Generic drug company Teva Pharmaceutical Industries Ltd. said Monday regulators approved Azilect, the company's treatment for Parkinson's disease, for sale and marketing in Canada.
Health Canada gave the green light to the drug for initial monotherapy in early Parkinson's disease and as adjunct therapy to levodopa in moderate to advanced disease, the company said. The company expects to begin selling the drug in Canada in September.
The company said the approval was based on three studies on more than 1,500 patients.
Shares of Teva fell 13 cents to $34.21 on the Nasdaq.
Dynavax (DVAX) shares rose after the vaccine maker released early test data indicating that its experimental flu shot could be a universal preventative measure to ward off both seasonal flu and a pandemic. Shares were up 7.8% to $4.29.
Oscient Pharmaceuticals (OSCI) jumped after the company said it acquired the rights to market Reliant Pharmaceuticals' cholesterol drug Antara. The Waltham, Mass., biopharmaceutical company paid Reliant $78 million and purchased about $4 million in existing inventory. Oscient will begin marketing the drug later this week. Shares rose 6.4% to $1.33.
Merck's (MRK) shares edged higher following an upgrade from Lehman Brothers to overweight from equal-weight. "We believe that there will be stock price volatility around Vioxx litigation," wrote pharmaceuticals analyst C. Anthony Butler, who raised his target price on the stock to $46 from $35. However, "our decision to upgrade is predicated on MRK's demonstration of a considerable upside for both earnings growth and product introductions." Shares added 20 cents, or 0.5%, to $39.72.
MGI Pharma's (MOGN) shares fell 11 cents to $15.59 after the stock was downgraded by analysts at research firm Matrix USA to hold. Matrix cited competitive threats to its Aloxi injection for post-operative nausea and vomiting. Last month, Matrix initiated coverage of MGI with a strong buy.
Among other health care stocks on the move were Onyx Pharmaceuticals (ONXX) , whose shares sank 4% to $13.31, Tanox (TNOX) , down 2.8% to $14.36, Genta (GNTA) , whose shares dipped 1.4% to $1.39, Cytokinetics (CYTK) , down 2.3% to $5.92 and Medarex (MEDX) , off 1.5% to $9.82.
Moving higher were Cytori Therapeutics (CYTX) , up 1.4% to $4.41, Threshold Pharmaceuticals (THLD) , gaining 8.9% to $2.09, Accentia Biopharmaceuticals (ABPI) , rising 1.7% to $2.95 and Lipid Sciences (LIPD) , up 3.8% to $1.49.
Health Canada gave the green light to the drug for initial monotherapy in early Parkinson's disease and as adjunct therapy to levodopa in moderate to advanced disease, the company said. The company expects to begin selling the drug in Canada in September.
The company said the approval was based on three studies on more than 1,500 patients.
Shares of Teva fell 13 cents to $34.21 on the Nasdaq.
Dynavax (DVAX) shares rose after the vaccine maker released early test data indicating that its experimental flu shot could be a universal preventative measure to ward off both seasonal flu and a pandemic. Shares were up 7.8% to $4.29.
Oscient Pharmaceuticals (OSCI) jumped after the company said it acquired the rights to market Reliant Pharmaceuticals' cholesterol drug Antara. The Waltham, Mass., biopharmaceutical company paid Reliant $78 million and purchased about $4 million in existing inventory. Oscient will begin marketing the drug later this week. Shares rose 6.4% to $1.33.
Merck's (MRK) shares edged higher following an upgrade from Lehman Brothers to overweight from equal-weight. "We believe that there will be stock price volatility around Vioxx litigation," wrote pharmaceuticals analyst C. Anthony Butler, who raised his target price on the stock to $46 from $35. However, "our decision to upgrade is predicated on MRK's demonstration of a considerable upside for both earnings growth and product introductions." Shares added 20 cents, or 0.5%, to $39.72.
MGI Pharma's (MOGN) shares fell 11 cents to $15.59 after the stock was downgraded by analysts at research firm Matrix USA to hold. Matrix cited competitive threats to its Aloxi injection for post-operative nausea and vomiting. Last month, Matrix initiated coverage of MGI with a strong buy.
Among other health care stocks on the move were Onyx Pharmaceuticals (ONXX) , whose shares sank 4% to $13.31, Tanox (TNOX) , down 2.8% to $14.36, Genta (GNTA) , whose shares dipped 1.4% to $1.39, Cytokinetics (CYTK) , down 2.3% to $5.92 and Medarex (MEDX) , off 1.5% to $9.82.
Moving higher were Cytori Therapeutics (CYTX) , up 1.4% to $4.41, Threshold Pharmaceuticals (THLD) , gaining 8.9% to $2.09, Accentia Biopharmaceuticals (ABPI) , rising 1.7% to $2.95 and Lipid Sciences (LIPD) , up 3.8% to $1.49.
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