The world’s top drugmakers are awash with cash and biotech investors are hoping more of that money finds its way to them.
The SPDR S&P Biotech ETF (XBI) rose 0.8% on Monday after Pfizer Inc.’s $6.7 billion deal for Arena Pharmaceuticals Inc. at a 100% premium to Friday’s close. Also pushing the exchange traded fund higher is Eli Lilly & Co.’s $380 million cancer drug pact with Foghorn Therapeutics Inc.
