PDL BioPharma Inc.'s stock gained ground Wednesday after pharma giant Bristol-Myers Squibb Co. signed a deal to license the biotechnology company's developing blood cancer drug.

A buyout bull's-eye will likely remain on biotechnology companies over the next few years as major pharmaceutical companies continue taking advantage of a weak dollar and a surplus of cash to buy pipeline additions.

Biotechnology company ImClone Systems Inc, which rebuffed a $60-per-share takeover offer from Bristol-Myers Squibb Co <BMY.N>, said on Thursday it hired JP Morgan Chase & Co <JPM.N> as its financial adviser.

PHILADELPHIA (Reuters) - Biotechnology company ImClone Systems Inc, which rebuffed a $60-per-share takeover offer from Bristol-Myers Squibb Co <BMY.N>, said on Thursday it hired JP Morgan Chase & Co <JPM.N> as its financial adviser.

Biotechnology company ImClone Systems, which rebuffed a $60-per-share takeover offer from Bristol-Myers Squibb, said on Thursday it hired JP Morgan Chase as its financial
adviser.

Genentech Inc <DNA.N> said it has rejected an offer by its majority shareholder, Roche Holding AG <ROG.VX>, to acquire the 44 percent of Genentech it does not already own, but said it would be willing to consider a sweetened bid.

By Toni Clarke

Biotechnology company Genentech rejected an offer by its majority shareholder, Roche Holding, to acquire the shares of Genentech it does not already own.

Biotechnology company ImClone Systems said on Monday that a $60-per-share takeover bid from partner Bristol-Myers Squibb was too low, but it would hire financial advisers to help it study the unsolicited offer.

Bristol-Myers Squibb's proposal to buy ImClone Systems at $4.5 billion brings back memories of the Martha Stewart scandal that went beyond financial news headlines and made ImClone a household name.

Drug developer Bristol-Myers Squibb said it plans on buying biotechnology company Imclone Systems for about $4. 5 billion in a cash deal.

Stocks closed lower Monday, snapping last week's rally, amid a fresh wave of financial worries and inflation concerns. General Motors rose.

Stocks declined amid concerns about inflation following a manufacturing report and a fresh wave of concerns in the financial sector.

Stocks declined amid concerns about inflation following a manufacturing report and a fresh wave of concerns in the financial sector.

To give investors an edge, CNBC asked the market experts where investors should be placing their bets ahead of the weekend.