Word: novuspharma
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...biotech industry, which is viewed even more nervously by investors, is already being cherry-picked by more confident and cash-rich U.S. companies. In May, Chiron bought out the U.K. vaccine company PowderJect for $886 million. And in June, Seattle-based Cell Therapeutics announced a deal to take over Novuspharma of Milan - Italy's last publicly-traded biotech company - for about $235 million in stock. Even this month's $80 million takeover of U.K. rival Vernalis by British Biotech - a onetime industry star brought low by product failures - only amounts to a merger of lossmakers in a market that right...
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