|Healthcare Review: Obagi Medical Products, Repros Therapeutics, Merge Healthcare, Progenics Pharmaceuticals, Healthsouth Corp.|
|By Staff and Wire Reports|
|Wednesday, 20 March 2013 13:31|
U.S. stocks climbed Wednesday, lifting the Dow Jones Industrial Average above its record close, as Wall Street looked for an all-clear signal from the Federal Reserve when it ends a monetary policy meeting in the afternoon.A key factor for Wall Street as it moves into the second quarter is the pace and timing of the Fed’s backing away from its $85 billion a month quantitative-easing commitment. Following are notable movers:
Obagi Medical Products, Inc.(NASDAQ:OMPI) shares gained 27.97% to $.19.70. Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today announced that it has entered into a definitive agreement under which Valeant will acquire all of the outstanding common stock of Obagi Medical for $19.75 per share in cash, which represents a 28% premium to Obagi's closing share price on March 19, 2013, the last trading day prior to announcement. The transaction is expected to close in the first half of 2013 and Valeant expects the transaction, once completed, to be immediately accretive to Valeant's cash earnings per share.
Repros Therapeutics Inc. (NASDAQ:RPRX) shares increased 5.89% to $9.08. The company, on Mar. 18, announced financial results for the quarter and year ended December 31, 2012. Net loss for the three month period ended December 31, 2012, was ($8.0) million or ($0.47) per share as compared to a net loss of ($2.7) million or ($0.22) per share for the same period in 2011. The net loss for the twelve month period ended December 31, 2012, was ($18.2) million or ($1.18) per share as compared to a net loss of ($12.5) million or ($1.04) per share for the same period in 2011.
Merge Healthcare Inc.(NASDAQ:MRGE) shares climbed 5.95% to $2.85 in the early hour. The company, on Mar. 19, announced more than 650 orthopedic surgeons at more than 50 practices already have or in the process of implementing Merge OrthoPACS™, a comprehensive image management and digital templating solution for orthopedics. In addition, many of the more than 500 practices that are using legacy technology from Merge plan to upgrade to Merge OrthoPACS in 2013.
Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) shares increased 5.31% to $4.96. The company on Mar. 15 announced its earnings results. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.30. The company posted revenue of $8.87 million for the quarter, compared to the consensus estimate of $1.16 million.
HEALTHSOUTH Corp. (NYSE:HLS) shares increased 4.93% to $25.75 after the company today announced the preliminary results of its previously announced "modified Dutch auction" tender offer, which expired at 12:00 midnight New York City time, at the end of Tuesday, March 19, 2013. Based on the preliminary count by Computershare, Inc., the depositary for the tender offer, 9,119,450 shares were validly tendered at or below the final purchase price of $25.50 per share and not properly withdrawn.