Smith & Nephew Plc rose the most in almost eight months in London trading after four U.K. newspapers reported that traders were speculating the maker of artificial knees and hips may receive a takeover offer.
Smith & Nephew Plc , Europe’s largest maker of knee and hip replacements, said it’s not in talks that may lead to a takeover or merger after the Daily Telegraph reported the company was about to start informal negotiations with Biomet Inc.
Sanofi-Aventis SA ’s talks to buy Genzyme Corp. are progressing, the French drugmaker said as it forecast profit will drop as much as 10 percent because of generic competition and the loss of flu vaccine sales.
Novartis AG ’s fourth-quarter profit fell 6 percent as sales of influenza vaccine declined following the end of the flu pandemic and the company wrote down the value of a cancer drug. The stock fell the most in almost seven months.
AstraZeneca Plc shares fell the most in two weeks in London trading after the company’s best-selling drug, Crestor, failed to meet the main goal of a study comparing it to a rival cholesterol-lowering pill.