Biogen Idec wowed the medical community and investors with its much-anticipated Alzheimer’s disease drug results Friday, sending its stock to a new high before closing up 9.8% to 475.98. At a medical conference in France, Biogen (BIIB) reported the results of a phase 1b study in which 166 patients were divided into five groups, one a placebo group and the others taking different doses of Biogen’s drug candidate aducanumab, or
Adobe Systems late Tuesday posted its best quarterly earnings growth in more than four years, but investors were looking for more green in its forecast. Adobe (ADBE) earned 44 cents a share, excluding items, for its fiscal first quarter, which ended Feb. 27, up 46% from a year earlier and topping Wall Street’s target by 5 cents. Sales rose 11% to $1.109 billion, vs. the consensus forecast of analysts for $1.085 billion. On a GAAP
Specialty drugmaker Endo International withdrew its offer for Salix Pharmaceuticals Monday after Valeant Pharmaceuticals International enlarged its buyout deal. Investors seemed happy, as all three stocks went up. Valeant (VRX) raised its offer to $173 a share cash, or $11.1 billion, up from the $158 a share the two companies agreed to last month. The new terms also added $100 million to the breakup fee, which now amounts to $7 a