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How one trader made $280,000 overnight on FURX

Traders work the floor of the New York Stock Exchange.
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Traders work the floor of the New York Stock Exchange.

One of the hottest topics of market conversation Tuesday was Bill Ackman's move to join Valeant in a takeover bid for Allergan. But there also was another huge move in pharma overnight that didn't garner near the attention.

One astute trader picked up $250,000 overnight by buying options in Furiex Pharmaceuticals, which develops drugs used in compound development and collaboration and saw its shares spike, according to an analysis by Andrew Keene of KeeneOnTheMarket.com.

Read how the trade broke down here.

Wall Street