Who's Next?

The biotech M&A is alive and kicking. Celgene (Ticker: CELG) just announced the acquisition of Pharmion (Ticker: PHRM) for $3 billion or $72 per share, which is a 46% premium to its stock price. This is an excellent acquisition for Celgene although a bit pricey. Now who’s the next to go? Biogen Idec (Ticker: BIIB) of course, but Genzyme (Ticker: GENZ) and Amgen (Ticker: AMGN) have been mentioned frequently. Genzyme’s chart looks great even without talk of a deal. The stock bounced nicely off its 50 day moving average and should break into new highs. Amgen is a lot to swallow, but it’s still possible.