Bullish Biotech Stocks in News: AbbVie, Gilead Sciences Inc & Celgene Corp

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AbbVie’s (ABBV) efforts to acquire Ireland-based Shire (SHPG) remains the top news in the biotech market segment. Meanwhile, Gilead Sciences Inc’s (GILD) hepatitis C drug made it to the news yet again thanks to its price tag. Also making it to the news is Clegene Corp. Let’s take a closer look at the three stocks.

AbbVie, which has been looking to acquire Shire for a while now, came back with a fourth proposal last week. This time around, it looks like a deal can materialize with Shire indicating its willingness to recommend the offer to its shareholders provided certain other terms are resolved.

If the acquisition goes through, AbbVie will join a string of U.S. health care companies that have been looking towards overseas acquisitions to lower their tax rates.

Gilead Sciences Inc & Celgene Corp

Gilead’s HCV treatment, Sovaldi, was back in the news as once again questions regarding its hefty price tag were raised. The last time questions were raised about Sovaldi’s pricing, the biotech sector went through a major sell-off. The U.S. Senate has asked Gilead to provide it with information on Sovaldi as well as the Pharmasset acquisition. Sovaldi became a part of Gilead’s portfolio following its acquisition of Pharmasset.

Celgene’s Otezla failed to meet the primary endpoint in a phase III study evaluating the drug for the treatment of ankylosing spondylitis. Although disappointing, shares were not affected as expectations for this indication were already low. Otezla is currently approved for the treatment of active psoriatic arthritis.

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While nothing specific is lined up, stay tuned for the usual pipeline and regulatory updates. Moreover, with AbbVie upping its offer for Shire, these two companies will remain in the news as investors mull the renewed offer. Earnings updates should also start trickling in over the next few days.

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