Updated from 1:05 p.m. EST with new stock prices
The second day of the week didn't hold as many surprises as the first for the health sector, but biotech and pharma stocks with scattered news were still on the move--and in a generally upward direction.
was still on the uptick Tuesday after announcing Monday post-close
a deal with
regarding mipomersen, a cholesterol drug. The deal involves an upfront payment of $325 million and a 50-50 split of profit once the drug clears $2 billion in sales. Before the drug reaches that benchmark, Genzyme will record 70% of profit. Shares rose more than 50% in after-market trading Monday and were up another $4.00, or 27.4%, to $18.58 today.
raised 2007 guidance ahead of a presentation at the JPMorgan Healthcare Conference in San Francisco.
Slides posted on the company's Web site indicate Amgen now expects 2007 adjusted earnings to be above its current guidance of $4.13 to $4.23 a share and close to the low end of its initial 2007 guidance of adjusted earnings per share in the range of $4.30 to $4.50.
The stock was up 94 cents, or 2.1%, to $46.33.
On the regulatory side,
said Tuesday that the Food and Drug Administration approved its Cialis for daily use -- a formulation of the drug for men who anticipate sexual activity more than twice a week. The company said its wholesale pricing for Cialis once-a-day will be comparable to pricing of the Cialis for use as needed -- the 36 hour version of the drug that's currently on the market.
Shares added $1.53, or 2.8%, to $56.11 on Tuesday.
said Tuesday in a filing with the Securities and Exchange Commission that it has terminated its patent infringement lawsuit against CorePharma over the muscle relaxant Skelaxin. CorePharma's counter claims have also been ended. The companies signed a license agreement on January 2 that gave CorePharma certain rights to metaxalone 800 mg.
King's shares were trading up $1.69, or 16.3% on Tuesday.
Amgen, Eli Lilly and King Pharmaceuticals are all components of the Amex pharmaceutical index, which was up 6.95, or 2%, to 349.90.
On the clinical side,
said Tuesday that it completed enrollment for a 551-patient midstage trial of its experimental nasal spray to treat obesity, PYY3-36. The study is designed to evaluate three different doses of the nasal spray compared with a placebo and sibutramine, a commercially available oral weight loss drug.
Separately, the company said that the U.S. Patent and Trademark Office issued a notice of allowance for its patent with claims related to a method for identifying peptides that can bind to specific cell types. The company said the technology related to the patent provides a process to rapidly identifying peptides that target specific cells, which can be combined with therapeutics to enhance overall delivery.
Shares were trading up 4 cents, or 1.1%, at $3.67.