GlaxoSmithKline is edging higher amid renewed speculation it could be interested in US group BioMarin.
BioMarin, which specialises in rare diseases, saw its shares climb more than 2% on Thursday to $42.39. There has been much talk in recent weeks that the company was a target for a larger pharmaceutical group, and some traders believe news could come soon. A price of up to $65 a share has been mentioned, which would value Biomarin at more than $7bn. Glaxo is currently up 11p at 1446.5p after submitting a new lung disease treatment for US and European approval.
Both Glaxo and Shire have been linked with BioMarin in recent weeks, and both have played down the suggestions.
Glaxo already has a £1.7bn hostile offer for another American group, Human Genome Sciences, on the table.
If it does make a move on BioMarin, Glaxo could face competition from the likes of Sanofi and US group Biogen.
