Diamonds and Dogs
Gilead invading the Galapagos. European drug maker, Galapagos (GLPG) is jumping 17% after receiving a $5 billion investment from Gilead Science. Galapagos will use the proceeds to expand and accelerate its research and development programs. Gilead will receive an exclusive product license and option rights to develop and commercialize all current and future programs in all countries outside Europe. Analysts liked the deal upgrading Galapagos with a $205 price target and upgrading Gilead with a $88 price target.
No deal for Symantec (SYMC). Cybersecurity firm, Symantec is down 12% after chipmaker, Broadcom walked away from merger talks after Symantec refused to accept less than $28 a share. The deal would have been Broadcom's second big bet in software, following its $18 billion takeover last year of CA Technologies.