BioCentury
ARTICLE | Finance

Ebb & Flow

December 24, 2001 8:00 AM UTC

As the industry metabolizes the third multi-billion dollar M&A deal in the past two weeks, investors bid up other life science assets on speculation that the buying spree would continue.

The buying started on Monday, when Amgen (AMGN) confirmed that it would buy Immunex (IMNX), and continued through the week. The buying sent the BioCentury 100 up 3% - a solid effort given that it was a less than stellar week for high tech, with the NASDAQ Composite falling 0.4%. Particularly heavy grazing took place in the product company space, given that the last three takeouts - IMNX, Cor (CORR) and Aviron (AVIR) - were traditional product plays. ...