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Our worst-performing portfolio holding this year is pharmaceutical company Amgen. It's in the green since January, but only by 2.3%.
If you own some, we advise you to just hold onto them. They have a great collection of drugs in production, most of which are used to treat heart disease, cancer, depression and arthritis. They also have a very good pipeline of new medications under development.
In other news, Amgen just agreed to pay up to $2.3 billion to buy a privately-held company called Teneobio. Teneobio (terrible name don't you think?) is developing a new class of biologics called Human Heavy-Chain Antibodies. As you know, antibodies direct the immune system to safely fight diseases. These will be useful to Amgen, especially in their cancer drug research division.
One analyst described the deal this way: "Amgen is bellying up to the table to buy Teneobio". I suppose he was suggesting that Amgen is very big and has lots of cash!
If you are really into pharma-speak, you can read more about the deal here: Amgen To Acquire Privately Held Teneobio.
