EUROPEAN: bourses mainly went into reverse during the reporting period to January 12, after a strong start to the new year. Drug majors' stocks largely outperformed their domestic markets, and Fortis strategist Philippe Gijsels, reported by the Wall Street Journal, said "pharmaceuticals are one of my favorite sectors this year. Companies with very strong balance sheets, not much debt and strong cash-flow generation will come out of this crisis as the winners." There were some dramatic increases caused by takeover news and speculation, including that of Fidia in MILAN, which rocketed 73% on news that its merger with Simav and Sitra had been booked in the Trade Register. AMSTERDAM saw Crucell leap 49.3%, after it confirmed a takeover approach from US drug major Wyeth (Marketletter January 5 & 12), that led to speculation of other bidders coming on the scene. Bayer in FRANKFURT and Sanofi-Aventis on the PARIS bourse put in good showings over the week, rising 2.8% and 3.4%, against market declines of 5.3% and 3.4%, respectively.
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Stock Commentary - Europe - week to Jan 19, 2009
EUROPEAN: bourses mainly went into reverse during the reporting period to January 12, after a strong start to the new year. Drug majors' stocks largely outperformed their domestic markets, and Fortis strategist Philippe Gijsels, reported by the Wall Street Journal, said "pharmaceuticals are one of my favorite sectors this year. Companies with very strong balance sheets, not much debt and strong cash-flow generation will come out of this crisis as the winners." There were some dramatic increases caused by takeover news and speculation, including that of Fidia in MILAN, which rocketed 73% on news that its merger with Simav and Sitra had been booked in the Trade Register. AMSTERDAM saw Crucell leap 49.3%, after it confirmed a takeover approach from US drug major Wyeth (Marketletter January 5 & 12), that led to speculation of other bidders coming on the scene. Bayer in FRANKFURT and Sanofi-Aventis on the PARIS bourse put in good showings over the week, rising 2.8% and 3.4%, against market declines of 5.3% and 3.4%, respectively.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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