Diamonds and Dogs
Pfizer's back in the acquisition news. The failed merger between Allergan and Pfizer hasn't stopped Pfizer's management from wheeling and dealing. Anacor Pharmaceuticals (ANAC) is the diamond of the day up 57% after agreeing to merge with Pfizer (PFE) for $5.2 billion. The deal strengthens Pfizer's inflammation and immunology business. One analyst suggested a second higher bid may surface in the coming days for Anacor. Either way the merger news is music to Anacor shareholders' ears.
Picking a dog today is like fishing for a swordfish with a freshwater lure, it's nearly impossible, but unfortunately one biotech surfaced. Today's dog is Aduro Biotech (ADRO). The stock fell 16% making a new 52 week low after the clinical stage immune-oncology company released disappointing mid-stage trial results. The company was testing re-engineered bacteria to kill pancreatic cancer. The company was hoping to use a combination of CRS-207 drug plus the cancer vaccine GVAX Pancreas to yield a longer survival than other treatments. Patients unfortunately saw a median survival of just 3.8 months less than 5.4 months from using CRS-207 drug alone and the 4.6 months of standard chemotherapy. Disappointing news for shareholders and cancer patients.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.