meg tirrell reports on the biggest takeover in the health care industry. >> the pfizer allergan dealombines the makers of the popular drugs lipitor, lyrica, and viagra with the maker of botox. the new company is expected to have more than $70 billion in annual sales in 2017 and more than 100 programs in the mid to late stages of development. >> i'm excited about it. it takes our two businesses, our established business and our innovative pharmaceutical. it gives it greater growth. it gives it broader portfolio. it's a really strategic deal from that point of view. >> the deal will also see the world's largest drug maker moving out of the united states as pfizer inc. becomes pfizer plc. incorporating in allergan's home base of ireland and acquiring a lower torpt tax rate. >> the move is bound to draw political scrutiny. pfizer ceo ian reed said the move is driven by more than tax reasons. >> there are benefits from tax. if there were benefits and tax weren't there i would still try and do the deal but i suspect the price would be different. >> reporter: the deal's price of about $363

meg tirrell reports on what could be a watershed moment for patients, families, and the biotech industry reporter: it's been 13 years since jen mcneary's oldest son, sauchb, was diagnosed with a fatal disease that had no cure. >> it was a pretty hopeless feeling. i remember thinking one of the first questions was do they need some sort of infusion, do they need some sort of transfusion, do they need some chemotherapy? trying to they've pediatric diseases, what do we do. and i was really jealous of all the families at hitchcock that were receiving chemotherapy that day. we had to walk by the chemo clinic. and i remember thinking like that was a really lucky diagnosis of cancer because at least there's something you can do. >> reporter: austin has duchenne muscular distroughy, a rare genetic condition that causes the muscles to decline over time. kids usually lose atability to walk by their teens and almost don't live to their 30th birthdays. austin, now 16, gets around in a power wheelchair. his younger brother max was diagnosed with duchenne as well. at 13 max is still walking, which jen

meg tirrell stock therapist joins us now. >> this is called the biggest event in biotech this year.otal binary things and involves two stocks. bimarin is being focused on. it has a drug for muscular dystrophy which is a rare, universally fatal disease. there is nothing on the market to treat it. it has a drug going in front of the fda next week. an outside panel of advisors is meeting tuesday to debate whether this drug should be approved. tomorrow morning we get the briefing documents coming out of the fda ahead of this meeting. we could see big stock swings tomorrow, its competitor sarepta which has a drug in the same class but two months behind in the regulatory process. tuesday it is likely biomarin could be halted. we'll see big swings there there's so much demand for these drugs. there is nothing on the market. the patient advocacy is unprecedented. people compare it to hiv in the 1980s. the data here is not good. there have been missed end points in the trials. for serepta, it's been tested in few patients. >> obviously the stock reaction, if biomarin gets a positive outcome

disappointing data results and time for serious stock therapy with resident stock therapist meg tirrell>> these data we are in gene therapy for two blood diseases. bluebird bio. closing down 22%. what came out is data said that dropped ahead of this conference call ash being held in december. what it showed was, their gene therapy looks like it cured about 2/3 of the patient, six patients. 2/3 it could cure them having blood transfusions. there are certain patients with mutations where it doesn't look like they will be trans fusion-free. maybe they'll have fewer blood transfusions. people are saying we thought this was perfect. this was going to cure everyone. that's why the stock fell. i spoke with the ceo today. he was just like, wait a minute. take a step back here. we are potentially curing people, if this plays out. it's a very early stage trial. we are going to see more data in december. we are going to see, more importantly, more data next year. it's very interesting to see his reaction. people were saying this has to be perfect or we are going to sell off. that's what happened w

meg tirrell will have the story. >>> is wall street losing out to silicon valley again? three staffers from goldman are bolting. we'll tell you who is going where and if this is a trend wall street needs to worry about. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet? sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. other wireless carriers make families share data. some way to say happy holidays. switch to t-mobile now and get 4 lines with up to 6gb each, and no sharing. just $30 bucks a line at t-mobile. >>> welcome back. biomarin pharmaceuticals had high hopes for a rare

meg tirrell there. >>> hey, kelly, bill.he fed president says he agrees with janet yellen, he says the december meeting is a live possibility for a rate hike. he goes on to say that his take on the u.s. labor market is actually that there's a little more slack than suggested by the 5.1% unemployment rate and he would like to see a bit more in terms of wage inflation, but points out that wage inflation is well below objective. so in agreement from one of the top fed officials with the fed chair today on this idea of december being a live meeting. >> maybe stanley fisher speaks in a little while, to be the guy who made it expolilicit. how much more do you think that might affect markets and how they interpret his remarks? >> i think it's important. there's a time where the fed gets to go out and speak its mind. there's a time when they begin to coalesce around the chair. they may be doing that on this idea of a december rate hike. i think that bill has, as you said, been a little more on the dovish side. but certainly not far

that was allergan ceo present saunders speaking to meg tirrell about the terms the deal with pfizer. it is the largest inversion transaction on record. after the merger, the company will do business as pfizer plc and trade under the ticker pfe and dan is looking at other potential inversions in the tech space. >> they talk about synergies and cost cutting but at the end of the day this is about taxes, i think. in technology, we've seen a ton of deals throughout the whole year. a lot in semiconductor, some of the biggest so far. so a couple of names that seem obvious here, one is arm holders. in the u.k., $23 billion market cap. the customers are qualcomm, apple, and anything based in u.s. we know what has happened with qualco qualcomm. and they have a $75 billion market cap. that could be one that maybe makes sense. and another one much smaller which is garmin in switzerland. no debt, $2.5 billion in cash. a difficult business but maybe that is something where somebody wants to get into the wearables market quickly. and i'll throw out sap. for years, it is german and it has been rumo

. >>> we have a news alert from meg tirrell. >> just wrapping up now, a panel to the fda have been meeting to discuss a drug to treat muscular dystrophy, they are raising concerns about the efficacy and the safety of the drug echoing concerns laid out by the fda in documents on friday ahead of the panel. that drove the stock down 5% or 6% on friday. drove down the stock of the competitor 30% on friday. so this just wrapping up now. and looking pretty negative for bio marin right now. shares are halted right now. but in the after hours, you are seeing ptc therapeutics, another maker of a drug and ser epta moving a little bit as well. the negativity of the patients testifying very passionately and include something kids who are taking the drug. take a listen. >> i walk back and forth two blocks to the bus stop. the injection sites don't bother me too much. i used to have bruises and escapes all over so what is the difference. when i go to the pool i just wear water shirts so nobody could stare. so please approve it so other kids could feel this way too. >> that was a teen-ager talking about

meg tirrell is the cnbc tech reporter. today we got wall street guys coming out, saying step away from the stock. >> we did. it is a continuation of what we've been seeing. interestingly, citron put out the tweet on friday saying the next report is dirtier than anything we've seen before and the stock took a hit. an on sunday in an interview with the "wall street journal," it dials it back and it comes out today and it said it is the last wordond valeant and they are done and passed information on to media with bigger legal teams and say our work here is done. so citron saying it is moving on but it is clearly the fallout -- the fallout isn't over for valeant. you are seeing goldman sachs downgrading the stock today to neutral. to saying questions remain about the stock. they do have several things looming over them. the fact that they are saying they won't raise drug prices as much and there is scrutiny of that. they have multiple subpoenas from the government into the drug prices and the patient access program. and phill

meg tirrell in mid doun. >> congressman sandra levin is leading the charge in the inversion deals. >> meantime, crude oil seesawing this monday after flirting with $40 last week. jackie deangelis has more on that. >> a little bit higher price right now, volatile session as you mentioned but we did close lower by almost a half a percent. 41.75 is where we finished. what gave us more support during the session because we actually were in the green, comments from the saudi oil minister, only he can oil the oil markets in this way, he addressed at an energy conference the stability of the oil market and also some efforts to cooperate with oil producing and exporting countries. that gave us a little support, some people thinking maybe we will see an opec production cut in november, but many analysts say there is not going to be a cut in december, opec isn't going to change its stance at this point, they've talked about this a lot before but talking about something and actually doing it are two very different things. this is the kind of chatter that does move the market although it was shor