Top Health Care Stocks
Health care stocks have turned narrowly higher again this afternoon, with the NYSE Health Care Index adding slightly more than 0.1% in value today, recouping a small rise earlier Tuesday, while shares of health care companies in the S&P 500 were up just over 0.2% as a group.
In company news, ImmunoGen ( IMGN ) Tuesday rose as much as 22% higher. climbing to within 13 cents of its 52-week high of $8.04 a share after the biotech company working to develop cancer vaccines today announced a collaboration pact worth at least $175 million with Jazz Pharmaceuticals ( JAZZ ) to develop and commercialize antibody-drug conjugate products.
Jazz will pay a $75 million upfront payment to ImmunoGen and up to $100 million over the next seven years in development funding the antibody-drug conjugate programs. In exchange, Jazz gains exclusive global opt-in rights for the development and commercialization of two early-stage, hematology-related antibody conjugate programs as well as an additional program to be designated during the term of the agreement.
Jazz also may exercise its opt-in rights to acquire a prospective product at any time prior to the start of a Phase III clinical trial by paying a fee in the mid-double digits millions of dollars. That amount would rise to the low triple-digit millions of dollars prior to the companies applying for a biologics license.
Immunogen also will be eligible for additional milestone payments plus tiered royalties as a percentage of sales.
In other sector news,
(+) JUNO, Wedbush Morgan raises investment recommendation to Outperform from Neutral.
(-) ACOR, Receives a letter from the FDA refusing to file the company’s new drug application for its Inbrija investigational treatment for patients with Parkinson’s disease already taking a carbidopa/levodopa drug regimen.
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