies will submit a new drug application for possible accelerated approval in the U.S. Shares of Onyx traded up 45 cents to $33.25.
rose 3% after the company agreed to be acquired by
for about $2.8 billion in stock and cash. Inamed shareholders will receive 1.4205 shares of Medicis stock and $30 a share in cash for each share of Inamed they own. Based on Friday's closing prices, the deal is worth $75 a share for Inamed, representing a premium of about 13%. The combined company will have annual sales of more than $700 million, operations in more than 12 countries, businesses in more than 60 countries and about 1,500 employees. The deal is expected to close by the end of 2005. Shares of Inamed traded up $1.97 to $68.21, while shares of Medicis traded down $2.57 to $29.11.
Other health care movers included
, down 12 cents to $25.71;
, up $5.49 to $58;
, up 8 cents to $7.33;
, down 20 cents to $31.84;
, down 79 cents to $58.07;
, down 12 cents to $17.68;
Johnson & Johnson
, down 40 cents to $66.85;
, down 19 cents to $2.31;
, up 1 cent to $38.27; and
, down 21 cents to $3.80.