BUZZ-European healthcare: safety check
** The healthcare sector set to lose its lustre as M&A premium disappears and rich valuations diminish its attraction as a relatively less-risky sector.
** Among the best performers YTD across Europe, up almost 11 pct vs 3 pct drop on broad STOXX Europe 600.
** But valuations now pricey. Chart: http://link.reuters.com/syz23w
** Sector has become more volatile, beta higher than European banks: Chart: http://link.reuters.com/hyz23w
** Recent AbbVie u-turn on planned Shire inversion deal sent Shire (Xetra: S7E.DE - news) stock plummeting to levels seen when news of bid first broke in June.
** AstraZeneca (NYSE: AZN - news) , which had rebuffed a $118 bln takeover bid from U.S. drugmaker Pfizer (NYSE: PFE - news) , down 16 pct from May peak. (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net, vikram.subhedar.thomsonreuters.com@reuters.net)