The Day In Review: Novartis Corporation (NVS) Pulls Zelnorm Off The Market
3/30/2007 5:49:45 PM
March 30, 2007 -- Novartis suspended sales of Zelnorm, a treatment for irritable bowel syndrome, because of angina pectoris side effects; an FDA advisory panel recommended approval for Provenge, the prostate cancer vaccine from Dendreon; Vivus sold the rights to EvaMist, a transdermal estradiol spray, to KV Therapeutics for up to $180 million; Progenics and Wyeth asked the FDA to approve their treatment for opioid-induced constipation; Wyeth also reported that positive results for bifeprunox as a schizophrenia treatment; Astellas Pharma will pay up to $120 million for a non-exclusive license to the VelocImmune technology developed by Regeneron; Galapagos received 3.2 million euros in milestones from GlaxoSmithKline in their osteoarthritis partnership; GlaxoSmithKline also asked for approval of Cervarix, its vaccine for human papillomavirus; and Quark and NovaCardia both filed to make their IPOs. The Centient Biotech 200™ rose 15 points to 3879, an increase of .40%. More details...