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Financial News Network
June 15, 2011 AT 12:04 AM
Health care shares are down in mid-day trading along with the broader market. Pfizer Inc. (NYSE:PFE) falls after it gets the green light for its acquisition of a European company.Shares of Pfizer are down after Reuters reported the drug maker received approval from European Union regulators to acquire the consumer health care business from Danish medical services firm Ferrosan. EU regulators said a study of the effect of the merger on the multivitamin market did not reveal any adverse effects on competitiveness in the sector. Meanwhile, BioCryst (NASDAQ:BCRX) is up after media reports said a novel variant of swine flu has emerged in Asia with a genetic adaptation giving some resistance to Roche's Tamiflu and GlaxoSmithKline's (NYSE:GSK) Relenza, the two mainstay drugs used to tackle the disease. However, there was no significant reduction in sensitivity to peramivir, an experimental flu drug from BioCryst.