The initial public offering of Eli Lilly Co's animal health unit, Elanco, was priced above the expected range at $24 per share on Wednesday, giving the company a market capitalization of $8.55 billion.
(This version of the August 16th story corrects to change drug price in headline, first bullet, paragraphs 1 and 3 after company corrects it to $16,970 from $15,970)
Biotechnology company Aridis Pharmaceuticals Inc rose as much as 5.4 percent to $13.70 in its U.S. market debut on Tuesday, joining a host of other small-cap biotechs that have gone public this year.
The U.S. Food and Drug Administration declined to approve Pain Therapeutics Inc's abuse-deterrent opioid treatment Remoxy for the fourth time, sending the company's shares down 35 percent to a record low.
Merck & Co beat quarterly profit estimates on Friday as sales of its blockbuster drug Keytruda overtook rival Bristol-Myers Squibb's Opdivo, but that was not enough for investors who expected bigger gains in market share for the cancer therapy.
Drugmaker Allergan Plc raised its yearly earnings forecast on Thursday thanks to rising sales of mainstay product Botox, and said it did not expect to increase drug prices this year.
U.S. hospital operator HCA Healthcare Inc raised its full-year earnings forecast as higher-than-expected patient admissions lifted second-quarter profit by 25 percent, sending its shares up 7 percent.
Biogen Inc reported far better-than-expected second quarter profit on Tuesday, driven by strong demand of its Spinraza muscle disease treatment, and the U.S. biotech company raised its full-year profit forecast.
Danaher Corp said on Thursday it would spin off its dental unit into a publicly traded company, as the medical equipment maker seeks to revitalize a struggling business.
An experimental osteoarthritis drug developed by Pfizer Inc and Eli Lilly and Co achieved its main goal of lowering pain in a late stage trial, the companies said on Wednesday, potentially offering a safer alternative to opioids.