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Today the FDA confirmed studies that showed Regeneron‘s (NASDAQ:REGN) proposed eye drug met effectiveness goals without posing any major health risks. The stock is up 82% since the beginning of the year, 55% in the last three months, and now another 5.07% today during regular hours and already 2.52% in the first few minutes of after-hours trading.
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Johnson & Johnson’s (NYSE:JNJ) has exited the market for drug-coated heart stents, leaving former rival Boston Scientific (NYSE:BSX) in the position to earn an extra $175 million in 2012-2013. While Boston Scientific stands to gain the most, Abbot Labs (NYSE:ABT) and Medtronic (NYSE:MDT) could also see an increase in business. J&J also announced a special charge of $500-600 million for restructuring of their Cordis unit, which develops treatments for vascular disease. The restructuring will cut 900-1,000 jobs.
Private-equity firm Porton Group has accused 3M (NYSE:MMM) of sabotaging their tests of BacLite, a drug designed to fight staph infections, in order to reduce competition for a similar product that 3M has been developing. Porton was set to get royalties from BacLite after selling the drug to 3M.
Aveo Pharmaceuticals (NASDAQ:AVEO) has announced a new public offering of 5.75 million shares at $17.50 a share. Since the stock went public in March of last year, shares have gone up 95.22% from a share price of $8.99 to today’s closing price of $17.55. Shares are down 8.07% today.
Synthes is under investigation by the Swiss stock exchange SIX for possible insider trading after shares spiked shortly before announcing the company’s sale to Johnson & Johnson.
A review of five trials involving over 6,500 patients showed that Pfizer‘s (NYSE:PFE) Spiriva inhaler, meant to treat chronic lung disease, was associated with a 52% rise in the risk of mortality compared to the placebo. Pfizer shares are down 1.90%.
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