Hit #137 (Praecis)

Praecis Pharmaceuticals (PRCS) is being bought by Glaxo SmithKline for around $55 million in cash, valuing the shares at $5, an eye-popping 151% premium over the previous day's close of $1.99, but still a discount of 33% to my buy price of $7.4 a few months ago.

There is more to come as big pharma goes about trying to replenish pipelines. The premiums have in general been stunning, but we could see crazier valuations.

Two other eventual buyout targets that I have recently opened positions in, mostly due to insider buying activity - Dendreon (DNDN) and Javelin Pharmaceuticals (JAV).

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Previous hit - @Road (#136)