Pharmacyclics Takeover Shines a Light on a new Biotech ETF

The big news out of the healthcare sector Thursday is AbbVie (NYSE: ABBV) offering $21 billion, or $261.25 per share in cash and stock, for Pharmacyclics (NasdaqGS: PCYC), a maker of cancer treatments, in what represents the largest takeover of a biotech company in 15 years. AbbVie’s move on...