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Published February 26, 2008 at 1:45 PM
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Although presidential contenders are talking about some major remedies to the ailing healthcare system, SXC Health Solutions Corp., Humana Inc. and CollaGenex Pharmaceutical Inc. announced middle-market deals that sent shares up in midday trading Tuesday. The Dow was up 118.04, or 0.94% to 12,688.26 while the Nasdaq inched up 24.52, or 1.05% to 2,352.00.
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- Shares of CollaGenex Pharmaceutical jumped 3.54, or 27.58%, to $16.33 following news that it would be acquired by the U.S. unit of the Swiss maker of dermatology drugs, Galderma Laboratories Inc., for $420 million. The Deal's Cheryl Meyer reports that Galderma CEO Humberto Antunes said that the transaction should be neutral to Galderma's net income this year and accretive as of 2009.
- Shares of UnitedHealth Group Inc. [UNH] and Humana [HUM] moved up slightly. United Health fulfilled a condition of its $2.6 billion acquisition of Sierra Health Services Inc. by agreeing to sell its Medicare business in Las Vegas for $185 million in cash to health benefits provider Humana.
- Meanwhile, healthcare services firm SXC Health Solutions [SXC] agreed to acquire National Medical Health Card Systems Inc. [NMHC] for $143 million in cash and stock. The Deal's Lou Whiteman reports that SXC anticipates that the deal will dilute its earnings per share in fiscal 2008, and then contribute thereafter.
- Gerald Magpily
TheDeal.com: Humana buys United Health unit
TheDeal.com: SXC Health gets National Health
TheDeal.com: Galderma to acquire CollaGenex
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