Updated from 2:38 p.m. Shares of Physiometrix were among the best-performing health-related stocks Wednesday, rising 109.7% after the company agreed to be acquired by Hospira ( HSP) for about $23 million in cash. Shareholders of the medical device maker will receive $1.59 a share in cash for each share they hold, representing a premium of 98% over Tuesday's closing price of 72 cents. Hospira will also assume about $1 million in Physiometrix debt. "This merger with Hospira is the best platform to move our technology towards being the standard of care. It will allow the continuation of the Physiometrix product line and enable us to continue to address the expanded needs of our clinical partners," Physiometrix said in a prepared statement. The two companies expect the merger to close during the third quarter of 2005. Shares of Physiometrix traded up 79 cents to $1.51. King Pharmaceuticals rose modestly after the company named a new chief financial officer. Joseph Squicciarino will join the company on June 27. The hiring fills the vacancy left by James Lattanzi, who retired. Squicciarino most recently served as CFO-North America for Revlon ( REV - Get Report). Before that, he served in a variety of senior finance roles at Johnson & Johnson ( JNJ - Get Report) and Bristol-Myers Squibb ( BMY - Get Report). Shares traded up 8 cents to $9.54. Shares of Integra LifeSciences Holdings ( IART) fell 1.5% after the company announced a restructuring of its European operations. The costs associated with the restructuring, the company said, will depend on the number of job cuts, the availability of other jobs within the company, and the level of severance benefits. At this point, Integra believes the costs will not exceed $8 million. The company expects to take a charge of about 16 cents a share during 2005. Excluding items related to acquisitions, integrations and restructurings, the company still expects 2005 earnings of $1.33 to $1.38 a share. Analysts are expecting earnings of $1.32 a share. The European reorganization is expected to result in cost savings of about $3 million annually, beginning in 2006. Shares traded down 50 cents to $32.92.
Cell Genesys traded actively after the company said that Sharon Tetlow would replace Matthew Pfeffer as CFO. The company said that Pfeffer is leaving the company so that he can spend more time with his family. Tetlow most recently served as a venture partner at private equity firm Apax Partners and as a CFO at diaDexus, a pharmacogenomics company. Shares traded down 1 cent to $5.80. Other health care volume movers included Pfizer ( PFE - Get Report), up 27 cents to $28.17; Merck ( MRK), up 4 cents to $32.10; Boston Scientific ( BSX - Get Report), up 21 cents to $27.30; Elan ( ELN), up 9 cents $7.99; Schering-Plough , down 4 cents to $19.46; Amgen ( AMGN), up 60 cents to $63.18; Able Laboratories , up 18 cents to $4.45; and Aastrom Biosciences ( ASTM), up 3 cents to $2.77.