Pharmaceutical stocks surged today after Donald Trump won the U.S. presidential election, as investors concluded the threat of action on drug pricing had lessened. California’s Proposition 61, which would have prevented the state of California from purchasing drugs from a manufacturer for a price higher than that paid by the U.S. Veterans Affairs Dept., failed to pass, further encouraged investors.
U.S. pharmaceutical and biotech stocks traded higher in pre-market activity; Mylan (NSDQ:MYL), which came under intense scrutiny for its 500% price hike on the EpiPen auto-injector, was up 7.6% at $39.91 per share.
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