The Day In Review: Novartis Makes Bid For Chiron

September 1, 2005 -- Novartis made a $40 per share offer for Chiron, a company in which it already holds a 42.2% stake, MGI Pharma received an approvable letter for a mylodysplastic syndrome drug, J&J will co-promote an ADHD drug from Cephalon, a journal article touted a Novartis compound that treats a bone disorder called Paget's disease, MacroChem shut down its operations and put its assets up for sale, and Avanir Pharma announced a delay in the FDA ruling on its drug for pseudobulbar affect. With help from the big rise in Chiron, biotech notched another all-time new high in trading today, rising 30 points to 3870, a rise of .79%. More details...