Healthcare Biz Roundup: Keryx Jumps Without CAUSE, Teva Not A MONOPOLIST
Abbott Labs’ (NYSE:ABT) Healon EndoCoat OVD gel gets FDA approval, and shares climb modestly. The product is used in cataract procedures and in implanting intraocular lenses its market is quite large, with almost 3 million persons undergoing cataract surgery in the United States yearly.
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It’s one of those weird days when shares of some company skyrocket for no apparent cause. Keryx Biopharmaceuticals (NASDAQ:KERX) jumps nearly ten percent Tuesday, without an obvious catalyst. Chatter at Yahoo Finance speculates that the jump could be due to insider buying, and Five Star Equities speculates that the firm could be a possible acquisition target, as Big Pharma needs to replace expiring patents.
Teva’s (NASDAQ:TEVA) proposed purchase of Cephalon gets cleared by the FTC, as it okays an amended final order to that effect, settling charges that the acquisition would have stifled competition. However, Teva must now divest the rights and assets related to a generic cancer pain med and a generic muscle relaxant to Par Pharmaceuticals (NYSE:PRX), and also allow PRX to sell a generic version of Cephalon’s narcolepsy medication Provigil in 2012.
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