Sector Update: Health Care - January 31, 2011
Health care shares are higher in mid-session trading as acquisition talks between Genzyme (GENZ) and Sanofi-Aventis (SNY) take a step forward. discussions with Sanofi are said to have progressed to the point where Genzyme's board has authorized the company to enter into a confidentiality agreement with Sanofi to allow SNY to conduct due diligence. Meanwhile, shares of Alexion Pharmaceuticals (ALXN) are higher after the company said it bought Taligen Therapeutics, with an upfront cash payment of $111 million. Additional contingent payments would be earned upon reaching various clinical efficacy and product approval milestones in both the US and European Union for up to six products.
Credit: Financial News Network
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