Shares of Laserscope (LSCP:Nasdaq) were among the best-performing health-related stocks Monday, soaring 43% after the medical-device company agreed to be acquired by American Medical Systems (AMMD:Nasdaq) for about $715 million.
The deal values Laserscope at $31 a share, representing a 45% premium over Friday's closing price of $21.41. The all-cash deal is expected to close during the third quarter. "With over thirty years' experience in delivering pelvic health solutions to urologists, the global reach of the combined AMS/Laserscope sales force will be uniquely positioned to capitalize on Laserscope's technology and market position," the companies said in a press release. The acquisition is expected to be accretive to American Medical's earnings beginning in 2008. Shares of Laserscope recently were trading up $9.11 to $30.52, while shares of American Medical Systems fell $3.27, or 16%, to $17.23.
Cutera (CUTR:Nasdaq) vaulted 34% after the maker of lasers and other light-based aesthetic systems agreed to settle a four-year-old patent-infringement suit with Palomar Medical Technologies (PMTI:Nasdaq) that will allow Cutera to continue selling its products. Cutera admitted to the infringement and agreed to pay $15.5 million in royalties, $2.5 million in interest on past sales and $4 million to cover Palomar's legal costs. The settlement covers the time period from 2000 to the first quarter of 2006. As of April 1, meanwhile, Cutera will pay a 7.5% royalty on future sales of systems and any new light-based hair-removal systems that are developed in the future. Shares of Cutera were trading up $6.46 to $25.24, while shares of Palomar Medical were down $2 to $45.
Shares of Sepracor (SEPR:Nasdaq) fell 4% after the pharmaceutical company said the Securities and Exchange Commission is looking into its stock-option practices. The letter of inquiry seeks documents related to the company's stock-option grants and practices, Sepracor said. The company, which has set up a committee to oversee the review, said it will cooperate with the SEC. Shares were trading at $49.07, down $2.13.
Shares of Genelabs Technologies (GNLB:Nasdaq) nearly tripled after the drugmaker announced a license and collaboration agreement with Novartis (NVS:NYSE) to develop compounds to treat hepatitis C. As part of the deal, Genelabs will be eligible to receive $20 million over a two-year research program. What's more, if all clinical, regulatory and sales goals are met, Genelabs could reap additional payments worth more than $175 million. Genelabs also will be entitled to royalties tied to sales of any products developed through the agreement. "This is the second major collaboration for Genelabs based on our HCV drug-discovery platform, and we are very pleased to have Novartis as our partner," Genelabs said. The company's shares were trading up $1.36 to $2.12.
Shares of Adeza (ADZA:Nasdaq) jumped 12% after the company said the Food and Drug Administration granted priority review status to its Gestiva drug, which is being developed to prevent preterm birth in women who have a history of premature delivery. The priority review status means the FDA could complete its review of the drug by Oct. 20, four months faster than a standard review normally takes. "Treating women with previous preterm birth with Gestiva has the potential to significantly reduce preterm birth costs," the company said. Shares were trading up $1.66 to $15.35.
Other health care volume movers included Elan (ELN:NYSE ADR) , down $1.64 to $17.34; Onyx Pharmaceuticals (ONXX:Nasdaq) , down $3.20 to $16.62; Pfizer (PFE:NYSE) , down 12 cents to $24.07; Amgen (AMGN:Nasdaq) , down $1.25 to $67.93; UnitedHealth Group (UNH:NYSE) , up 1 cent to $46.99; Boston Scientific (BSX:NYSE) , down 4 cents to $20.66; Merck (MRK:NYSE) , down 10 cents to $33.85; Johnson & Johnson (JNJ:NYSE) , down 46 cents to $60.28; Teva Pharmaceutical (TEVA:Nasdaq) , down 20 cents to $37.33; and Bristol-Myers Squibb (BMY:NYSE) , up 9 cents to $25.36.
The deal values Laserscope at $31 a share, representing a 45% premium over Friday's closing price of $21.41. The all-cash deal is expected to close during the third quarter. "With over thirty years' experience in delivering pelvic health solutions to urologists, the global reach of the combined AMS/Laserscope sales force will be uniquely positioned to capitalize on Laserscope's technology and market position," the companies said in a press release. The acquisition is expected to be accretive to American Medical's earnings beginning in 2008. Shares of Laserscope recently were trading up $9.11 to $30.52, while shares of American Medical Systems fell $3.27, or 16%, to $17.23.
Cutera (CUTR:Nasdaq) vaulted 34% after the maker of lasers and other light-based aesthetic systems agreed to settle a four-year-old patent-infringement suit with Palomar Medical Technologies (PMTI:Nasdaq) that will allow Cutera to continue selling its products. Cutera admitted to the infringement and agreed to pay $15.5 million in royalties, $2.5 million in interest on past sales and $4 million to cover Palomar's legal costs. The settlement covers the time period from 2000 to the first quarter of 2006. As of April 1, meanwhile, Cutera will pay a 7.5% royalty on future sales of systems and any new light-based hair-removal systems that are developed in the future. Shares of Cutera were trading up $6.46 to $25.24, while shares of Palomar Medical were down $2 to $45.
Shares of Sepracor (SEPR:Nasdaq) fell 4% after the pharmaceutical company said the Securities and Exchange Commission is looking into its stock-option practices. The letter of inquiry seeks documents related to the company's stock-option grants and practices, Sepracor said. The company, which has set up a committee to oversee the review, said it will cooperate with the SEC. Shares were trading at $49.07, down $2.13.
Shares of Genelabs Technologies (GNLB:Nasdaq) nearly tripled after the drugmaker announced a license and collaboration agreement with Novartis (NVS:NYSE) to develop compounds to treat hepatitis C. As part of the deal, Genelabs will be eligible to receive $20 million over a two-year research program. What's more, if all clinical, regulatory and sales goals are met, Genelabs could reap additional payments worth more than $175 million. Genelabs also will be entitled to royalties tied to sales of any products developed through the agreement. "This is the second major collaboration for Genelabs based on our HCV drug-discovery platform, and we are very pleased to have Novartis as our partner," Genelabs said. The company's shares were trading up $1.36 to $2.12.
Shares of Adeza (ADZA:Nasdaq) jumped 12% after the company said the Food and Drug Administration granted priority review status to its Gestiva drug, which is being developed to prevent preterm birth in women who have a history of premature delivery. The priority review status means the FDA could complete its review of the drug by Oct. 20, four months faster than a standard review normally takes. "Treating women with previous preterm birth with Gestiva has the potential to significantly reduce preterm birth costs," the company said. Shares were trading up $1.66 to $15.35.
Other health care volume movers included Elan (ELN:NYSE ADR) , down $1.64 to $17.34; Onyx Pharmaceuticals (ONXX:Nasdaq) , down $3.20 to $16.62; Pfizer (PFE:NYSE) , down 12 cents to $24.07; Amgen (AMGN:Nasdaq) , down $1.25 to $67.93; UnitedHealth Group (UNH:NYSE) , up 1 cent to $46.99; Boston Scientific (BSX:NYSE) , down 4 cents to $20.66; Merck (MRK:NYSE) , down 10 cents to $33.85; Johnson & Johnson (JNJ:NYSE) , down 46 cents to $60.28; Teva Pharmaceutical (TEVA:Nasdaq) , down 20 cents to $37.33; and Bristol-Myers Squibb (BMY:NYSE) , up 9 cents to $25.36.
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