Healthcare Business Recap: Eli Lilly Strikes Deal, Teva Wins in Court
The FDA requests more data from Halozyme Therapeutics (NASDAQ:HALO) regarding its HyQ Biologics Application, and shares fall enough to trigger the circuit breakers. The review of HyQ can not be completed until the agency receives the information, but that was all – no talk about rejection.
Eli Lilly (NYSE:LLY) sells exclusive development rights of an alcohol addiction treatment, to Vanda Pharmaceuticals (NASDAQ:VNDA) for a price tag of up to $100 million. There is optimism over VLY-686, and Vanda says that its licensing is “…an important milestone for Vanda, as we continue to realize our vision of developing treatments to address unmet medical needs.”
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Shares of ViroPharma (NASDAQ:VPHM) can’t stop their slide following the loss of the company’s exclusivity over its Vancocin antiobiotic in the last week. It didn’t help that a FTC inquiry over the matter was begun, as well. At midday shares were down some 29.9 percent over the last five sessions. However, Jefferies says that this is overreaction.
Teva (NASDAQ:TEVA) lucks out in court as the appeals court reverses a lower court ruling against its Cephalon division. Mylan (NASDAQ:MYL) and Par Pharmaceutical (NYSE:PRX) had previously held successfully that Teva’s patents of its generic muscle-relaxant Amrix were invalid; this ruling cancels that one.
Medical products firm ICU Medical (NASDAQ:ICUI) beats consensus in its first quarter statement, as it reports an earnings per share of 53 cents (vs. 48 cents) and revenue of $75.5 million ($75 million). But, net earnings slipped by 5.8 percent year-to-year as steeper operating expenses outweighed an improved sales growth.
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