Gilead Sciences: Who Pays Billions for a Drug That Will Be Dead in Three Years?

Yesterday, Gilead Sciences (GILD) fell 4.1% after Merck (MRK) announced that it would buy Idenix Pharmaceuticals (IDIX), which is working on a competitor to Gilead’s hepatitis-C treatment Sovaldi. RBC’s Michael Yee and team think the selloff created a buying opportunity. Bloomberg Yee explains why: Bottom line, we believe the pullback is a buying opportunity because […]