Sector Wrap: Pharmaceuticals, Technology, Energy
Thursday, September 9, 5:13 PM ET

In the pharmaceutical sector, Bristol-Myers Squibb (NYSE:BMY) said it has agreed to acquire Zymogenetics (NASDAQ:ZGEN) for $9.75 per share in cash, or a total of $885 million.

Net of cash acquired, the total is $735 million.

The boards of both companies have approved the deal, and shareholders with 37% of ZymoGenetics stock have already agreed to the tender offer

Bristol-Myers Squibb said the acquisition will strengthen its Hepatitis C portfolio, and also brings expertise with therapeutic proteins and revenue from a marketed specialty surgery biologic.

In the technology sector, Ciena (NASDAQ:CIEN) posted a wider loss for its fiscal third quarter of $109.9 million, or $1.18 per share, compared to a loss of $26.5 million, or $0.29 per share, in the same quarter last year.

The communication networks company’s adjusted loss, at $0.09 per share, was narrower than analysts anticipated.

Revenue jumped to $389.7 million, from $164.8 million last year.

Also in the technology sector, Oracle (NASDAQ:ORCL) has hired former HP (NYSE:HPQ) CEO Mark Hurd as President.

Hurd left HP earlier in the summer after alleged misconduct.

Hurd will report to Oracle CEO Larry Ellison, who said in the company’s announcement that Hurd did a brilliant job at HP, and he’ll do even better at Oracle.

In the energy sector, propane and natural gas marketer and distributor Inergy (NYSE:NRGY) said today it has agreed to buy Tres Palacios Gas Storage for $725 million.

Inergy will also pay for reimbursement of certain capital expenditures.

Inergy said the acquisition adds to its portfolio with an additional platform for growth.

Also in the energy sector, BP (NYSE:BP) published a report on Wednesday outlining the causes of the oil rig explosion last April, and subsequent leak in the Gulf of Mexico.

BP’s departing CEO, Tony Hayward, said that a series of events, rather than one mistake, let to the disaster, and that multiple parties, including his company, Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) were to blame.

BP leased the rig from Transocean, and Halliburton was a contractor for some of the activities on the rig.

Several government organizations are also investigating the accident, and a blowout preventer that failed to stop the oil leak has just been recovered, and could yield new information.