Akorn (AKRX) is breaking out on the stock market today, boosted by a bullish initiation report. It could also be getting a lift from optimism for more buyouts in the industry: Pfizer (PFE) announced on Thursday that it’s buying injectable-drug maker Hospira (HSP) for $17 billion. Check out this video to get all the details about top-performing stock Akorn — it’s in buy range. Follow Alissa Williams on Twitter: @IBD_AWilliams.
Big pharma Pfizer (PFE) agreed to buy specialty generics firm Hospira Thursday in a $17 billion deal, sending Hospira’s stock up 35% to a record high. Pfizer agreed to pay $90 a share in cash for Hospira (HSP), which sells generic injectables along with devices and systems to administer them. The firm said it should add 10 to 12 cents to EPS in the first year after the deal closes, which Pfizer expects to occur in the second half of this year.
An update on a patent dispute sent two drug stocks in opposite directions Tuesday. The Medicines Company (MDCO) saw analysts cut its price target, leading to a 15% drop in its shares in morning trading on the stock market today, after the company reported bad news in its patent dispute with Hospira (HSP) late Monday. Hospira stock was up 1.5% in morning trading Tuesday. The case concerns Hospira’s attempt to bring out a generic version of