Flu Frenzy Frames Biotechs' Futures

With the avian flu hysteria spreading exponentially faster than the disease itself, investors have been stocking up on Gilead Sciences (GILD Quote), the maker of the influenza drug Tamiflu -- the product that appears to offer the best hope against the virus.

Since the start of the year, Gilead's shares are up 49% compared with the 23% increase of the Amex Biotech Index and the almost 2% rise of the S&P 500. The company's market capitalization above $24 billion makes it one of the world's biggest biotechs.

Recently the company has squabbled with marketing partner Roche over the rights for Tamiflu, but it remains at the forefront of any discussion about how best to prepare and protect against the bird flu. ...