MW: Europe's drug makers lead gainers in early action
By Val Brickates Kennedy, MarketWatch
BOSTON (MarketWatch) -- Large-cap European drug makers were on a roll early Wednesday, feeding off the momentum of a positive trading session for the broader market in Europe.
Top gainers included Germany's Bayer AG (BAYRY 63.77, +2.93, +4.82%) , the U.K.'s GlaxoSmithKline PLC (GSK 38.82, +1.42, +3.80%) , France's Sanofi-Aventis (SNY 29.81, +1.20, +4.19%) , and Denmark's Novo Nordisk A/S (NVO 88.57, +2.95, +3.45%) , with shares climbing 3% to 4%.
On the small-cap side, Dendreon Corp. (DNDN 38.09, +2.25, +6.28%) shares rose 4% to $37.22.
According to reports late Tuesday, Medicare and Medicaid officials plan to meet on Nov. 17 to discuss how much reimbursement coverage the programs will provide for Dendreon's new prostate cancer treatment Provenge.
The sector's two key indexes also advanced. The NYSE Arca Pharmaceutical Index (DRG 291.76, +6.64, +2.33%) and the NYSE Arca Biotechnology Index (BTK 1,092, +31.11, +2.93%) were both up 1.5% at 289.48 and 1075.82, respectively.
