Biotech falls, broader markets flat
The BioCentury 100 Index fell 257.11 points, or 4.5%, to 5,412.73 on Friday, while the broader markets remained relatively even. The day's big decliners included Biogen Idec Inc. (NASDAQ:BIIB), which fell $28.51 (8%) to $318.53 on the day, and Gilead Sciences Inc. (NASDAQ:GILD), which fell $3.46 (4%) to $72.07. Biogen Idec's move translates to a market cap loss of about $6.7 billion, while Gilead's market cap lost about $5.3 billion. On Thursday, Democratic members of the U.S. House of Representatives Energy and Commerce Committee requested information on pricing methodology for Gilead's newly launched HCV drug Sovaldi sofosbuvir. The wholesale acquisition cost (WAC) of a 12-week course of Sovaldi is $84,000 (see BioCentury Extra, March 20).
Other biotech indices also took a hit on Friday. The NASDAQ Biotechnology index fell 4.4% and the NYSE Arca Biotechnology index fell 3.9%. The NYSE Arca Pharmaceutical index was off 0.7% on Friday. ...