|Healthcare Review: Perrigo Company, Solta Medical, Sequenom, Synta Pharmaceuticals, Elan Corporation|
|By Staff and Wire Reports|
|Monday, 29 July 2013 13:45|
Perrigo Company (NYSE:PRGO) stock declined 5.54% to $126.80. The company on July 29 agreed to buy Irish drug company Elan Corp. (ELN) for $8.6 billion, gaining a low-tax base for international expansion.
Holders of Dublin-based Elan’s American depositary receipts will receive $16.50 per ADR in cash and stock based on the July 26 closing price for Perrigo, the companies said in a statement. The price is 11 percent more than the July 26 close for the ADRs and compares with an earlier offer of as much as $15.50 per ADR by Royalty Pharma.
Solta Medical Inc. (NASDAQ:SLTM) shares declined 5.09% to $2.61. The company announced that it will release its financial results for the second quarter ended June 30, 2013, after market close on Tuesday, August 6, 2013. The Company will also host a conference call and webcast on Tuesday, August 6, 2013, at 4:30 p.m. Eastern Time(1:30 p.m.Pacific) to discuss the financial results and current corporate developments.
Sequenom, Inc. (NASDAQ:SQNM) shares dropped 4.04% to $3.09. The company on July 24 said its second-quarter loss widened as the life-sciences company logged an increase in interest expense and said reimbursement issues hurt its diagnostic revenue. The company posted a loss of $31 million, or 27 cents a share, compared with a year-earlier loss of $29.6 million, or 26 cents a share. Analysts polled by Thomson Reuters had projected a loss of 21 cents a share. Revenue soared 91% to $34.9 million, but fell short of analysts' projection of $47 million.
Synta Pharmaceuticals Corp. (NASDAQ:SNTA) shares surged 34.19% to $6.79. The company on July 29 announced that preliminary results from the ENCHANT-1 clinical trial, which evaluates ganetespib monotherapy in patients with newly diagnosed locally advanced or metastatic HER2 positive or triple-negative breast cancer (TNBC), achieved the prespecified criteria for advancing to the second stage of the trial.
Elan Corporation, plc (ADR) (NYSE:ELN) stock climbed 4.30% to $15.57. Perrigo Company (NYSE:PRGO) on July 29 decided to buy Elan Corporation, plc (ADR) (NYSE:ELN) for $8.6 billion in a contract that will hand it tax savings from being domiciled in Ireland and royalties from a blockbuster multiple sclerosis cure. Elan excluded three lower bids from U.S. investment firm Royalty Pharma amid orders, court hearings and a war of words before setting itself up for sale last month.