Biotech ETFs, which saw tremendous gains earlier this week on news that Human Genome Science Inc.’s (HGSI) lupus drug had passed a key clinical trial hurdle, were big winners again on Thursday. The driver this time: news that antibody technology specialist Medarex had agreed to be acquired by Bristol-Myers Squibb Co. at close to a 90% premium. While funds with significant holdings in Medarex were the biggest winners, healthcare and biotech ETFs were up across the board, as the acquisition sparked hopes of a wave of M&A activity in the industry, with other pharmaceutical and biotech companies, such as Alexion, Allos, and AMAG, as potential takeover targets. Among the biggest ETF winners on Thursday: [click to continue…]
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