In this report: Idenix Pharmaceuticals (NASDAQ:IDIX), Broadcom Corp. (NASDAQ:BRCM) and Vivus (NASDAQ:VVUS).
Idenix Pharmaceuticals (NASDAQ:IDIX) and Hepatitis C drug maker soared on Monday morning after Inhibitex (NASDAQ:INHX) became a $2.5 billion acquisition target for Bristol Myers Squibb (NYSE:BMY). The move, motivated by Inhibitex’s Hepatitis C treatments, has already been approved by the board’s from both company’s. Bristol Myers CEO Lamberto Andreotti stated “There is significant unmet medical need in hepatitis C…This acquisition represents an important investment in the long-term growth of the company.” The $26 per share offer represented a 163 percent premium on Ihibitex’s closing price of $9.87 per share on Friday. Idenix Pharmaceuticals shares shot up by more than 32 percent to its current price of $32.60 per share.
Broadcom Corp. (NASDAQ:BRCM) gained more than 2.2 percent on Monday after the company received an upgrade by analysts at Deutsche Bank. The firm upped its rating on Broadcom to ‘Buy’ from ‘Hold’ which helped push the company stock price higher on during trading. Broadcom currently trades at $30.82 per share.
Vivus (NASDAQ:VVUS) share are trading over 13 percent higher today after the company announced that the FDA asked the company to remove a contraindication in the proposed label of its obesity drug Qnexa. The removal of which could help sales of the drug as it can no be offer to a wider market.The contraindication, which is a warning of potential risk involved in taking drugs in specific diseases or patient classes, will now be removed for women with child bearing potential. The news sent shares higher to its current price of $11.49 per share.
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