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Celgene Corporation ($CELG) announced that it has agreed to acquire a stake in BeiGene. The deal has valued BeiGene stock at $4.58 apiece. The company will buy 5.9 percent of the total stock, which would be 32.7 million shares. BeiGene is set to receive $263 million in upfront license fee. It is also entitled to receive up to $980 million in development and other milestone payments related to the tumor cancer treatment. According to BeiGene, more than 500 patients have been dosed with its BGB-A317 advanced clinical-stage investigational tumor cancer treatment.
The company stock is currently trading close to its 52 weeks high of $135.18. It has gained over 14 percent of its value this year so far, while its 12 months gain stands at 26 percent.

Tonix Pharmaceuticals Holding Corp ($TNXP) announced that the FDA has conditionally accepted the proposed trade name Tonmya for TNX-102 SL* (cyclobenzaprine HCl sublingual tablets) for the management of posttraumatic stress disorder (PTSD). The U.S. Patent and Trademark Office has already granted the federal registration of the Tonmya mark. However, the company has withdrawn a request with the FDA for review of Tonmya as the proposed name for TNX-102 SL for the management of fibromyalgia.
The company stock is currently trading close to its 52 weeks low of $3.30. It has lost 79 percent of its value in the past 12 months while its Year to Date loss stands at 7 percent.

 

Inotek Pharmaceuticals ($ITEK) announced disappointing top-line results from a mid-line trial for glaucoma drug trabodenoson used in combination with the old standard prostaglandin latanoprost. The study resulted in a 1.2 mmHg intraocular pressure improvement over latanoprost alone. However, its follow up four weeks dosing at night did not show any meaningful clinical advantage between the combo and the solo therapy.

Biogen ($BIIB) announced that the European Medicines Agency has restricted the use of its Zinbryta until the completion of a liver safety investigation. The new safety review was launched pursuant to liver failure death of a patient in an ongoing study and four cases of severe liver damage.

Eli Lilly ($LLY) announced receiving a favorable ruling from the UK Supreme Court regarding its patent dispute with Actavis. The court decided that Actavis' products infringe the company's vitamin regimen patents in the U.K., France, Italy and Spain. The company said that a full judgment is expected on July 12.

Capricor Therapeutics ($CAPR) announced that Janssen Biotech will not exercise its option to exclusively license Capricor's lead candidate CAP-1002 for development and commercialization. As the result, the collaboration agreement and license option entered into between Capricor and Janssen has been terminated.

 

Alere ($ALR) reported the approval of amending its merger deal with Abbott Laboratories. The company said that nearly 72.5% of outstanding shares were in favor of the deal. The terms and conditions provide that Alere shareholders will receive $51/share in cash.
Entellus Medical ($ENTL) announced inking a new to acquire Spirox Inc. The company will pay $25 million in cash. It will also issue 3.4 million shares and additional contingent payments over four years. The companies expect the deal to be finalized by the third quarter.

Brokerage Action Company Rating Price Target Impact on Share Price Actions
Oppenheimer Holdings Initiates Yahoo! (AABA)
Outperform $75.00 Low

Barclays PLC Raises Target Advance Auto Parts (AAP)
Underweight $93.00 -> $120.00 High

Morgan Stanley Reiterates Advance Auto Parts (AAP)
Overweight $160.00 -> $125.00 Low

Royal Bank of Canada Lowers Target Advance Auto Parts (AAP)
Sector Perform $153.00 -> $125.00 High

Wedbush Reiterates Advance Auto Parts (AAP)
Outperform High

Drexel Hamilton Reiterates Apple (AAPL)
Buy $202.00 Low

Raymond James Financial Reiterates Apple (AAPL)
Outperform $163.00 Low

Gainers (% price change)Last TradeChangeMkt CapAVEO Pharmaceuticals, IncAVEO2.79+0.36 (14.81%)329.62MArena PharmaceuticalsARNA19.25+1.26 (7.00%)627.46MCyberOptics CorporationCYBE21.85+1.30 (6.33%)147.40MImpax Laboratories IncIPXL16.90+0.85 (5.30%)1.22BOclaro, Inc.OCLR9.57+0.43 (4.70%)1.58BLosers (% price change)Array Biopharma IncARRY8.35-0.38 (-4.35%)1.38BAmarin Corp. plc (ADR)AMRN4.12-0.12 (-2.83%)1.12BValeant PharmaceuticalsVRX16.23-0.37 (-2.23%)5.37BOmeros CorporationOMER19.11-0.41 (-2.10%)800.32MInsmed IncorporatedINSM17.27-0.36 (-2.04%)1.07BMost Actives (dollar volume)Johnson & JohnsonJNJ132.54+0.02 (0.02%)354.05BPfizer Inc.PFE33.35+0.13 (0.39%)196.12BGilead Sciences, Inc.GILD69.25-0.23 (-0.33%)88.73BMerck & Co., Inc.MRK63.16+0.06 (0.10%)169.90BAmgen, Inc.AMGN171.43-0.29 (-0.17%)124.23B