Healthcare Review: Herbalife, Ocular Therapeutix, MacroGenics, Idexx Laboratories, GlaxoSmithKline Print E-mail
By Staff and Wire Reports   
Friday, 25 July 2014 13:57
U.S. stocks suffered broad declines on Friday, putting the Dow industrials on pace for their biggest daily slide in a week, amid disappointing news from companies such as Visa Inc. V -3.86%  and Inc. AMZN -10.16% The Dow Jones Industrial Average fell 134 points, or 0.8%, at 16949 in midafternoon trading, on pace for its biggest percentage decline since July 17. But nearly more than a third of drop in the Dow was from losses in just one stock, Visa.

Herbalife ($HLF) appoints Alan L. Hoffman to the newly-created position of SVP of Global Corporate Affairs reporting to Chairman & CEO Michael Johnson effective August 25, 2014. He joins the firm from PepsiCo where he is SVP for Global Public Policy responsible for policy development and external/government relations. Mr. Hoffman was formerly VP Joe Biden's Chief of Staff and President Obama's Deputy Assistant.

Ocular Therapeutix (NASDAQ:OCUL) prices its initial public offering of 5M shares of common stock at $13.00 per share. Underwriters over-allotment is 750K shares. Trading in the NASDAQ Global Market-listed issue starts today. The company uses its proprietary hydrogel technology to develop ophthalmic drug delivery systems and medical devices. It launched its ReSure Sealant for corneal incisions in February 2014.

The FDA clears the commencement of a Phase 1 clinical trial for MacroGenics' (NASDAQ:MGNX) colorectal cancer drug candidate, MGD007, a Dual-Affinity Re-Targeting (DART) protein. The approval triggers a $5M milestone payment from French pharmaceutical firm Servier.

Idexx Laboratories (NASDAQ:IDXX) informs distributor Henry Schein (NASDAQ:HSIC) that it intends to sell its vet diagnostic products directly in the U.S. effective January 1, 2015. This will eliminate ~$150M in top line sales for Schein and $0.04 - 0.06 in EPS. The company does not forecast a negative impact on 2014 results, however, because it will pick up other brands to sell in the meantime.

GlaxoSmithKline (NYSE:GSK) is now facing corruption claims in Syria, where it's has been accused of bribery to secure business. The drugmaker is investigating the claims which date back to 2010 after a whistleblower's email was sent to the company. Syria is now the sixth country to be investigated by Glaxo for smaller-scale bribery claims compared to the $480M Chinese allegations which have plagued the company since last July.

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