BioMarin rises on takeout rumors

Rare disease company BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) jumped $13.23 (11%) to $128.78 on Friday, ending the day with a market cap of $20.5 billion, amid rumors that Shire plc (LSE:SHP; NASDAQ:SHPG) has approached it with a takeout bid. Both companies declined to comment.

Shire CEO Flemming Ornskov said last month that the company remains well-positioned to do additional M&A deals after its $5.2 billion acquisition of NPS Pharmaceuticals Inc. (see BioCentury Extra, Feb. 12). ...