were among the worst-performing health-related stocks Thursday, falling 8% after the drugmaker laid out plans to sell some $400 million of convertible senior notes due 2026.
King said that it would also grant purchasers an over-allotment option to buy an additional $60 million of notes. King plans to use proceeds from the offering to repurchase or redeem its 2021 convertible debentures, which have $345 million outstanding, and for general corporate needs. Shares were trading down $1.47 to $17.56.
rose 3% after the drugmaker posted better-than-expected fourth-quarter results and issued 2006 guidance that came in ahead of expectations. The company earned $119.7 million, or 75 cents a share, on revenue of $287.6 million. Results included a write-down of $2.7 million, or 2 cents a share. Analysts expected earnings of 74 cents a share and revenue of $265.7 million. During the year-earlier quarter, the company earned $46 million, or 29 cents a share, on revenue of $275.4 million.
Looking ahead, Biovail sees 2006 earnings of $2.30 to $2.40 a share, including 10 cents a share in stock-based compensation costs. The company predicts revenue of $990 million to $1.07 billion. Analysts project earnings of $2.12 a share, with revenue of $946.8 million. Shares were up 79 cents to $26.55.
Taro Pharmaceutical Industries
rose 1% after the Food and Drug Administration tentatively approved the drugmaker's terbinafine cream. The cream, which is the generic version of
Lamisil cream, is used to cure athlete's foot, jock itch and ringworm. Shares were trading up 15 cents to $13.69.
fell 2% after the biopharmaceutical company announced a $48 million private placement. The company agreed to sell 4.68 million shares of stock for $10.25 apiece, which represents a discount of roughly 8% to Wednesday's closing price of $11.10. The transaction is expected to close on or about March 24. Shares traded at $10.93, down 17 cents.
fell 6% after the company announced the resignation of its chief financial officer. The company said Matthew Hogan will now serve as a consultant to the company for up to six months. Hogan will continue to receive his current rate of pay while serving as a consultant, the company said. Daniel Caserza, meanwhile, will serve as interim CFO until the company finds a full-time replacement. The company, which announced the resignation in a
Securities and Exchange Commission
filing, did not offer a reason for Hogan's resignation. Shares were trading down 11 cents to $1.64.
Other health care volume movers included
, up 28 cents to $3.50;
, down 27 cents to $26.13;
, up 26 cents to $25.50;
, up 10 cents to $23.57;
, down 26 cents to $7.25;
, down 9 cents to $13.71;
, down 21 cents to $5.35;
, unchanged at $10.88;
Johnson & Johnson
, down 30 cents to $60.70;
, down 4 cents to $72.39;
, up 2 cents to $36.25; and
, down 8 cents to $19.27.