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Health Care Sector Update for 08/17/2020: PRNB,SNY,OMCL,UBX

Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising 0.9% while the SPDR Health Care Select Sector ETF also was up 0.8%.

The Nasdaq Biotechnology index also was climbing 1.9%.

In company news, Principia Biopharma (PRNB) climbed 9.3% after French drugmaker Sanofi (SNY) offered to pay $100 in cash for each of the US biopharmaceutical company’s shares, representing a 10.2% premium over Friday’s closing price. Sanofi is expecting to fund the deal, expected to close before the end of the year, with cash on hand.

Omnicell (OMCL) slid 1.4% despite the medication management company Monday saying Maryland-based Peninsula Regional Medical Center will be using Omnicell’s central pharmacy IV compounding program combining advanced robotic technology, data intelligence and pharmacy technician staff to insource its sterile compounding operations.

UNITY Biotechnology (UBX) slumped Monday, at one point dropping nearly 64% to a new, all-time low of $4.50 a share, after saying it does not expect to continue phase II testing of its UBX0101 drug candidate and will instead narrow its near-term focus on its ophthalmologic and neurologic disease programs. The move follows interim data showing UBX0101 produced no statistically significant difference in reducing moderate-to-severe knee pain caused by osteoarthritis compared with placebo.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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