The Day In Review: Seattle Genetics, Inc. Sells Cancer Drug To Genentech, Inc.

January 8, 2007 -- Seattle Genetics will partner with Genentech on its multiple myeloma drug in a deal worth up to $860 million; Dynavax fell after announcing that its ragweed allergy drug Tolamba did not encounter any ragweed disease in a Phase II trial; Cephalon said Fentora was effective in patients with neuropathic pain; Alkermes will supply AIR inhaled insulin to Lilly under a new manufacturing agreement; Catalyst Biosciences signed a deal with Wyeth to develop drugs for two targets; Neurocrine reported positive Phase II results from its endometriosis drug; MedImmune received approval for a refrigerated version of its inhaled FluMist vaccine; a prostate cancer drug from Myriad Genetics failed a Phase III trial; and VaxGen reduced its employee roster by half and will look for a buyer. The Centient Biotech 200™ slipped 3 points lower to 3986, a drop of .07%. More details...