Thursday, September 16, 2010

Day Trader's Alert: BCRX, INCY, CLU

Shares of BioCryst Pharmaceuticals, Inc. (NasdaqGM: BCRX) surged as much as 3% after it announced today positive top-line results from its randomized, double-blind, multi-center, placebo-controlled Phase 2 study designed to evaluate the urate-lowering activity and safety of several doses of BCX4208 alone and in combination with selected doses of  allopurinol administered once-daily. 

Shares of Incyte Corporation (NASDAQ: INCY) soared as much as 2% after it said that the results from a Phase I/II study of Incyte's janus kinase (JAK) inhibitor with the investigational name INCB18424 (also known as INCB018424 and INC424) were published today in The New England Journal of Medicine, demonstrating marked and durable clinical benefits in patients with myelofibrosis. Incyte retained rights for the development and potential commercialization of INCB18424 in the US and out-licensed the compound to Novartis for development and potential commercialization outside the US.

Cellu Tissue Holdings, Inc.(NYSE: CLU) jumped more than 49% after it agreed to be bought by Clearwater Paper (NYSE: CLW) for approximately $502 million, including equity value of approximately $247 million and net debt of approximately $255 million. Clearwater Paper will pay $12.00 per share in cash for Cellu Tissue's outstanding common stock and intends to fund the acquisition using a combination of existing cash on hand and $350 million of debt financing. Clearwater Paper has secured a financing commitment for the transaction from BofA Merrill Lynch.

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