Health care stocks were moderately higher in early-afternoon trade, with the NYSE Health Care Index rising about 0.4% while shares of health care companies in the S&P 500 were up about 0.4% as a group.
In company news, Amicus Therapeutics (FOLD) slumped Thursday after the specialty drugmaker focused on treating rare or orphan diseases proposed a $225 million private placement of convertible senior notes due 2023.
Financial terms of the offering – including the interest yield and the conversion rate for changing the notes into cash or common stock – have not yet been determined. Amicus also said when it prices the upcoming offering, it expects to enter into privately negotiated capped call transactions with one or more financial institutions to reduce potential dilution of existing shareholders and offset the cash payments for Amicus if the notes are converted.
By BDL Contributor