M&A: I disagree with BTM’s Miller on this:
[From the same WSJ article]:
>>
The nine largest pharmaceutical companies so far have repatriated more than $100 billion -- more than any other industry -- according to David Miller, president of Biotech Stock Research. "People don't understand how much money is going to be flowing into a very small group of thinly traded companies," he says.
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I think relatively little of Big Pharma’s cash will go toward buyouts of small-cap biotechs. Rather, the lion’s share of the buyout money will go for the mid-cap biotech stocks that were the subject of iHub survey #24. This is not just because the mid-cap companies are bigger and will require more money to buy; I actually think more deals will be for the mid-cap companies because BP is keen on deals that will be accretive—or at worst neutral—to EPS.
Of course, it’s in Miller’s interests to pump the prospects of the small-cap biotechs that comprise the bulk of his selection universe—just as it’s in Neuroinvest's (Dr. Harry Tracy’s) interests to pump the prospects of biotechs in the CNS arena. JMHO, FWIW
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