The Nasdaq Biotechnology index fell 23 percent in the first three months of 2016, its worst quarterly performance since 2002, and remains down one-third from its all-time high, reached last July. Andy Acker, a portfolio manager at Janus Capital Group who helps oversee $7 billion in healthcare assets, says the sell-off led to a steep discount to the sector's value, especially at a time of major innovation in developing treatments for cancer, heart disease and other illnesses that affect millions. Janus was the 10th-biggest investor in Medivation as of the end of the year, according to Thomson Reuters data, and Acker said multiple bidders could be interested in the company.
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Biotech stock swoon sparks buyout interest: investor