|Healthcare Review: Depomed, Oncothyreon, Amgen, Skilled Healthcare, Pharmacyclics|
|By Staff and Wire Reports|
|Tuesday, 19 August 2014 14:18|
U.S. stocks rose for a second straight session on Tuesday as upbeat housing market data and strong earnings from Dow industrials component Home Depot overshadowed lingering worry about the conflict in Ukraine. Apple Inc shares were capturing a lot of attention after returning to the triple-digit arena, hitting $100 for the first time since its seven-for-one stock split in June. Apple's stock, which gained 1.4 percent in heavy volume to just below its record of $100.58, contributed the most to gains for both the S&P 500 and Nasdaq Composite.
The U.S. District Court for the District of New Jersey rules in favor of Depomed ($DEPO) in its patent infringement suit against Actavis (ACT +0.5%). Actavis sought approval to sell a generic version of Depomed's postherpetic neuralgia drug Gralise (gabapentin). The court's decision means that Gralise is protected until 2024.
Shares of Oncothyreon (NASDAQ:ONTY) are down 13% premarket on robust volume. After yesterday's close, the company reported that tecemotide failed to achieve its primary endpoint in a Phase 1/2 cliical trial in Japan.
Amgen's (NASDAQ:AMGN) AMG 416 drug met its primary and secondary endpoints during a Phase 3 trial covering "the treatment of secondary hyperparathyroidism (SHPT) in patients with chronic kidney disease (CKD), receiving hemodialysis." (PR) The findings follow positive Phase 3 results for AMG 416 announced in July. Amgen says it looks forward to "sharing results of a head-to-head study evaluating AMG 416 compared to cinacalcet next year."
Skilled Healthcare (NYSE:SKH) +38.2% after announcing a merger agreement with privately held Genesis HealthCare in an all-stock deal that will create one of the largest U.S. providers of long-term medical care services. SKH shareholders would own 25.75% of the equity in the combined company, while Genesis shareholders would own the remaining 74.25%.
Pharmacyclics ($PCYC) appoints Shawn Cline Tomasello as Chief Commercial Officer. Previously, she was President of the Americas, Hematology and Oncology at Celgene.