were among the worst-performing health-related stocks Tuesday, falling 12% after the company said it canceled its July 8 annual shareholder meeting.
The company, which in May suspended shipment of all of its products because of improper laboratory practices, said it continues to address the previously disclosed regulatory issues and the issues surrounding the recall. "The ongoing disruption in the company's operations caused by the recall and the suspension of manufacturing activities has had, and will continue to have, a material adverse effect on the company's results of operations and financial position," the company said late Friday. Shares were recently trading down 42 cents to $3.10.
Bausch & Lomb
rose 6% after the company agreed to acquire a 70% stake in China-based
Shandong Chia Tai Freda Pharmaceutical Group
for a total of almost $255 million. Bausch & Lomb bought a 55% stake from
for $200 million. Bausch said the acquisition would accelerate its expansion into the ophthalmic pharmaceuticals market in China. The transaction is expected to be neutral to 2005 earnings, add 5 to 10 cents a share in 2006, and add 10 cents to 15 cents a share during 2007. In addition to the first acquisition, Bausch said it has agreed in principle to acquire an additional 15% interest in Shandong from two additional entities for $54.5 million. Shares were trading up $5.09 to $86.87.
rose 2% after
said that it is in negotiations to buy the company for $34.75 a share in cash. In June, NeighborCare's board urged shareholders to reject Omnicare's $32-a-share offer, which had been raised from an initial offer of $30 a share. The new offer, if accepted, would amount to a premium of 9% over the $32-a-share offer and a premium of nearly 4% over NeighborCare's closing price of $33.50 on Friday. On June 27, NeighborCare called the $32 a share offer "inadequate," saying the amount didn't provide NeighborCare shareholders with the value they deserve. Shares of NeighborCare were recently trading up 83 cents to $34.33.
Human Genome Sciences
rose 2% after the company reported results from its phase II trial of HGS-ERT1. The company said the cancer treatment is well tolerated and can be administered safety to patients with advanced non-small cell lung cancer. Human Genome said the results support further evaluation of the cancer treatment in combination with chemotherapeutic agents. Shares were trading up 23 cents to $11.91.
Other health care volume movers included
, down 6 cents to $27.04;
, up $1.73 to $28.62;
, down 12 cents to $18.80;
, down 9 cents to $9.08;
, up $1.61 to $62.47;
Johnson & Johnson
, unchanged at $64.95;
, down 16 cents to $30.90; and
, down 5 cents to $25.15.