Word: biotech
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...University officials are working toward a decision on plans for a second campus on the other side of the Charles. The two main scenarios for the land involve either creating a science campus with possible tie-ins to commercial biotech companies or a cluster of graduate schools, anchored by the law school...
...exactly the sort of thing that should happen around the trough of the market," says Michael Hartnett, head of European equity strategy at Merrill Lynch in London. "If companies see value, then we should see value. It has to be good for sentiment." Some entire sectors, such as biotech (see next story), seem reignited. No, we're not reliving the frothy days of 2000, when there were almost 20,000 mergers and acquisitions valued at $1.5 trillion in Europe alone. But the long, steep decline over the past three years may have bottomed. Deal volume continued to drop slightly...
...Mullen and the biotechnology industry arrived on the scene together by chance in 1980. That year he landed his first job out of college, as a chemical engineer for what is now the U.K.-based pharmaceutical firm GlaxoSmithKline; at about the same time in San Francisco, Genentech, the pioneering biotech firm, sold its first shares to the public. Now Mullen, 44, and the biotech industry are coming of age together - only this time it's no accident. As the ceo of Biogen in Cambridge, Massachusetts, Mullen is helping force the issue with his proposal last month to merge his company...
...biotech is hot again. Since the stock market started to find its footing last July, biotech shares have risen 57%. Another bubble? Not necessarily. Many of the companies have marched steadily closer to bringing products to market. MedImmune's inhalable flu preventive FluMist was approved two weeks ago. In May, Genentech's colon-cancer drug Avastin stunned scientists with its effectiveness in trials and is widely expected to be approved soon. Dozens of other products are in the works. "We're starting to see the fruits of biotech research," says Kenneth Carter, CEO of Avalon Pharmaceuticals, which is working...
...adds up to big changes in an industry prone to speculative excess. Investors still shouldn't touch these stocks outside a mutual fund or without diversifying across at least five companies. Given the sharp run-up this year, Weisbrod's hedge fund has cut its biotech holdings a third, and six top executives at Genentech recently sold $36 million of the stock. The relatively stodgy feel of the Biogen-IDEC deal has still other growth investors running for the hills. It's all part of growing up--and part of Mullen's plan. --With reporting by Eric Roston/Washington and Unmesh...