
Biopharma stocks remained largely unchanged in the week ending May 13, with the defensive nature of the sector coming to its aid. Stocks reacted to the broader market move and earnings news from mid-cap companies.
On the M&A front, Pfizer, Inc. (NYSE:PFE) announced a deal to buy migraine drugmaker Biohaven Pharmaceutical Holding Company Limited (NYSE:BHVN) in a deal worth $11.6 billion.