EUROPEAN: bourses put in mixed performances in what was a volatile week, impacted by the continued subprime mortgage worries in the USA. In FRANKFURT, Bayer jumped 5.8% on August 8, after posting strong second-quarter results (Marketletter August 13), but then drifted off for a weekly gain of just 0.6%. There, Evotech gained 7.9% ahead of results, while Stada dipped 0.8%, despite posting strong figures (see page 7). PARIS saw Sanofi-Aventis underperform the market, with a fall of 1%%, while bioMerieux advanced 2.1%. On the AMSTERDAM market, Crucell leapt 8.4% ahead of reporting results, while Akzo Nobel was down 1.4%, despite rising 2.4% on the last trading day, on the news that the UK's chemical and paints group ICI had accepted an increased takeover offer of 679 pence a share - or L8.1 billion ($16.3 billion), compared with its previously-rejected bid of 600 pence a share (Marketletter June 25) and further confirming the Dutch company's move out of pharmaceuticals following the sale of its Organon human health care unit to US drug major Schering-Plough.
LONDON: share prices had a roller-coaster ride, with the FTSE 100 ending up 0.5%. Of the drug majors, AstraZenca sustained a 6% fall, following a downgrade from analysts at Morgan Stanley, citing the firm's reduced share buyback plan and a $1.6 billion restructuring program charge. GlaxoSmithKline managed a 0.4% rise. The best showing came from Ireland-based Elan, which leapt 12.1% on the week, helped by the news that its multiple sclerosis drug Tysabri (natalizumab) had been recommend for approval for the additional indication of Crohn's disease in the USA (Marketletter August 6).
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Stock Commentary - Europe - week to Aug 13, 2007
EUROPEAN: bourses put in mixed performances in what was a volatile week, impacted by the continued subprime mortgage worries in the USA. In FRANKFURT, Bayer jumped 5.8% on August 8, after posting strong second-quarter results (Marketletter August 13), but then drifted off for a weekly gain of just 0.6%. There, Evotech gained 7.9% ahead of results, while Stada dipped 0.8%, despite posting strong figures (see page 7). PARIS saw Sanofi-Aventis underperform the market, with a fall of 1%%, while bioMerieux advanced 2.1%. On the AMSTERDAM market, Crucell leapt 8.4% ahead of reporting results, while Akzo Nobel was down 1.4%, despite rising 2.4% on the last trading day, on the news that the UK's chemical and paints group ICI had accepted an increased takeover offer of 679 pence a share - or L8.1 billion ($16.3 billion), compared with its previously-rejected bid of 600 pence a share (Marketletter June 25) and further confirming the Dutch company's move out of pharmaceuticals following the sale of its Organon human health care unit to US drug major Schering-Plough.
LONDON: share prices had a roller-coaster ride, with the FTSE 100 ending up 0.5%. Of the drug majors, AstraZenca sustained a 6% fall, following a downgrade from analysts at Morgan Stanley, citing the firm's reduced share buyback plan and a $1.6 billion restructuring program charge. GlaxoSmithKline managed a 0.4% rise. The best showing came from Ireland-based Elan, which leapt 12.1% on the week, helped by the news that its multiple sclerosis drug Tysabri (natalizumab) had been recommend for approval for the additional indication of Crohn's disease in the USA (Marketletter August 6).
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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