And the winner is Abbvie (ABBV) for $21B!
Pharmacyclics Buzz Is Back
Biotech stocks covered the green screen today, despite a listless general market, driven by deal talk regarding Pharmacyclics (PCYC). Q4 2014 sales of their potential blockbuster drug Imbruvica for chronic lymphocytic leukemia hit $185M and is forecasted to hit the $1B mark in 2015 and $1.8B in 2016.Very few companies can afford a $19B buyout but the long term growth potential is there and Johnson and Johnson (JNJ) is already their partner. The stock is up 5.28% today to $228 just short of its all time high of $231.
Other Rayno Life Science picks are also movers particularly Celldex Therapeutics (CLDX) up 9% to $29. Large caps are more subdued and the FBT is up 1.5% and the more volatile XBI up 1.84%.Another new pick Fibrocell Science (FCSC) is up 9.3% to $5.63.
Healthcare is the only green sector today. The XLV is up 0.35%. The Supreme Court questioned both sides today on the Affordable Care Act subsidies with some hospital stocks up on the news, but a decision is not expected till June.