Biotech's valuation concerns appear to be a bit of a 'stretch'
Back in March, Rep. Henry Waxman (D-Calif.) and several Democratic colleagues in Congress, wrote to Gilead Sciences Inc. requesting a briefing to answer questions about the pricing of the company's hepatitis C drug Sovaldi (sofosbuvir). The Waxman letter got a lot of play in the media, triggering a massive sell-off in the biotechnology sector with investors worrying about a possible impending full court press on the costs of innovative new medicines by politicians, regulators and payers alike. (See BioWorld Insight, March 31, 2014.)
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