The Five Best-Performing Biotech Stocks of 2011 -- So Far

Pharmaceuticals are facing big patent cliff problems this year, but several biotechnology stocks have been doing quite well: Their biologic drugs command high prices, tend become blockbusters, and -- perhaps most important -- are in far less danger from generic competition. Here are the big winners so far.

Alexza Shares Sink as the FDA Denies Its Antipsychotic Drug

Alexza Pharmaceuticals shares are tanking in early trading after the company announced today that the U.S. Food and Drug Administration has not approved its AZ-004, an antipsychotic inhaled drug for treating agitation in schizophrenia or bipolar-disorder patients.

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%.