The COLY buyout dispels two longstanding biotech canards: Canard #1 Big Pharma won’t pay a large premium to the market price of a small biotech company. Fact: PFE is paying a 167% premium to COLY’s closing price yesterday (i.e. the buyout price is 267% of yesterday’s close). Canard #2 News of a biotech buyout always leaks. Fact: There was no leakage in this case (see chart below). <img src=http://ih.advfn.com/p.php?pid=staticchart&s=N%5ECOLY&p=1&t=17>