Pharmaceutical ETFs surge on M&A activity

23-04-2014 Seeking AlphaComments (0)

AllerganAstraZenecaGlaxoSmithKlinePfizerPharmaceuticalValeant Pharmaceuticals

Over the past couple of days there has been news of several multi-billion dollar deals in the pharmaceutical sector.

The big news came on Monday night when it began to leak that Valeant Pharmaceuticals (VRX) was going to make a bid for Allergan (AGN), the maker of Botox. The deal could be worth as much as $47 billion in cash and stock. The share price of both stocks soared on the news.

This weekend there was a rumor that Pfizer (PFE) could make a bid for AstraZeneca (AZN) that would make it one of the largest deals in the sector, upwards of $100 billion. And then there was Novartis (NVS) buying the oncology unit at GlaxoSmithKline (GSK) for over $15 billion.

The flurry of M&A activity has helped the sector rebound from a nasty sell-off that was led by

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