Big winners were few and far between last quarter, as most biopharma share prices either drifted downward on the mood of the market or fell hard on bad news.

An exception was a trio of specialty pharmas that announced M&A deals in the last quarter. Abraxis BioScience Inc. gained 42% on the disclosure of its $2.9 billion acquisition by Celgene Corp., while Biovail Corp. and Valeant Pharmaceuticals International added 15% and 22%, respectively, on their merger announcement.