Pharmacyclics surges on report of J&J deal

Pharmacyclics Inc. (NASDAQ:PCYC) jumped $6.72 to $237.20 in after-hours trading on Wednesday as rumors intensified that Johnson & Johnson (NYSE:JNJ) has agreed to buy the cancer drug developer.

Pharmacyclics gained $13.71 to $230.48 in regular trading on Wednesday and ended the day with a market cap of $17.5 billion. The company has gained $3.2 billion (22%) in market cap since Feb. 24, before rumors circulated that a deal worth about $18 billion was near (see BioCentury Extra, Feb. 26). ...