Stock Watch: Neoforma Gains, Eclipsys Falls as Merger Falters, Inc. (Nasdaq: NEOF) rose 23/32 to 9 7/8 Tuesday, while Eclipsys Corp. (Nasdaq: ECLP) fell 1 1/4 to 12 after Neoforma said it is in talks with Eclipsys and a related company, HealthVision, Inc., about ending its planned acquisition of the two companies.

Neoforma shares have lost more than two-thirds of their value since March 30th, when the company, which provides business-to-business (B2B) e-commerce services to medical equipment companies, agreed to acquire the businesses for stock worth about $4.2 billion at the time. Software maker Eclipsys, which was trading near $30 before the merger plan was announced, is now trading at half that price. HealthVision, an Internet healthcare company, is not publicly traded.

Many analysts had questioned the logic behind the Eclipsys-HealthVision merger, which they said would slow Neoforma’s growth and dilute the value of the shares. “They were going to issue a lot of stock,” said Josh Fisher of W.R. Hambrecht & Co.

In a related development, the Santa Clara, California-based Neoforma said it is also talking to VHA, Inc. and University HealthSystem Consortium, the national healthcare alliances that own Novation LLC, about “modifications to the structure and terms” of financing agreements. Neoforma has an exclusive contract with Novation to provide e-commerce services to healthcare organizations participating in Novation’s purchasing programs. Novation has a close relationship with Eclipsys.

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