Celgene Acquires Gloucester Pharmaceuticals

It is BMI's view that investors have two fundamental perspectives on the pharmaceutical industry. Regardless of the general macroeconomic climate, multinationals provide constant dividends and stable earnings and are therefore seen as defensive stocks. At the other end of the spectrum are start-up biomedical firms. These have no income, require frequent injections of capital and often go bankrupt. However, some firms manage to get a medicine approved, providing immense returns on investment.

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