Analysts Offer Insights on Healthcare Companies: Merck & Company (MRK), Envista Holdings (NVST) and Ultragenyx Pharmaceutical (RARE)

Ultragenyx Pharmaceutical (NASDAQ: RARE) agreed to sell a rare pediatric disease priority review voucher for $210M, nearly half its cash reserves. The deal, subject to regulatory approval, follows the FDA's August approval of its Genglycos gene therapy. Shares rose 2.97% on the news. Ultragenyx plans to use proceeds to advance rare disease therapies and support profitability. The price is within the range of recent voucher transactions, such as Rocket Pharmaceuticals' $180M deal.

Ultragenyx Pharmaceutical (RARE) announced that the European Medicines Agency (EMA) has validated its Marketing Authorisation Application for rebisufligene etisparvovec, a gene therapy for Sanfilippo syndrome Type A. This validation confirms the filing is complete for review but does not guarantee approval. The company reported a US$115 million loss in Q2 2025 and has a cash runway of less than one year.

A Dutch court ruled in favor of Halozyme Therapeutics, ordering Merck & Co. to halt sales of injectable Keytruda in eight European markets. The court found Merck infringed Halozyme's patent for a rapid drug delivery technology. Merck disputes the ruling and is reviewing its options. Keytruda SC is crucial for Merck's growth as patents on its original version expire later this decade.

Halozyme won a Dutch court order against Merck, halting the sale and production of Keytruda SC in eight European markets. The ruling found Merck infringed Halozyme's patent for under-the-skin drug delivery. Merck plans to evaluate next steps and disputes the decision. Halozyme has also sued Merck in the U.S. and Germany.

Tempus Inc. (TEM) expanded its collaboration with Moderna (MRNA) and Merck (MRK) to support the development of a cancer vaccine. Tempus will manage sample collection and provide NGS services. The company also partnered with Bristol Myers Squibb (BMY) to improve clinical trial design. Additionally, Tempus acquired Personalis (PSNL) for $1.5 billion to enhance cancer monitoring. TEM shares were down 1.94% to $70.58 at the time of publication.

Ultragenyx Pharmaceutical (RARE) shares rose 3.2% after agreeing to sell a Rare Pediatric Disease Priority Review Voucher for $210M, awarded following FDA approval of GENGLYCOS for glycogen storage disease. The company plans to use proceeds to support rare disease therapy development and advance profitability, according to Ultragenyx.