Healthcare Stock Recap: Teva Announces $7B Share Repurchase Program, FDA Signs Off on Merck’s HIV Drug for Kids
Teva Pharmaceuticals (NASDAQ:TEVA) announced a $3 billion share repurchase program, which is expected to be completed over a 3-year period. The buyback represents 8% of all outstanding TEVA common stock.
BioTime (AMEX:BTX) trades up after signing an agreement with USCN Life Science of Wuhan, China. The agreement is to license its antibody-producing cell lines and related technology for use in the large-scale manufacture of antibody components for its cancer detection device, PanC-Dx.
Ampio Pharmaceuticals (AMPE) announces that it will sell around 2.20 million shares of its common stock at a price of $4.25 in a direct offering to accredited investors, according to a Securities Exchange Commision filing. It’s not a December to remember for the firm with shares now off 47% over the last 7 trading sessions.
AstraZeneca (NYSE:AZN) forges a deal. Co-developing a novel cancer treatment from Hutchison China MediTech (HNCMF.PK) and buys options on diabetes pills from Astellas Pharma (ALPMY.PK) is the gist of the deal. The products are at an early stage and won’t do much to calm concerns about AZN’s thin pipeline, especially after yesterday’s setback.
Walgreen (NYSE:WAG) CEO Gregory Wasson says his company tried last week to resolve the dispute with pharmacy benefits manager Express Scripts (NASDAQ:ESRX) but received a response that was a little elusive. But the first fiscal quarter earnings report says the drugstore chain expects to retain 97%-99% of its 2011 prescription volume in fiscal 2012.
Merck’s (NYSE:MRK) Isentress HIV drug has been approved by the Federal Drug Administration for its use in children and adolescents. During its third quarter earnings call, Merck reported double-digit growth for Isentress, which was originally launched in 2007.