Biogen Idec shares rise on market speculation over potential biotech buyout targets
By APMonday, July 26, 2010
Biogen shares rise on biotech buyout speculation
NEW YORK — Shares of Biogen Idec Inc. rose Monday on speculation that pharmaceutical companies may start buying up some of the larger biotechnology players.
THE SPARK: A Wall Street Journal blogger wrote that Biogen may make an attractive buyout target after talk that Genzyme Corp. might be in the crosshairs of Sanofi-Aventis. There was also chatter about GlaxoSmithKline making a play for Genzyme.
THE BIG PICTURE: An acquisition by Sanofi-Aventis of a biotechnology company could signal the beginning of a buying spree by other drugmakers.
SHARE ACTION: Up $2.94, or 5.5 percent, to $56.41 in morning trading. The stock has traded between $41.75 and $60.28 over the last 52 weeks.
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