BioMarin (BMRN) Higher as Takeover Chatter Swirls
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Shares of BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) are seeing pre-open action Tuesday following reports overseas that GlaxoSmithKline plc (NYSE: GSK) could be eying a takeover of the company.
The news comes as GlaxoSmithKline is currently pursuing a hostile deal to acquire Human Genome Sciences (Nasdaq: HGSI), which has rejected GSK's $13 per share bid.
GSK is not the only one interested in BioMarin however. Last week it was reported that Shire plc (Nasdaq: SHPGY) was also stalking the company.
The reports, while very speculative in nature, have traders snapping up shares of BioMarin. They may believe where there's smoke there's fire. Shares are up nearly 7 percent in pre-open trading to $38.
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The news comes as GlaxoSmithKline is currently pursuing a hostile deal to acquire Human Genome Sciences (Nasdaq: HGSI), which has rejected GSK's $13 per share bid.
GSK is not the only one interested in BioMarin however. Last week it was reported that Shire plc (Nasdaq: SHPGY) was also stalking the company.
The reports, while very speculative in nature, have traders snapping up shares of BioMarin. They may believe where there's smoke there's fire. Shares are up nearly 7 percent in pre-open trading to $38.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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