Healthcare Biz Recap: Dendreon’s CHANCES, Pfizer’s NEW Drug
Pfizer’s (NYSE:PFE) Xalkori lung cancer drug meets its primary endpoint in a Phase 3 evaluation, showing for the first time that it is “superior to standard chemotherapy in prolonging survival without progression” in patients suffering from a certain type of previously-treated cancer. The trial study additionally “provides further support for…precision medicine.”.
Shares of Health-care REIT HCP Inc. (NYSE:HCP) moved lower Tuesday, following word that the facilities manager agreed to divest 7.8 million shares to Citigroup (NYSE:C). Proceeds from the sale will be used to repay debt and for various other corporate needs.
Don’t Miss: Rite Aid First Quarter Earnings Sneak Peek.
The State of Connecticut will bestow as much as $51 million in aid upon Alexion Pharmaceuticals (NASDAQ:ALXN), after the firm agreed to move its global headquarters from Cheshire, CT to New Haven. Estimates are that as many as 300 jobs may be created by the move.
No, its Medivation (NASDAQ:MDVN), and not Dendreon (NASDAQ:DNDN) says Biren Amin at Jefferies, as the analyst sizes up the acquisition chances for each firm. Shares for each firm behaved exactly as one might expect, as Amin said that Medivation is the more attractive candidate, due to the optimistic outlook for MDV3100, the prostate-cancer drug of which Medivation owns 50 percent, versus the weak outlook for Dendreon’s provenge, which is that firm’s alternative treatment, Further, Amin forecasts as much as a 55 percent windfall in a takeout scenario for MDVN, which makes it far more compelling as a target.
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