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Drug stocks edge higher; Alpharma soars on King bid

BOSTON (MarketWatch) — Drug stocks edged higher early Friday as shares of Alpharma Inc. soared on news that King Pharmaceuticals has offered $1.4 billion in cash for the specialty drugmaker. The Amex Pharmaceutical Index and the Amex Biotechnology Index were both up 0.5% at 311.5 and 850.1, respectively. Alpharma shares rocketed 42% to $34.15. Early Friday, King said it has offered $33 a share in cash for Alpharma, but added that Alpharma’s board has rejected the offer.
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Original post by Forextvblog

This entry was posted on Friday, August 22nd, 2008 at 7:50 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.