UK pharma and biotech industries concerned at Brexit vote

As reported earlier today, the UK has voted to l eave the European Union, with the news sending sterling and stocks into turmoil, as well as the resignation of Prime Minister David Cameron.

Interestingly, however, pharmaceuticals stocks were one of the few risers on the FTSE, as investors ditched risky assets and fled into what is seen as a safe haven sector, The Telegraph reported. GlaxoSmithKline, AstraZeneca and BTG were all trading up in the wake of the leave vote. Pharmaceuticals firms will remain largely unscathed from a Brexit, given that most make the lion's share of sales and profits outside of the UK and many even report in US dollars.

Since the first reactions, more pharma/biotech specific comments have been made.