Health care stocks still were outpacing the broader Monday markets, with the NYSE Health Care Index rising 1.0% this afternoon while the SPDR Health Care Select Sector ETF was up 1.1%.
The Nasdaq Biotechnology index was climbing 3.2%.
In company news, Advaxis (ADXS) declined 1% after the immuno-therapies company Monday said Lincoln Park Capital Fund paid $2 million to acquire more than 3.5 million of its common shares priced at 57 each as part of a broader purchase agreement with the institutional investors for up to $20 million of its stock. Advaxis has the right to sell to LPC up to $18 million more of its shares to Lincoln Park at prevailing market prices over the next 36 months, subject to certain conditions.
Varian Medical Systems (VAR) jumped almost 22% after the medical device company agreed to a $16.4 billion, all-cash buyout offer from Siemens Healthineers. Under the terms of the proposed transaction, investors will receive $177.50 in cash for each of their Varian shares, representing a 34.8% premium over Friday’s closing price.
Tyme Technologies (TYME) rose 13% on Monday after the US Food and Drug Administration designated its SM-88 drug candidate as an orphan drug to treat patients with pancreatic cancer. SM-88 currently is in multiple late-stage clinical trials, the company said.
To the downside, Legend Biotech (LEGN) fell 4.8% after the oncology drugmaker said it expects a net loss from ongoing operations in a range of $89 million to $103 million for the six months ended June 30, including $96.5 million to $111.8 million in research and development expenses. The upcoming results also will include an $80 million non-cash charge reflecting the drop in the fair value of its series A preferred stock following the automatic conversion of those shares on June 8.
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