The Day In Review: Genentech Pays $919 Million For Tanox, Inc.

November 10, 2006 -- Genetech will pay $919 million to buy Tanox, a company with which it shares the asthma drug Xolair; Boehringer Ingelheim won FDA approval of Mirapex to treat restless leg syndrome; Avanir Pharma will cut 16% of its workforce as a result of halting development of Zenvia; Bayer will cut 600 US jobs as it consolidates; Thermage priced its IPO at $7; and Optimer Pharma filed to make its IPO. The Centient Biotech 200™ ended the session with a 21 point gain at 3955, an increase of .53%. More details...