|CryoLife buys Cardiogenesis. Zalicus higher on patent award. After the Bell: Valeant launches hostile bid for Cephalon|
|By Mary Davila|
|Tuesday, 29 March 2011 18:51|
After the bell Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX.to) announced a hostile, all cash bid for Cephalon, Inc. (Nasdaq:CEPH). The $73 per share bid is valued at approximately $5.7 billion and represents a premium of approximately 29% over Cephalon's 30-day trading average.
Valeant was formed when Canada's Biovail bought U.S.-based Valeant in September 2010 for $3.3 billion. On Monday, Cephalon offered to buy Australia's ChemGenex Pharmaceuticals for $231 million after agreeing last week to acquire privately held biotechnology company Gemin X for $225 million.
In extended trading shares of Cephalon soared $14.14 or 24% to $72.89.
CryoLife, Inc. (NYSE:CRY), an implantable biological medical device and cardiovascular tissue processing company, announced today that they will acquire Cardiogenesis Corporation (OTCQB: CGCP), a leading developer of surgical products used in the treatment of patients with refractory angina resulting from diffuse coronary artery disease,for $0.457 per share or approximately $22 million. The acquisition will strengthen CryoLife's cardiac surgery portfolio. Cardiogenesis develops surgical products to treat patients with refractory angina resulting from diffuse coronary artery disease. Its laser system and single use, fiber-optic delivery systems are FDA approved for performing a surgical procedure called Transmyocardial Revascularization (TMR), which treats patients with angina that is not responsive to standard medications.
Shares of Cardiogenesis soared 40% or 12 cents to $0.447.
Shares of Zalicus Inc. (NASDAQ:ZLCS) moved higher after the company announced today that it has been granted a composition-of-matter patent by the U.S. Patent and Trademark office covering its product candidate Synavive™. United States patent number 7,915,265 entitled "Combinations for the Treatment of Immunoinflammatory Disorders" provides broad coverage for Synavive™ through August 2025. This key patent, along with the existing issued method-of-use patent (US patent 7,253,155), fortifies the Synavive patent estate, which includes several patents and patent applications, granted and pending worldwide which collectively provide coverage of Synavive™ through at least 2028.
"These two key patents provide the foundation of a solid and enforceable intellectual property estate for Synavive, with issued claims through 2025, and pending applications around our proprietary formulations providing coverage into 2028" commented Mark H.N. Corrigan, MD, President and CEO of Zalicus.
Zalicus added 15 cents or 6.5% to $2.45.
PhotoMedex, Inc. (Nasdaq:PHMD) jumped 27% or $1.58 to $7.30 today after the company announced the implications of the preliminary findings of a current clinical trial being performed by John Y.M. Koo, M.D., professor and vice chairman, department of dermatology, University of California, San Francisco. Dr. Koo's experimental treatment protocol could change the lives of millions of people suffering from moderate to severe psoriasis. The study, which utilizes the XTRAC® Velocity 700 laser from PhotoMedex in combination with clobetasol spray (Clobex) and calcitriol (Vectical), is showing new signs of hope for patients. The results to date were presented by Dr. Koo during the 20th Annual Meeting of the Photomedicine Society.
"The dramatic results we are seeing during this trial were possible because of the power and accuracy of the XTRAC Velocity 700, the only excimer laser that can deliver the reliability needed for this treatment," said Dr. Koo. "The XTRAC laser provides incredible results for patients suffering from psoriasis and as shown through our clinical data, when combined with the clobetasol spray and calcitriol, it can help clear psoriasis for patients who never thought it would be feasible."
Align Technology, Inc. (Nasdaq:ALGN) today announced that it has signed a definitive agreement to acquire privately-held Cadent Holdings, Inc. (Cadent), a leading provider of 3D digital scanning solutions for orthodontics and dentistry based in Carlstadt, New Jersey. Cadent strengthens Align's ability to drive adoption of Invisalign by integrating Invisalign treatment more fully with mainstream tools and procedures in doctors' practices. Over the next 5 years, intra-oral scanners will become widely used in dental practices and intra-oral scanning technology will transform the dental industry. According to iData Research, Inc., the growth rate for intra-oral scanners will exceed 20% between 2010 and 2015.
Abbott (NYSE:ABT) Abbott announced today it has received clearance from the U.S. Food and Drug Administration to begin marketing the i-STAT 1 Wireless handheld, a new wireless version of the i-STAT® point of care testing system that is widely used in hospitals, emergency rooms and physicians' offices. The new i-STAT 1 Wireless handheld will allow real time transmission of diagnostic test results generated by i-STAT 1 directly from the patient bedside.
CONMED Corporation (NASDAQ:CNMD) , a medical technology company specializing in medical devices for surgical and patient monitoring markets, announced today that the Company will participate in the 10th Annual Needham Healthcare Conference on Tuesday, April 5, 2011 at 3:20 PM Eastern Time.