Healthcare Stocks: MEDTOX Soars Over 35% (MTOX, GALE, UHS, DNDN, BMY)

Healthcare Stocks: MEDTOX Soars Over 35% (MTOX, GALE, UHS, DNDN, BMY)

MEDTOX Scientific Inc (NASDAQ:MTOX) jumped up 35.35% to $26.70. Laboratory Corporation of America and MEDTOX Scientific Inc have entered into a definitive merger agreement. LabCorp would acquire all the shares of MEDTOX for a purchase price of $27.00 per share in cash. The total deal value will be $241,000,000. The transaction is expected to close in the third quarter of 2012.

Galena Biopharma Inc (NASDAQ:GALE) is one of the top percentage gainer and surged up 10.85% to $1.43 in the early trading hours. The Company presented data from the Phase 1/2 clinical trial of NeuVax(TM) (E75) at the American Society of Clinical Oncology 2012 Annual Meeting being held June 1-5, 2012 in Chicago.

Universal Health Services Inc (NYSE:UHS) is one of the top gainers in the morning session. The stock increased 3.57% to $38.63. UHS will acquire Ascend Health Corporation for $500 million in cash. The total transaction consideration is approximately $517 million including the assumption of $17 million in Ascend net debt. The Company expects to complete the transaction in the fourth quarter of 2012. The acquisition of Ascend is a strategic transaction that enhances industry-leading presence in the behavioural health care services sector.

Dendreon Corporation (NASDAQ:DNDN) plunged 5.92% to $6.36 on a traded volume of 5.11 million shares. The stock is down after the news of Johnson & Johnson said that its Zytiga prostate treatment significantly improved survival rates in certain prostate cancer patients.

Roth Capital lowered the price target to $6.70 from $12 and Wedbush reduced its price estimate to $4 from $5.

Bristol Myers Squibb Co (NYSE:BMY) moved up 0.69% to $33.56.The total traded quantity in the early trading hours is 5.08 million shares. AstraZeneca PLC and Bristol-Myers Squibb Co have submitted initial bids for Amylin Pharmaceuticals Inc. Amylin Pharmaceuticals Inc is a diabetes drug maker that is exploring a sale. It is expected to seek second round bids in the next several weeks. All the parties made offer of at least $25 per share, valuing Amylin at more than $4 billion.