Stockwatch: Is Biotech Investing A State Of Mind?
The American Society for Clinical Oncology (ASCO) conference that has just opened in Chicago is traditionally thought of as one of the key catalysts of the year for biotechnology and pharmaceutical companies. The stock prices of companies presenting their latest data usually run up in anticipation of ASCO and subsequently sell off after the conference. While this is now expected by investors, this year may be different.
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Jazz has added to its oncology portfolio through a $1.5bn purchase of Celator Pharmaceuticals – developer of acute myeloid leukemia drug, Vyxeos (cytarabine/daunorubicin liposome injection).
As part of its strategy to offset the coming Humira patent cliff, AbbVie Inc. is looking to oncology as a "significant pillar of growth" going forward, a gambit CEO Richard Gonzalez says will benefit greatly from both the pipeline candidates and the solid tumor R&D engine his company will obtain in the $5.8bn purchase of Stemcentrx announced April 28.
Jazz Pharmaceuticals PLC will increase its international presence and diversify its specialty pharma portfolio with the $700 million purchase of EUSA Pharma.