Diamonds and Dogs
Olin Corp. (OLN)
Olin Corp is trading in the green today, up 19.27% to $32.43. The chlor alkali company saw its shares rally after news that Dow Chemical would separate its chlorine operations and merge it with Olin. The deal includes $2 billion of cash and cash equivalents to be paid to Dow; an estimated $2.2 billion in Olin common stock and about $800 million of pension assumptions and other liabilities. This values the deal at around $5 billion in cash. Shares of Olin climbed over $5.00 today to a new 52-week high of $34.34.
Ohr Pharmaceuticals Inc. (OHRP)
Ohr Pharmaceuticals is getting crushed today, down 66.82% to $2.90. The novel therapeutic company saw its shares fall after disappointing test results. Results of Ohr's phase II age-related macular degeneration treatment failed to reach its primary endpoint. The study tested the eye-drop solution, OHR-102, in combination with the injectable eye drug Lucentis, on elderly patients with age-related macular degeneration, the leading cause of blindness in the elderly. The drug failed to decrease the average number of Lucentis injections the study's patients needed when used in combination with the treatment, Shares of Ohr fell nearly $6.00 today and hit a new 52-week low of $2.82.