Healthcare Business Review: Bristol-Myers’s DISAPPOINTMENT, Icahn Versus Forest ROLLS ON
Bristol-Myers Squibb Company (NYSE:BMY) shares tumble on word that it is suspending its evaluation of a drug intended to treat liver disease hepatitis C, subsequent to a patient suffering heart failure. The event triggered questions concerning the medication’s potential and also the $2.5 billion paid earlier in 2012 to acquire the company that developed it. In the meantime, Gilead Sciences Inc. (NASDAQ:GILD), and Idenix Pharmaceuticals, Inc. (NASDAQ:IDIX) shares benefited from Bristol-Myers’s misery.
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Who needs the Olympic games? The proxy war between activist investor Carl Icahn and Forest Laboratories Inc. (NYSE:FRX) and Carl Icahn is going at full tilt. The company won a skirmish Thursday, as proxy advisory firm Glass Lewis backs all 10 of the Forest’s board nominees and at the same time opposes Icahn’s four candidates. On Wednesday, Icahn got the backing from another proxy firm, ISS, for two of his picks. The showdown, also known as the annual meeting, is scheduled for Aug. 15.
Shares of STAAR Surgical Company (NASDAQ:STAA) popped Thursday following its second quarter bottom line exceeding estimates. However, revenue was fell by 2.0 percent year-over-year, impacted by negative press in China, a key Lasik market. Gross margin rose 2 percent to 69.3 percent, compared to 66.8 percent in the prior year period, thanks to the higher contribution of Visian ICL sales, plus higher sales pricing.
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