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Fast Money

No. 2 -  Buy Two Biotechs; Call Me In The Morning

Facing ailing pipelines, Big Pharma may finally follow investors' orders and start buying Biotechs. Just today, Swiss-based Roche (ROG) launched a $3 billion hostile bid for tissue -testing company Ventana (VMSI). What’s the Big Pharma buying Biotech trade?

Pete Najarian says the convention of the American Diabetes Association happening right now in Chicago is propelling the entire Pharma industry. He says great results are coming out in all areas of diabetes research and now could be the time for consolidation in the industry.

Pete is following Isis (ISIS) and Myogen (MYOG) closely as well as Elan (ELN).

In addition, Pete says companies which stand to benefit most from their diabetes therapies are Isis, Bristol Myers (BMY) and AstraZeneca (AZN).

Biotech Takeovers

Guy Adami likes Biogen (BIIB) as a potential takeover target

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Trader disclosure: On June 26 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Macke Owns (SWY); Najarian Owns (.VIX); Bolling Owns (BP), (T); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures; CNBC Is A Service Of NBC Universal And Dow Jones