Healthcare Business Update: ProPhase Sees Raised Offer, Lilly’s Monday Surge Questioned
Private-equity firm Matrixx Initiatives raises its purchase offer for ProPhase Labs (NASDAQ:PRPH) by 14 percent to $1.60 per share in cash from its previous bid of $1.40, which the latter turned down. Matrixx makes Zicam cold medicine, which is a rival to the Cold-Eeze product line, made by ProPhase.
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Eli Lilly and Company (NYSE:LLY) moved up on Monday by 5.3 percent, adding $3 billion to its market cap on the news that its Solanezumab drug helped slow the progress of Alzheimer’s Disease in Phase III trials. However, the SA author Brian Wilson notes that “the results were not statistically significant,” meaning that the evaluation may not be used for an NDA submission of solanezumab, which is thus “not going to make it to market.”
Seattle Genetics (NASDAQ:SGEN) will obtain undisclosed amounts of milestone payments from Genentech, subsequent to the Roche (RHHBY.OB) division advancing into Phase II trials two antibody-drug conjugates ADC that use SGEN’s tech. Genentech markets Rituxan, and the studies will evaluate the performance of the drug with ADCs, in treating non-Hodgkin lymphoma and B-cell lymphoma.