The needs of big drugmakers are driving the stock-price outlook of smaller biotech companies. That suggests the brightening investment environment could stick around. The biotech market has heated back up after an ugly start to the year. Placid markets have lowered the cost of issuing equity, and deals are back on the table now after a lull. The recent sale of Medivation to Pfizer fetched $14 billion including debt, far more...

Source: Wall Street Journal September 11, 2016 16:18 UTC