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Biotech shares climb amid dealmaking, drug approval

Mike Segar | Reuters

Biotech stocks were among the top performers in the U.S. stock market Tuesday amid a flurry of merger and product news.

The iShares Nasdaq Biotechnology ETF (IBB) closed 1.4 percent higher, while health care was the top performer in the S&P 500.

"It seems like the M&A wave's alive and well here," said Michael Bailey, director of research and chair at FBB Capital Partners.

"We're starting to see maybe a string of small to mid-cap deals starting to go through," he said.