Dutch biotechnology company
( CRXL) lost 2.7% to $22.87 after it announced plans to acquire Sweden's
in a deal worth 39.4 million euros.
The company also says it plans to raise 80 million euros through a stock offering. The proceeds will be used to fund the acquisition, refinance its purchase of vaccine company Berna Products in October, and to repay the outstanding debt of Berna Biotech.
rose 5.2% to $3.04 after it received orphan drug designation for a product that it's proposing for use during imaging of the pancreas.
The designation, granted by the Food and Drug Administration, covers a product dubbed RG1068.
reported better-than-expected profits and revenue for the latest three months thanks to stronger sales across the board of its medical devices, lifting its stock.
Earnings in the fiscal second quarter were down 12% from a year ago, coming in at $681 million, or 59 cents a share. However, analysts were expecting the company to earn 56 cents a share.
Medtronic's earnings per share actually advanced 13% after adjusting last year's second quarter for stock-option expensing, gains and charges. Revenue reached $3.08 billion, up 11% from last year. Analysts were expecting revenue of $2.97 billion. Shares of Medtronic gained 9.4% to $53.55.
Teva Pharmaceutical Industries
announced the settlement of a patent dispute that will see it pay $70 million to drug giant
The agreement resolves the patent litigation filed by Pharmacia, a subsidiary of Pfizer, against Teva's Sicor unit dealing with sales of a generic version of the anticancer drug idarubicin. The arrangement also settles a patent suit brought by Pfizer over Teva's sale of generic azithromycin, an antibiotic. Pfizer slipped 0.4% to $27.07, but Teva was up 1.6% to $32.25.
European regulators approved the drug Byetta from
( AMLN) to treat type 2 diabetes, but shares of both were lower.
Byetta is designed to enhance blood-sugar control in patients who haven't seen an adequate improvement using the maximum tolerated doses of the commonly used drugs metformin or sulfonylurea. Shares of Amylin lost 1.4% to $42.25, and Lilly was down 0.6% to $54.05.
Advanced Medical Optics
slumped on word it would recall some of its Complete MoisturePlus contact lens solution packs because they could have been contaminated by bacteria.
The move could reduce the company's revenue for the remainder of the year by $40 million to $45 million. If so, total sales for 2006 might be more in the range of $985 million to $1 billion rather than Advanced Medical's prior guidance of $1.01 billion to $1.02 billion. The company expects to incur charges of roughly $35 million to $40 million in the remainder of 2006 and in 2007 for costs to complete the recall, remedy manufacturing issues and restore its market share.
For 2007, Advanced Medical is now targeting revenue of $1.06 billion to $1.08 billion, compared with its previous outlook of between $1.08 billion and $1.1 billion. Shares dropped 8.9% to $35.75.