The iShares Nasdaq Biotechnology ETF (IBB) gained 3 percent on Monday, its best day since late June.
Some of the fund’s top holdings like Vertex Pharmaceuticals, Amgenand Shire gained more than 3 percent in intraday trading, driving it higher.
The sector also saw gains after Horizon Pharmaceuticals announced it will acquire Raptor Pharmaceuticals for $9 per share, roughly a 20 percent premium to Raptor’s Friday closing price of $7.45.
