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This post was written by Minyanville Contributor Steve Smith.
Pharmaceuticals have been alive and merging. The most recent deal is this morning's news that Gilead (NASDAQ:GILD) wants CV Therapeutics (NASDAQ:CVTX), which comes on the heals Roche's purchase of Genentech(NYSE:DNA) and Merck's (NYSE:MRK) proposed merger with Schering Plough(NYSE:SGP).
This activity has put a bid under the sector as people not only trying to guess who's next but also these three deals will mean that about $70-100 billion will need to be reallocated by funds that track the pharma/biotech sectors.
Some names benefiting from spillover buying are Celgene(NASDAQ:CELG)whose stock is up over $4 or 10%. CELG has also seen robust option activity with the focus in the April $45 and $50 calls. Biogen Idec(NYSE:BIIB) shares are up 4% to $48 and seeing above average activity in its March and April $50 calls.
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