Shares of

Orphan Medical

( ORPH) were among the best-performing health-related stocks Tuesday, rising 23% after the company agreed to be acquired by privately held

Jazz Pharmaceuticals

for about $123 million in cash.

The deal works out to $10.75 a share for Orphan Medical shareholders and represents a premium of 26% over Monday's closing price of $8.55. The acquisition, which will allow Jazz to expand its neurology and psychiatry businesses, is expected to close during the third quarter of 2005. Shares of the drugmaker were recently trading up $1.97 to $10.52.

ICU Medical

(ICUI) - Get Report

rose 18% after the maker of intravenous systems posted first-quarter earnings that were well above expectations. The company earned $4.4 million, or 30 cents a share, on sales of $27.1 million. Analysts polled by Thomson First Call were expecting earnings of 22 cents a share. A one-analyst estimate called for sales of $22.1 million. A year ago the company earned $4.1 million, or 28 cents a share, on sales of $22.2 million. As a result of the strong first-quarter numbers, the company now believes that full-year earnings and sales will be somewhat better than previous expectations, it said. Shares were trading up $5.69 to $37.49.

Shares of

Bausch & Lomb

( BOL) rose 7% after the contact-lens maker posted first-quarter earnings and sales above expectations. The company earned $34.5 million, or 63 cents a share, on sales of $554.3 million. Analysts were expecting earnings of 51 cents a share on sales of $548.4 million. A year ago the company earned $23.5 million, or 43 cents a share, on sales of $510.3 million. Shares were trading up $5.07 to $76.40.

Laboratory Corp. of America

(LH) - Get Report

rose 2% after the company posted first-quarter earnings that were better than expected. The company, which provides outsourced lab services, earned $96.6 million, or 67 cents a share, on sales of $799.1 million. Analysts were expecting earnings of 65 cents a share on sales of $801.7 million. A year ago the company earned $87.3 million, or 58 cents a share, on sales of $752.5 million. During the quarter the company bought about $112 million worth of stock, or about 2.3 million shares, under its $250 million repurchase plan. Looking ahead, the company put 2005 earnings at $2.75 to $2.80 a share on sales growth of 7% to 8%, which translates into sales of $3.3 billion to $3.33 billion. Analysts are expecting earnings of $2.77 a share on sales of $3.31 billion. Shares were trading up $1.01 to $48.64.

Other health care volume movers included

Pfizer

(PFE) - Get Report

, down 27 cents to $27.33;

Boston Scientific

(BSX) - Get Report

, down $1.11 to $29.64;

Johnson & Johnson

(JNJ) - Get Report

, down 28 cents to $68.76;

Elan

(ELN)

, up 16 cents to $4.07;

Merck

(MRK) - Get Report

, down 9 cents to $34.34;

Amgen

(AMGN) - Get Report

, down 37 cents to $58.66; and

Eli Lilly

(LLY) - Get Report

, up 48 cents to $59.48.