BioCentury
ARTICLE | Finance

Centocor coattails

May 10, 1999 7:00 AM UTC

The persistent rumors about a possible takeout of Centocor (CNTO) by Johnson & Johnson prodded investors to lift the valuations of other independent large-cap biotech companies. Of the 17 companies tracked by BioCentury valued over $1 billion, 10 gained on the week, with five up more than 10 percent (see chart below). After getting as high as $49.30 on Tuesday, CNTO closed Friday at $47.25, up $2.875 on a heavy week of trading.

The table excludes Agouron (AGPH), which is beng acquired by Warner-Lambert, and Genentech (GNE), Immunex (IMNX) and Chiron (CHIR), all of which are more than 49 percent owned by a pharmaceutical company)...