Biotech Trumps pharma

While the NYSE Arca Pharmaceutical Index gained a hearty 4% since the election thanks to investor assumptions that President-elect Donald Trump and a Republican Congress won’t wage war on drug pricing, biotech indices have gained more than twice as much on the expectation that repatriation of pharma cash will trigger a tsunami of M&A.

The NASDAQ Biotechnology Index (NBI) has jumped 10% since the election, while the BioCentury 100 and NYSE Arca Biotechnology Index (BTK) have each gained 11%...