Also moving higher was Corcept Therapeutics ( CORT), which said Monday after market close that it received orphan drug designation from the Food and Drug Administration for Cushing's Syndrome treatment Corlux. The designation includes seven years of marketing exclusivity from the date of the drug approval, tax credits for the clinical trial costs, marketing filing fee waivers, and assistance in the drug development process from the FDA. It's designed to encourage companies to develop treatments for diseases or conditions affecting fewer than 200,000 patients in the U.S. Corcept rose 19 cents, or 7.6%, to $2.68. Elsewhere, moving its prospective merger along, Genzyme ( GENZ) said it finished its tender offer to acquire the shares of Bioenvision ( BIVN). On May 29, the company agreed to acquire Bioenvision in an all-cash transaction of around $345 million, or $5.60 for each outstanding common share and $11.20 for each outstanding preferred share. According to the agreement, Bioenvision will now prepare a proxy statement for its shareholders. The companies expect a merger vote before the end of the year. Genzyme was down 95 cents, or 1.6%, to $58.86, while Bioenvision edged down 5 cents, or 0.8%, to $5.90 on Tuesday. Also moving lower on continued merger prospects was eye-care product maker Bausch & Lomb ( BOL), whose shares were 1.6% lower at $70.21. The company has filed with regulators to hold a special shareholder meeting to vote on a $65-a-share cash takeover bid by Warburg Pincus. However, Bausch & Lomb said it remains in talks Advanced Medical Optics ( EYE), which last week offered $75 a share in cash and stock. Shares of Advanced Medical Optics were also lower, down 1.7% at $34.32.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).