The Day In Review: Pfizer Inc. Buys Another Biotech

April 7, 2006 -- Pfizer is reported to have spent several hundreds of millions of dollars to buy privately held Rinat Neuroscience, a biotech company formed out of Genentech IP; Biogen Idec and Elan presented data showing Tysabri improved the quality of life in multiple sclerosis patients; Shire Pharma and Noven Pharma reported the FDA approved Daytrana, their jointly produced ADHD transdermal patch; GlaxoSmithKline received an approvable letter for its over-the-counter version of Xenical, a diet drug; European authorities have accepted the application from Celgene for approval of Revlimid; Schering-Plough released data showing that Avelox, its pneumonia drug, was just as effective the current standard of care; and Sangamo reported its ZFP therapeutic for diabetic neuropathy passed a Phase I test. The Centient Biotech 200™ traded 44 points lower to 3826.63, a loss of 1.14%. More details...