Why Are These Stocks Shining Bright Today?

Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) has rallied by 10.91% in afternoon trading after the FDA granted Orphan Drug Designation for Resunab, the company’s investigational new drug for the treatment of cystic fibrosis, and also put Resunab in the Fast Track development program. An orphan drug designation provides a seven-year marketing exclusivity period against competition, among other incentives, while a fast track designation expedites the review process for drugs. Resunab is currently in Phase 2 multi-center trials.

Team Health Holdings LLC (NYSE:TMH) is up by 14% in afternoon trading after Amsurg Corp (NASDAQ:AMSG) offered to acquire the company for $11.49 in cash per share and 0.768 AmSurg shares for each TeamHealth share. The offer is worth a cumulative value of $71.47 per Team Health share based on AmSurg’s closing price on Monday. Together, the two companies would have a network of over 1,200 healthcare facilities and around 20,000 clinicians. According to Team Health investor relations, management has rejected the deal, however, stating that the proposal undervalues the company and contains significant risk in its execution as well.

TeamHealth management complained that the offer is the same one that AmSurg put forth previously. Given the rally, investors are expecting a new bid from AmSurg, although there is no guarantee that the merger will ever occur.

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