Healthcare Review: Celldex Therapeutics, Integra Lifesciences, Teva, Gilead Sciences, Acura Pharmaceuticals Print E-mail
By Staff and Wire Reports   
Thursday, 10 October 2013 13:51
U.S. stocks were headed for their best day since the start of the year and yields on longer-dated Treasuries rose on Thursday after President Barack Obama agreed to consider a proposal from Republican lawmakers to avert a historic debt default. A White House official said Obama was willing to look at a proposal by congressional Republicans to extend the debt ceiling for six weeks, but insisted that lawmakers also end the 10-day government shutdown. The plan was presented by House of Representatives Speaker John Boehner to fellow House Republicans ahead of a meeting they were to hold with the president.

Celldex Therapeutics ($CLDX) rallies on heavy volume as it takes back some ground lost over the last week.The healthcare stock has been in focus with results for the company's glioblastoma multiform drug, CDX-110, scheduled to be released soon. SA contributor Brian Nichols notes there is reason to believe the data will come in positive.

Integra Lifesciences ($IART) after announcing it received FDA clearance for its Laminoplasty System, a comprehensive set of implants and instruments designed for use after open-door laminoplasty procedures in the cervical and thoracic spine. The system will be featured at the North American Spine Society's annual meeting this week.

Teva ($TEVA) intends to cut 5,000 jobs - or 10% of its total workforce - as part of a plan to accelerate its cost-reduction program, which it introduced in December. Teva expects to generate $2B in annual cost savings by the end of 2017, including $1B by the end of 2014.Plans to continue trimming "assets that no longer fit its core business or are not critical to its future. "Estimates pre-tax costs for the restructuring at $1.1B. However, Teva still intends to invest in R&D and Sales & Marketing for "high-potential programs."

Gilead Sciences ($GILD) jumped 5.50% after halting a Phase 3 study of a leukemia drug ahead of schedule because data showed it benefited patients. The study evaluating idelalisib in previously-treated chronic lymphocytic leukemia patients not fit for chemotherapy will be stopped early based on an analysis showing highly statistically significant efficacy for the primary endpoint of progression-free survival in patients receiving the drug plus rituximab compared to those receiving rituximab alone.

Acura Pharmaceuticals ($ACUR) soared 8% after announcing a settlement of patent litigation with Par Pharmaceutical (PRX) and Impax Labs (IPXL) over the pain drug Oxecta. According to the terms, PRX may launch its generic Oxecta product in the U.S., through the grant of a non-exclusive license which requires it to pay ACUR royalties in the range of 10%-15% of PRX's net profits from the sale. IPXL may launch its generic Oxecta product in the U.S. through the grant of a non-exclusive, royalty-free license.

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