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July 13, 2010
Hmmm: The Gates Foundation Bails
According to this piece, the Gates Foundation unloaded basically all of its pharma and biotech stock holdings during the second quarter. Merck/Schering-Plough, J&J, Lilly, through Vertex and all the way to InterMune, Allos, and Auxilium - they held millions of shares of these, and it's all gone.
I presume that this is some sort of sector-rotation move by the foundation's investment advisors. But they certainly seem to have rotated good and proper - according to the article, the only life-science investment left is Seattle Genetics. It's certainly not a ringing vote of confidence in the financial prospects of the industry, at any rate. . .
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