Sector Update: Health Care Stocks Lead Thursday Markets Recovery

Last Updated: Thursday, June 23, 2022 4:02 PM | MT Newswires

Health care stocks added to their prior gains this afternoon, with the NYSE Health Care Index rising 1.6% and the SPDR Health Care Select Sector ETF (XLV) up 2.2%.

The Nasdaq Biotechnology index was climbing 3.6%.

In company news, Radius Health (RDUS) gained almost 22% after agreeing to an $890 million private-equity buyout offer from Gurnet Point Capital and Patient Square Capital. Under terms of the proposed transaction, investors will receive $10 in cash for each of the shares - representing a 12.2% premium over Wednesday's closing price - as well as a $1-per-share contingent value right if sales of its Tymlos osteoporosis treatment reach $300 million during any 12-month period before the end of 2025.

F-star Therapeutics (FSTX) was 59% higher after the UK immuno-oncology company agreed to a $161 million cash buyout offer from Hang Seng-listed Sino Biopharmaceutical. The upcoming tender offer values F-Star at $7.12 per share, representing a nearly 79% premium to Wednesday's closing price.

RedHill Biopharma (RDHL) rose fractionally after reporting Q1 net income of $0.03 per share, down from $0.05 per share during the same quarter last year but still matching the single-analyst estimate. Net revenue for the specialty biopharmaceutical company fell almost 18% to $18.2 million but also was in line with the lone analyst's call, according to Capital IQ.

Fusion Pharmaceuticals (FUSN) was falling 9.3%, reversing an initial 9% gain that followed the company saying it will soon begin phase I testing of its FPI-2059 drug candidate after the US Food and Drug Administration cleared the investigational new-drug applications for the potential treatment for various solid tumors.

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