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Equity Top: Life Sciences Tools & Services
Symbol Equity Rating
MIL MILLIPORE CORP -Grade-A--- Soon to be Merck with upcoming merger--- MRK
MTD METTLER-TOLEDO INTL INC -Grade-A-
WAT WATERS CORP- Grade-B
TMO THERMO FISHER SCIENTIFIC INC -Grade-B
QGEN QIAGEN NV- Grade-B
PRXL PAREXEL INTERNATIONAL CORP -Grade-B
LIFE LIFE TECHNOLOGIES CORP -Grade B
ILMN ILLUMINA INC -Grade-B
DNEX DIONEX CORP -Grade- B
BRKR BRUKER CORP -Grade-B
Elsewhere, Neurogesx (NGSX) filed with the Securities and Exchange Commission for a $75 million mixed shelf offering. Neurogesx said net proceeds may be used to repay or repurchase debt, and may be used for licensing or acquiring intellectual property or to fund possible investments in and acquisitions of complementary businesses or partnerships. Shares of Neurogesx were off 4.1% to $5.80.
In other offering news, Sun Healthcare Group (SUNH) said it has priced its public offering of 26.75 million shares of common stock at $7.75 per share for approximately $195.3 million in net proceeds. If the underwriters use a 30-day option to purchase up to approximately 4.01 million additional shares to cover overallotments, net proceeds will total $224.8 million.
Sun Healthcare said intends to use the net proceeds from this offering to repay a portion of the outstanding term loans under its existing credit facility. Shares of the company were down 0.3% to $7.97 at the start of trading.
Oxigene (OXGN) jumped by 5 cents, or 13.5%, to 42 cents in Thursday's after-market session after the company reported second-quarter net income of $2.5 million, or 4 cents a share, swinging from a year-ago loss of $5.3 million, or 11 cents a share, mostly due to an increase in the non-cash gain resulting from a change in fair value of warrants and other financial instruments. The average daily share volume for is 89,000.
Trubion Pharmaceuticals said it will be acquired by Emergent BioSolutions (EBS) for up to $135.5 million in cash and stock, including upfront consideration of $96.8 million and up to $38.7 million of success-based milestones.
Under the terms of the agreement, each share of Trubion Pharmaceuticals common stock will be converted into the right to receive an upfront payment of $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock. The upfront payment represents a value of $4.55 per share, based on the trading average of Emergent BioSolutions common stock for the five days prior to the deal being signed.
Shares of Trubion surged by $1.48, or 49.3%, to $4.48 in Thursday's late trading session. The average daily share volume for Trubion is 12,000.