NEW YORK, NY / ACCESSWIRE / December 13, 2018 / Biotech stocks Milestone Scientific and Bausch Health Companies soared on Wednesday. Milestone Scientific saw big gains of over 20% on no specific news while Bausch Health Companies closed up almost 5% on news that it has entered into a definitive agreement to acquire certain assets of biopharmaceutical company Synergy Pharmaceuticals Inc.
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Milestone Scientific, Inc.
Bausch Health Companies Inc.
Milestone Scientific, Inc. shares closed up 22.73% on about 3.6 million shares traded on Wednesday. Average trading volume for the stock is only around 16,000 shares traded. There was no news from the company to explain the unusual movement. It was last month that the company announced that Dr. Glassman, Chief Dental Officer for Dental Corp., and Dr. Eugene Casagrande, Director of International & Professional Relations, presented The Wand computer assisted anesthesia system and provided a hands-on demonstration at the Endodontics Solutions Program, in Toronto, Canada. Dr. Casagrande also presented The Wand STA at a forum hosted by the University of Florida College of Dentistry in October. Attendees at both events were provided the opportunity to work with The Wand and simulate various injection techniques. Dr. Casagrande stated, “We received positive feedback to the recent presentations and hands-on demonstrations featuring The Wand, which reinforces our confidence in the market potential for The Wand. These seminars and presentations are part of our continued outreach efforts, focused on both current and next generation dentists. When trained in the use of The Wand, younger dentists and dental students have the potential to become lifetime users and advocates of the technology.”
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Bausch Health Companies Inc. shares closed up 4.55% on nearly 6 million shares traded yesterday. The company announced that it has entered into a definitive agreement to acquire certain assets of biopharmaceutical company Synergy Pharmaceuticals Inc. The transaction is valued at approximately $200 million plus certain assumed liabilities. Synergy Pharmaceuticals Inc. is focused on the development and commercialization of novel gastrointestinal (GI) therapies. "The acquisition of the assets of Synergy will enhance our Salix Pharmaceuticals business. We believe TRULANCE is a natural complement to XIFAXAN® (rifaximin), and with the scale and strength of our sales footprint in GI and primary care, our Salix team will be able to offer physicians and patients multiple treatment options that span the types of irritable bowel syndrome. Furthermore, adding Synergy's investigational dolcanatide to our pipeline will provide an incremental peptide with established proof-of-concept studies in multiple GI conditions," said Joseph C. Papa, chairman and CEO, Bausch Health. He added, "As part of our transformation strategy, we will continue to seek strategic bolt-on opportunities that we believe will help drive long-term growth in our core businesses and for the Company."
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