By Val Brickates Kennedy
Drug stocks moved higher Thursday as shares of Sequenom Inc.
(SQNMD) jumped after the biotech group announced it has launched
its new carrier screening test for cystic fibrosis.
The NYSE Arca Pharmaceutical Index (DRG) recently edged up 0.27%
to 284.82 and the NYSE Arca Biotechnology Index (BTK) advanced
0.66% to 958.84.
Shares of Sequenom (SQNMD) rose 9.58% to $6.29.
Early Thursday, Sequenom said it has officially launched its new
SensiGene laboratory test. The product is used to help identify
genetic carriers of the devastating illness.
Sequenom said the product is superior to other tests on the
market in that it is able to identify the genetic markers of the
disease in people with ethnically-diverse backgrounds.
Sequenom has also been working on a less-invasive prenatal test
for Down Syndrome, which many investors believe could be the
company's ticket to sustained profitability.
Shares of Elan Corp. (ELN) were up 1.59% at $7.67.
Elan announced that Johnson & Johnson (JNJ) has completed
its acquisition of Elan's Alzheimer's drug program. Under the deal,
J&J will now step in and co-develop the drug candidates with
Elan's partner for the program, Wyeth (WYE).
J&J has also bought an 18.4% stake in Elan, for which it
paid $885 million.
In July, J&J said it would pay $1 billion for the equity
stake. That number was pared back earlier this week as the result
of a legal dispute between Elan and partner Biogen Idec (BIIB) over
the marketing rights for the multiple sclerosis drug Tysabri.
Shares of J&J were up at $60.48. Biogen shares were down
1.45% at $50.80.
-Val Brickates Kennedy; 415-439-6400;
AskNewswires@dowjones.com