Sanofi-Avenits Won't Boost Genzyme Bid

Pharmaceutical giant Sanofi-Aventis is unwilling to pay more than $70 a share in its bid to buy biotech firm Genzyme, media outlets reported Wednesday. If a deal can't be reached, the French drugmaker may consider alternative takeover targets.

Eli Lilly Shelves Potential Alzheimer's Drug

Eli Lilly said Tuesday it is halting the development of an Alzheimer's treatment after studies showed the experimental drug semagacestat not only failed to slow the disease's progression, it actually reduced patients' cognition.

Deutsche Bank Initiates Coverage of Biotech Stocks

Several biotech stocks were on the move Monday after Deutsche Bank initiated coverage on some of them. The bank's analyst, Robyn Karnauskas, took a generally wary view on the biotech sector, only putting buy ratings on Gilead and Dendreon.

Sanofi-Aventis Opens Buyout Talks with Genzyme

French pharmaceutical giant Sanofi-Aventis sent a letter to major U.S. biotech firm Genzyme proposing a friendly takeover valued at $69 a share, or $18.4 billion. But that's significantly less than the offer of $80 a share, or $21.3 billion, that sources say Genzyme is looking for.

Sanofi-Aventis Earnings Beat Expectations

Sanofi-Aventis reported its second-quarter net profit rose 7.6% to 2.48 billion euros, beating expectations. But the French drugmaker warned that earnings may fall for the full year, and it remained silent about its rumored plan to make a friendly bid for Genzyme.

CVS Posts Second-Quarter Earnings of 65 Cents Per Share

CVS posted second-quarter adjusted earnings, excluding certain items, of 65 cents a share, unchanged from a year earlier. Net revenue fell 3.5% from a year earlier to $24 billion, the company said in a statement. Net income fell to $821 million from $886 million.

Bristol-Myers Squibb Earnings Beat Estimates

Bristol-Myers Squibb reported better-than-expected second-quarter earnings on Thursday, driven in part by higher sales for some of its virology blood-thinner drugs, cost controls and a favorable tax rate.

This Tiny Biotech Has Some Giant Backers

ZIOPHARM has enticed several major institutional investors to put their money in it. And it has an all-star group of cancer scientists joining its committee to design Phase 3 clinical trials for its chief product, Zymafos, a cancer treatment.

Pharmaceutical Sales Reps: An Endangered Species?

Pharmaceutical sales representatives have been battered during the recession -- thousands were laid off by drugmakers hunting for ways to trim their budgets. But even if the economy recovers with a vengeance, don't expect pharmaceutical firms to go on a hiring binge.

Hoax Press Release Targets Javelin Pharmaceuticals

News-release service Business Wire said a press release about Javelin Pharmaceuticals that it published Friday has been identified as a hoax. If you feel like you've seen this movie before, you're right. Last week, PR Newswire got fooled by a fake press release about General Mills.

Pharma Firms Biovail, Valeant Announce Merger

Valeant Pharmaceuticals International and Canadian drugmaker Biovail announced Monday they have agreed to merge. Upon the completion of the merger this year, Biovail stockholders will own 50.5% of the combined company and Valeant stockholders will own 49.5%.

Cerberus Sells Talecris for $3.4 Billion

Spain may be embroiled in a credit crisis, but that hasn't stopped some of its companies from striking big deals. Take Grifols SA: The medical products developer has agreed to shell out $3.4 billion to acquire Talecris Biotherapeutics Holdings from private-equity firm Cerberus.

Abbott Becomes India's Top Drugmaker With $3.7 Billion Deal

With drug sales stalling in developed countries, Abbott Laboratories has made a bold play to harness pharma's strong growth in emerging markets. Its purchase of a Piramal Healthcare unit in India gives Abbott the largest market share in the country.

Drug Industry Mergers Boost Pharma Stocks

Two major deals gave a boost to the pharmaceutical sector's Monday. Astellas Pharma finally came to an agreement with OSI Pharmaceuticals, and Universal Health Services is acquiring Psychiatric Solutions.

Pfizer and Merck Earnings Send Shares Climbing

The Dow is getting boost Tuesday from Pfizer and Merck. The two drug giants are the only ones in the index that are climbing, other than Walmart, after both reported quarterly results that beat Wall Street estimates.