Catalyst Pharmaceutical Partners
priced an initial public offering of 3.35 million of its shares at $6 each.
The company cut its price from its previous range of $11 a share to $13 a share for 3 million shares.
Catalyst focuses on drugs to treat addiction. The company plans to use the proceeds from the offering to support clinical trials of a treatment for cocaine addiction, as well as for general corporate purposes.
First Albany Capital and Stifel Nicolaus are managing the offering. The company granted the underwriters a 30-day option to purchase up to an additional 502,500 shares to cover over-allotments.
Shares of Catalyst rose 3% to $6.18.
has entered a manufacturing agreement with Swiss drug company
for its blockbuster cancer treatment Avastin.
Under the agreement, Lonza will purchase Genentech's manufacturing facility in Porrino, Spain, for $150 million. Lonza will retain the plant's 310 employees and continue to produce Avastin for Genentech at the location.
At the same time, certain Genentech products will be manufactured at a Lonza facility currently under construction in Singapore. Genentech will also have an exclusive option to buy the Lonza facility in Singapore.
Genentech's shares added 2.1% to $83.95.
Human Genome Sciences
reported a wider loss in the third quarter, but brought in better revenue than Wall Street expected.
The biopharmaceutical company lost $60.8 million, or 46 cents a share, in the latest quarter. The results include $6.4 million, or 5 cents a share, in stock-based compensation expenses.
For the same period a year ago, Human Genome lost $54.4 million, or 42 cents a share. In 2005, stock-based compensation costs weren't recognized.
Human Genome's revenue exceeded expectations, coming in at $6.7 million in the third quarter, compared with analysts' estimates of $5.93 million. The company had a top line of $5.9 million a year ago.
Revenue included a $2.6 million upfront payment from
for its partnership involving the hepatitis C drug Albuferon, a $1.1 million payment from
for the co-development of the lupus drug LymphoStat-B, and a $1 million payment from Glaxo for the initiation of clinical trials on a sleep-disorder drug.
Shares of Human Genome fell 8.3% to $12.68.
earnings fell from a year ago as the latest quarter was saddled with charges, but the results still beat analysts' expectations.
For the three months ended Sept. 30, the drugmaker earned 78 cents a share, excluding on-time items, on sales of $332.4 million. Analysts polled by Thomson First Call had predicted a profit of 74 cents a share. Revenue, however, was around $8 million short of the consensus Wall Street target.
After counting all items, Barr earned $52.8 million, or 49 cents, for the latest quarter, down from a profit of $83.2 million, or 78 cents a share, last year. Revenue in last year's comparable quarter was $310.4 million.
The company is changing its fiscal year-end to Dec. 31, so the latest quarter isn't numbered. Previously, the fiscal year ended on June 30.
The most recent quarter contained a charge of 25 cents a share, reflecting a decline in the fair value of a foreign-currency option purchased in connection with Barr's acquisition of the Croatian generic-drug maker Pliva. The quarter also included a charge of 4 cents for a payment related to settling a patent challenge.
Pliva's contribution won't be recorded until the quarter ending Dec. 31. The deal closed Oct. 24. Barr will provide full-year 2007 guidance in February, as well as consolidated financial results for the six months ended Dec. 31.
During the most recent quarter, sales of generic drugs dropped 5% from last year to $198 million. Sales of brand-name drugs jumped 73% to $103 million. Revenue from other sources, such as alliances, dropped to $32 million from $44 million. Barr dropped 4.3% to $49.43.
Also moving were
, gaining 5.5% to $22.19,
Caraco Pharmaceutical Laboratories
, up 3% to $11.04,
, rising 5.5% to $3.43, and
, 2.4% higher to $5.57.
was down 1.8% to $26.57,
Johnson & Johnson
was off 1.8% to $67.50,
, was 1% lower to $69.07,
was falling 5.1% to $3.61 and
was 2.2% lower to $36.45.