Celgene, Regeneron Get Some Favorable News
News of a stock purchase and a product breakthrough jolted shares of two of the major biotech stocks Monday. Shares of Regeneron Pharmaceuticals (REGN) rose 3% in nearly three times their average volume, although they had been up as much as 10% in early trading. Trading in Regeneron was halted before news that Sanofi (SNY) plans to buy more shares of Regeneron, its partner in the development of treatments for cholesterol and rheumatoid arthritis.
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