Up, up and acquired

For the first time since 1Q14, none of the biotech market cap segments fell. While the $200-$499 million tier treaded water, all other segments finished in the black, led by the $1-$4.9 billion segment.

Large caps were up 8.3%, led by two acquisition targets. Pharmacyclics Inc., top in the tier, had already gained 89% in the quarter on revenues, an expanded label and positive data for cancer drug Imbruvica ibrutinib before AbbVie Inc. announced it would acquire the biotech for $21 billion. The deal pushed Pharmacyclics up 110% for the quarter. ...