AnorMed's

(ANOR)

shares jumped after

Millennium Pharmaceuticals

(MLNM)

said it plans to acquire the company in a deal worth $515 million. Anormed has agreed to support the deal, which represents a 40% premium to an unsolicited tender offer from

Genzyme

(GENZ)

. Shares jumped 26% to $12.64.

AngioDynamics

(ANGO) - Get Report

said earnings rose during the first quarter, sending shares up 13.8% to $21.90. Sales for the quarter were $20.3 million, up 24% from a year ago.

CytRx

(CYTR)

lost 26.8% to $1.34 after the company said its Lou Gehrig's disease drug arimoclomol did not show a significant change in disease progression. The trial did meet its primary goal of proving the drug's safety and tolerability, however.

Elan's

(ELN)

shares sank Tuesday after a Piper Jaffray analyst said sales of the company's multiple sclerosis drug Tysabri could be lower than she expected. Shares were trading 2.2% lower to $15.52.

PDI's

(PDII)

shares dropped 9.5% to $11.89 after the company said

GlaxoSmithKline

(GSK) - Get Report

doesn't intend to renew its contract sales agreement with the company in 2007.

Also falling were

KOS Pharmaceuticals

(KOSP)

, whose shares sank 7.1% to $44.17,

Immunomedics

(IMMU) - Get Report

, down 6.2% to $1.66,

Targacept

(TRGT)

, 4.4% lower to $5.50, and

Nymox Pharmaceutical

(NYMX) - Get Report

, off 5.3% to $3.79.

Health stocks rising during the trading day included

Acorda Therapeutics

(ACOR) - Get Report

, soaring 32.5% to $11.26,

Critical Therapeutics

(CRTX) - Get Report

, gaining 10.7% to $2.38,

MGI Pharma

(MOGN)

, up 6.9% to $17.05,

Crucell

(CRXL)

, whose shares gained 6.6% to $24.31, and

EpiCept

(EPCT)

, up 26.5% to $2.15.