Health stocks traded Tuesday on a variety of business and regulatory news. The Nasdaq and Amex biotechnology indices hopped 1.7% and 1.4%, respectively. They outdid the Amex pharmaceutical index, which registered a 0.8% rise, more in line with the broader markets. Bellwether Biogen Idec ( BIIB) tacked on $3.41, or 6%, to $59.30, while fellow biotech Genentech ( DNA) added $2.49, or 3.3%, to $78.39. A component of the Nasdaq biotech index, Myriad Genetics ( MYGN - Get Report) regained $5.87, or 12.9%, to $51.39 a day after the company said its experimental Alzheimer's treatment Flurizan failed a late-stage study and will no longer be developed. More clinical news, Halozyme ( HALO - Get Report) said late Monday that based on results of an ongoing phase I/IIa study its Chemophase combination treatment was well-tolerated and appeared safe with no dose-limiting toxicity. The company said it's planning to request meetings with U.S. and European regulators to discuss the optimal regulatory pathway for the drug's approval. It plans to initiate a pivotal program in 2009 using the highest combination dose studied in the phase I/IIa trial. Shares climbed 45 cents, or 8.4%, to $5.83 Tuesday. In business headlines, Johnson & Johnson ( JNJ - Get Report) company Ethicon said that it received an offer from One Equity Partners to buy its Professional Wound Care business, although financial terms are not being disclosed. The business generated annual net sales of roughly $270 million in 2007. Separately, J&J subsidiary Animas, a medical device company, said the Food and Drug Administration approved its OneTouch Ping insulin pump system, which communicates wirelessly so that patients can receive insulin without touching the pump.
J&J shares edged up 35 cents, or 0.5%, to $64.69. Also, Teva Pharmaceutical ( TEVA - Get Report) said Monday post-close that the FDA granted it approval to market a generic version of Janssen's antipsychotic agent Risperdal and that shipment of the products has begun. Because it was the first to file a generic version, it receives a 180-day period of marketing exclusivity. Teva said the brand products had sales of $2.6 billion in the U.S. for the 12 months ended March 31, 2008, based on prescription data. Shares rose $1.19, or 2.6%, to $46.99. Qiagen ( QGEN - Get Report) said Tuesday that it acquired Corbett Life Science for $66 million in cash, $4 million in restricted common stock, and up to $65 million tied to future milestones in the next four years. The company expects one-time acquisition charges of 2 cents a share in the third quarter and expects the acquisition will add roughly $14 million in revenue in the second half of 2008 and roughly $40 million in 2009. Qiagen shares edged up 27 cents, or 1.3%, to $20.40.