Everybody up

Biotech stocks were off to a strong start in 1Q19, with 71% of companies tracked by BioCentury seeing market cap growth in the quarter. Across all market cap bands, biotechs saw a median gain of 15%, leading to a net gain of $183.5 billion.

Large caps valued at $10 billion or more posted a median increase of 6%. Celgene Corp. was the top performer, adding 47% to $66.1 billion on word Bristol-Myers Squibb Co. would acquire the company for about $74 billion in cash and stock, plus a tradeable contingent value right (CVR) worth up to $6.3 billion if FDA approves three Celgene products by specified deadlines (see “Bristol-Myers’ Next Phoenix Act?”). ...