What kind of defensive strategies are people employing as we head into the various binary events, top line data release, partnering news, FDA submission, and so forth?

In particular I'd be intersted in the best put buying strategy for insurance. $6 Sept13 puts are $1.25 which puts breakeven at $4.75. Seems like some expensive insurance.

As I said before I took some money off the table by replacing shares with deep in the money calls (and also bought some OTM calls). Any other ideas?