Drug maker Shire has announced it will buy ViroPharma for $4.2 billion. This comes on the heels of Amgen's $10.4 billion offer for Onyx Pharmaceuticals in August and Perrigo's acquisition of Elan Corp. in July for $8.6 billion. Those are just a few of the dozens of pharma deals this year that have enriched shareholders. The good news? This is only the beginning.
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At $10.4 billion dollars, biotech giant Amgen's acquisition of Onyx is the fifth-largest biotech deal in history - and definitely won't be the last. This deal is a perfect illustration of why there’s so much money being made in biotech...
The markets had hoped for something more out of the two-day FOMC meeting and responded negatively to the stimulus.
Also impacting the markets today are a number of weak economic reports including disappointing manufacturing indicators from overseas.
Europe's PMI index, based on a survey of purchasing managers in both the services and manufacturing industries, held steady at 46 which is near a three-year low. A measure of specifically euro-region manufacturing fell to 44.8 from 45.1 - another three-year low - in May, London-based Markit Economics said today in an initial estimate.
Both of those gauges were dragged down by a decrease in Germany's manufacturing output.
China also reported a preliminary PMI index, which if correct at 48.1 would be its lowest level in seven months. PMI levels below 50 indicate contraction.
In the U.S. existing home sales fell 1.5% in May, weekly initial unemployment claims remained depressingly high at 387,000 and the Fed's Philadelphia economic index fell to negative 16.6 in June, its lowest level since August.
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