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Pharmaceuticals Reveal Latest on Blood Disease Drugs

At the 52nd annual meeting of the American Society of Hematology, which wraps up Tuesday, Novartis, Celgene and Seattle Genetics revealed the latest news from their studies on blood diseases and cancers. But despite some positive results, all three had down days in the stock market.

Earnings, Deals, Hiring: A Busy Day for Big Pharma

Big Pharma didn't rest Thursday, with Celgene, Sanofi-Aventis and AstraZeneca among the big names reporting earnings. A deal between Stryker and Boston Scientific and Sanofi and BMP Sunstone also made the headlines, as did some hiring from Teva. Bristol-Myers Squibb received the anticipated new approval for one of its cancer drugs. But it was Celgene that led drug stocks higher.

Celgene to Buy Abraxis for $2.9 Billion

Biotechnology company Celgene (CELG) announced it is buying Abraxis BioScience (ABII) for $2.9 billion in cash and stock. With this acquisition, Ceglene is expanding its portfolio of cancer treatments.

Good Results for Celgene's Cancer Drug

Drug maker Celgene (CELG) says its multiple myeloma cancer pill reduced the risk of progression by half among newly diagnosed patients who used the drug and chemotherapy compared with those who only used chemotherapy.