BioMarin shares climb on Shire takeover buzz

The M&A rumor mill was churning Friday morning on reports of an in-the-works Shire ($SHPG) deal for orphan drugmaker BioMarin Pharmaceuticals. According to Ben Harrington of the blog Betaville, Morgan Stanley and Lazard are advising the Dublin pharma on a buyout that could be worth $65 billion, and that helped spur UBS and Deutsche Bank to raise their BioMarin price targets. BioMarin shares shot up as much as 15% on the speculation, though as Citigroup pointed out in a note to investors, such a transaction remains deeply unlikely. Blog post | FierceBiotech story