The Day In Review: Biotech Plays While Market Pays

June 24, 2005 Stock markets moved lower for the second session in a row, with high oil prices taking the blame, but biotech refused to be drawn into the negativity. At the close, the Centient Biotech 200 was 20 points higher at 3361.81, a rise of .60%. Guidant said its heart defibrillators faced a recall, putting a strain on the merger of the company with Johnson & Johnson, NitroMed won FDA approval of its heart medicine, BiDil, aimed at African-Americans, private equity firm bought Xenova, the first of a number of planned buyouts, Cephalon will co-promote an alcoholism drug from Alkermes, Salix will merge with InKine, and UCB Pharma extended the indications on its anti-epileptic drug to include children over the age of four. More details...