Ebb & Flow

One mega biotech merger edged closer to completion last week, while the other remained opaque. Still, both ImClone (NASDAQ:IMCL) and Genentech (NYSE:DNA) continued to trade at a discount to their respective offer prices of $70 and $89, reflecting a high level of investor skepticism in the current environment.

ImClone finished the week up $2.66 to $67.66, while Genentech gained $10.53 (14%) to $83.53...