Biotech Is Hot Sparked By Biotech M&A Deals For Juno And Bioverativ
XBI is up 5% to a breakout level, IBB up 2.88% as of 2P trading.
bluebird bio (BLUE) another CAR-T leader soars over 12%.
Broad rally with green screen especially with small caps.
Sanofi (SNY) will acquire Bioverativ (BIVV) for $11.6B in a cash and debt deal which will be accretive for Sanofi. Bioverativ was a spin-out from Biogen (BIIB) just a year ago and strengthens the Sanofi position in rare diseases and haemophilia with revenues in the $1.1B range.
Celgene (CELG) will pay $9B for Juno Therapeutics (JUNO) a major CAR-T player with an oncology pipeline utilizing cellular immunotherapy with potential 2019 sales of $3B.
