Professional punters on both sides of the Atlantic are still hooked on drugs. As artificial hips and knees maker Smith & Nephew crawled 11p higher to 1142p on prevailing hopes US rival Stryker could yet launch a £15-a-share cash offer, nosey buyers were sniffing around US biotech company Insmed amid rumours several major pharma groups have it at the top of their shopping list.
Shares in the New Jersey-based company traded $0.27 higher at $18.69 in early trade yesterday on talk of a possible cash offer north of $40 a share. Roche, Merck and the UK’s AstraZeneca, 8p off at 4423.5p, were all tipped as being interested and each one could buy Insmed with loose change.
Bid speculation intensified this week when Insmed shares experienced unusually high volume in one hectic session. More than 650,000 shares changed hands against a normal daily average of 400,000. It led leaders to surmise that a predator could be stakebuilding before launching a knock-out bid.
Read more: http://www.thisismoney.co.uk/money/markets/article-2979926/MARKET-REPORT-Footsie-climbs-professional-punters-sides-Atlantic-eye-pharma-opportunities.html#ixzz3TSYaaP64
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