Healthcare Stock Roundup: Medtronic Subpoena, Amgen Repurchases Stock
AstraZeneca (NYSE:AZN) is buying privately-held Guangdong BeiKang Pharmaceutical. It is a Chinese maker of generic injectable antibiotics, for an undisclosed sum. The purchase consolidates AZN’s No. 2 position in China (behind Pfizer) as the company increasingly turns to emerging markets for growth.
Affymax (NASDAQ:AFFY) is up after being halted earlier. All the excitement stems from the firm obtaining FDA backing for its peginesatide anemia drug.
Investing Insights: MetLife Securities’ Largest Q3 Healthcare Stock Investments: ABT, JNJ, PFE, NVS.
Medtronic (NYSE:MDT) says it receieved a subpoena and request for documents from the California AG. The subpoena is in connection with its controversial spine product Infuse. Studies were released earlier this month inferring a potential link between the bone fusion product and cancer.
Invacare (NYSE:IVC) shares fell off after the FDA proposes the firm suspend operations at several facilities until they reach full compliance.
Auxilium Pharmaceuticals (NASDAQ:AUXL) a specialty biopharmaceutical company, says its CEO and President Armando Anido has agreed to resign. Adrian Adams, most recently chairman and CEO of biotechnology firm Neurologix, has been appointed in his place. Adams has more than 30 years of experience in the pharmaceutical industry, and led Inspire Pharmaceuticals in its strategic acquisition by Merck.
Biotech firm Amgen (NASDAQ:AMGN) is expected to repurchase almost $5B worth of stock following a Dutch auction. This is around 83.3M shares at $60 a piece. The buyback represents about half of a $10B program.
Johnson & Johnson’s (NYSE:JNJ) cancer drug Doxil is being delayed due to the discovery of a container suspected to hold urine – a new lapse cited among regulators at the Ohio plant. Problems at the supplier have caused the ongoing shortage of the drug used to treat ovarian cancer and other cancers, leaving 2,700 patients on a waiting list.