ARTICLE | Financial News
Biotech stocks rise after Pharmacyclics takeout
March 6, 2015 2:27 AM UTC
The BioCentury 100 rose 185.74 to 7,092.82 on Thursday, driven by gains among oncology and specialty pharma stocks on news of the $21 billion acquisition of Pharmacyclics Inc. (NASDAQ:PCYC) by AbbVie Inc. (NYSE:ABBV). The deal signals pharmas' continued appetite for such companies and willingness to pay premium prices to replenish their pipelines.
Oncology company Puma Biotechnology Inc. (NYSE:PBYI) jumped $36.21 (18%) to $243.17, while gene therapy play bluebird bio Inc. (NASDAQ:BLUE) added $12.11 (12%) to $112.17. ...