Shares in biologic-drug companies are at all-time highs, leading some analysts to issue cautions. A favorable regulatory environment, lower interest rates, advances in genetics and interest from general fund managers have helped drive the Nasdaq Biotech Index up 45% over last year's averages. "There are exciting new opportunities, but you also need to be careful because most drugs fail," said Rajiv Kaul, a biotech portfolio manager at Fidelity Investments.

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