Since last November, six biopharma buyouts have exceeded $1 billion each, with Gilead Sciences' purchase last year of the hepatitis C specialist Pharmasset topping the charts at a whopping $11.2 billion, the highest ever paid for a clinical-stage biotech and an 89% premium to its share price at the time. Mark Ratner sought out biopharma analyst Joseph Schwartz, a managing director at Leerink Swann in Boston, for his views on what’s behind the recent buyout spending.
