Drugmakers shares rise amid flu fear
teaser
The makers of flu treatments, tests and vaccines have seen their shares rocket in value amid fears of a global pandemic of swine flu.
So far, more than 150 people have died of the virus and a further 1,400 cases have been reported in Mexico.
However, cases of swine flu have also been confirmed in the US, Canada and Spain, sparking fears of a huge outbreak of the flu.
While some traders on Wall Street fear the outbreak could hinder progress of an economic recovery, some are cashing in and buying shares in the drug companies.
Gilead Sciences, which gets royalties for drugmaker Roche’s Tamiflu treatment, saw its shares rise by 4% and shares in GlaxoSmithKline, which makes the anti-flu drug Relenza, are also up by almost 8%.
The maker of rapid flu tests, Quidel, has also seen its shares rise by 5% since the number of cases of swine flu have increased.
Copyright Press Association 2009
