reported a wider net loss in the third quarter and announced plans to exit the eye business, saying it won't reach the goals it set when it acquired Eyetech Pharmaceuticals last year.
Shares of OSI rose 2.1% to $39.60.
"It is evident that a key strategic goal behind our acquisition of Eyetech -- that of generating positive cash flow from the eye business in the 2006-2008 period -- will not be realized," said OSI Chief Executive Colin Goddard.
got a boost after it said
is increasing its stake in the company to 19.9%.
Targeted Genetics saw its stock jump 75 cents, or 35%, to $2.90.
edged higher after receiving European Union approval to sell an arthritis drug that belongs to the same class as
The Novartis drug, Prexige, has already been cleared in more than two dozen countries, including the U.K. and Canada. The decision by EU regulators means the drug will be available in all 26 member nations in 2007 or 2008, Novartis says. In the EU, Prexige can be sold to treat osteoarthritis, or the degeneration of the joints, in the knee and hip. Novartis was up 2 cents to $61.25.
Teva Pharmaceutical Industries
, the world's biggest maker of generic drugs, said third-quarter sales surged 74% year over year, after including the results from the acquisition of Ivax.
Revenue for the third quarter totaled $2.29 billion, up from $1.32 billion a year ago. Net income more than doubled, rising to $606 million from $267 million last year. Earnings per share advanced to 74 cents from 40 cents in the 2005 third quarter.
Analysts surveyed by Thomson Financial were expecting a profit of 63 cents and sales of $2.33 billion. Shares of Teva fell 2.2% to $32.56.