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Plunging valuations have made biotech companies tempting acquisition targets for cash-rich Big Pharma and a flurry of deals is just what the battered sector needs to turn a corner.

While the economy expands and contracts, the biopharma industry follows, and many life science companies are announcing both layoffs and expansions.

Shares of Global Blood Therapeutics (GBT) continue to surge in premarket trading after Pfizer officially announced it was acquiring the hematology-focused company for $5.4 billion in order to bolster its presence in the multi-billion dollar rare disease market.