BioCentury
ARTICLE | Finance

Merger mania

Why a scuttled mega-merger is driving biotech indices

April 11, 2016 7:00 AM UTC

The unraveling of the merger between Pfizer Inc. (NYSE:PFE) and Allergan plc (NYSE:AGN) has some generalist investors betting bid prices will get more competitive as the two giants hunt for assets.

April 6 was the first day investors could react to news that Pfizer and Allergan scuttled their planned combination. The scramble to get a piece of the next juicy M&A target resulted in the BioCentury 100 index surging 6.3% on that day, with gainers outnumbering decliners 99-1. ...