Expected election outcomes driving up worth of biotech firms

Expectations that ballot issues will prove favorable to biotechnology companies working with stem cells have driven up the shares of some companies, including some tied to the success of Proposition 71 in California, which would require the state to invest $3 billion in such research. Democratic presidential candidate John Kerry's promise to reverse the Bush administration's restrictions on federal funding for stem cell research also appears to be having an effect on the California outcome.

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