Biotech Industry Market Cap: $381.02 billion (up 1 percent for the week ending 2/4/11)

Biotech back in the positive column
The Burrill Biotech Select Index reversed two weeks of poor performance as it gained 2 percent. Among the sector's top companies, Genzyme topped the gainers as it rose 3.3 percent. A variety of sources are reporting that the end-game in the long-running saga of French drugmaker Sanofi-Aventis' bid to acquire Genzyme is close to a resolution. Sanofi's initial $18.5 billion offer, worth $69 a share, was extended until February 15. Biogen Idec reported better than expected revenues in its 2010 year end financials and the company's shares closed the week up 1.9 percent.

The capital markets also closed in positive territory thanks in part to a government report that the unemployment rate had dropped to 9 percent in January, the lowest rate since April 2009. The Dow Jones Industrial Average closed up 2.3 percent and the Nasdaq Composite Index gained 3 percent.