Halozyme (Nasdaq: HALO) Falls After FDA Demands More Data: Los Angeles Mover

Shawshank, VA 4/16/12 (StreetBeat) -- Halozyme Therapeutics Inc. (Nasdaq: HALO) fell the most in almost eight years after U.S. regulators requested more information on the company’s blood product used to boost weak immune systems, delaying the treatment’s possible approval.

Halozyme plunged 19 percent to $9.08 at 9:33 a.m. New York time, after declining to $8.32 in its biggest intraday drop since June 2004. The San Diego-based company is developing the injection of immune globulin, used to boost patients’ defense against diseases, with Deerfield, Illinois-based Baxter International Inc. (NYSE: BAX).

Halozyme and Baxter said the U.S. Food and Drug Administration asked for more information about the treatment, known as HyQ. The companies will have to do more studies about long-term use of the drug, and said they also expect to go before an outside panel that advises the FDA.

“The companies expect these requests to require additional time to complete and to delay the companies’ anticipated regulatory review and approval timeline,” Halozyme and Baxter said in a statement today.

HyQ is in the third of three stages of testing usually required for approval by U.S. regulators.

Baxter declined 5.2 percent to $55.01.

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Baxter Intl (NYSE: BAX) Plans $325M Acquisition of Synovis (Nasdaq:SYNO)

Tallahassee, FL 12/13/11 (StreetBeat) -- Drug and medical device maker Baxter International Inc. (NYSE:BAX) said Tuesday it plans to buy Synovis Life Technologies Inc. (NASDAQ:SYNO) for about $325 million in deal expected to close in next year's first quarter.

Baxter, based in Deerfield, Ill., said the Synovis board unanimously approved the deal and is recommending that its shareholders also accept the $28 per share offer, a 51 percent premium over Synovis' closing price on Monday,

Synovis, based in St. Paul, Minn., makes medical devices used mostly in soft tissue repair surgical procedures. This includes obesity and vascular surgery and hernia repair. It also makes products used in breast reconstructions and for head, neck and hand procedures. The company also has a new business area focused on orthopedic and wound management products.

Baxter said the Synovis product portfolio is "highly complementary" to its products. Baxter expects to take a hit of about 4 cents per share to 2012 earnings due to costs from the deal. But it said the acquisition will start adding to earnings after 2013.

Baxter said that after adjusting for net cash on the Synovis balance sheet, the deal will cost it about $260 million.

Shares of Synovis approached the offered price in morning trading Tuesday, rising $9.34, or 50.6 percent, to $27.77 while Baxter shares rose 4 cents to $49.80.

Last month, Baxter said it completed its $380 million acquisition of the privately held Baxa Corp., which develops technology that makes the delivery of liquid oral drugs and IV fluids safer and more efficient.

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