As for Celgene, Yook notes the Receptos deal is another smart buy for Celgene, which has a reputation for savvy acquisitions, but it is not just about deals.

“Celgene announced that its 2nd quarter earnings (due for July 23rd) were strong and increased guidance – with more details coming on their earnings date next week.  CELG is the first biotech company to report Q2 results, kicking off biotech earnings season, so with positive news expected out of CELG, it has helped buoy the other large caps Biogen (NasdaqGS: BIIB), Amgen (NasdaqGS: AMGN), Regeneron (NasdqGS: REGN) and Gilead (NasdaqGS: GILD),” said Yook.

Regeneron, Biogen, Amgen and Gilead are each members of BBP’s lineup.

BioShares Biotechnology Products Fund