4 Healthcare Stock Stories For the Holiday Weekend

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Covidien (NYSE: COV): Closing price $65.14

On Friday, Covidien announced that its board approved the separation of the pharmaceuticals unit from the rest of the company. The separation will occur via the declaration of a dividend in specie of the pharmaceuticals business and be accomplished by the transfer of the pharmaceuticals unit from Covidien to Mallinckrodt, which will issue ordinary shares directly to Covidien’s shareholders. For each 8 ordinary shares of Covidien held, shareholders will receive one ordinary share of Mallinckrodt. The shareholders will receive cash in lieu of fractional shares. The distribution should take place on June 28th, to Covidien shareholders of record as of the close on June 19th. After the distribution, Mallinckrodt will become an independent publicly traded firm, and Covidien will retain no ownership interest in it.

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COV

Vanda Pharmaceuticals (NASDAQ:VNDA): Closing price $8.38

Vanda reports that it has been chosen as the 2013 Life Science Firm of the Year by the Tech Council of Maryland. The firm was honored at the Council’s 25th Annual Tech Awards Celebration held in Bethesda. The Tech Awards Celebration recognizes the leaders and innovators in the tech and life science communities in Maryland and the surrounding regions.

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VNDA

Venaxis (NASDAQ:APPY): Closing price $1.30

Venaxis announced on Friday the pricing of an underwritten public offering of 10 million shares of its common stock and related warrants to buy 3.5 million shares of its common stock at an exercise price of $1.36 per share, at a combined public offering price of $1.25 per share and related warrant. In addition, Venaxis has granted the underwriter a 30-day option to buy as much as an additional 1.5 million shares and related warrants to purchase up to an additional 525,000 shares of common stock to cover any over-allotments. The offering should close on May 30th, subject to the usual closing conditions.  All of the shares and warrants in the offering are being sold by Venaxis which is an in vitro diagnostic firm focused on obtaining FDA clearance and commercializing its rapid, protein biomarker-based appendicitis test, APPY1.

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APPY

Intuitive Surgical (NASDAQ:ISRG): Closing price $501.53

The company prevailed in a civil lawsuit that accused it of negligence in its training of doctors employing its surgical robot machines. The suit was filed in Kitsap County in Washington state, and sought $8.45 million in compensatory damages linked with the death of Fred Taylor, who had his prostate gland removed with a da Vinci robot in 2008 and died four years afterwards. The plaintiffs claimed that the complications that occurred during the surgery were the cause of  Taylor’s death. However, a jury decided that Intuitive was not been negligent in its training of  the surgeons who performed Taylor’s prostate removal, marking the conclusion of a five-week trial that explored the firm’s training and marketing  practices.

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ISRG

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