Monday's Health Winners & Losers

Updated from 2:46 p.m. EST with new stock prices

It's New Year's Eve, but investors turned a dismissive cheek to biotech stocks as there was little to toast to in the health sector on Monday. With an eye on 2008, one biotech resolved to trim down and another dealt with generics pressures, while a third said its chairman will leave the party.

First up, IDM Pharma(IDMI Quote) said that Sanofi-Aventis(SNY Quote) dropped the development of IDM's Uvidem, an investigational therapy for melanoma. Consequently, IDM will restructure, cut staff and review the assets and costs associated with products under development. The company will dish the restructuring plan in full in the first quarter.

IDM, which regained all rights to Uvidem, gave up 15 cents, or 16%, to 79 cents.

Meanwhile, generics pressure sent Salix Pharmaceuticals (SLXP Quote) spiraling downward, losing 12.5% and bringing the share price to $7.88. Mylan Pharmaceuticals(MYL Quote) said on Monday that it received approval from the U.S. Food and Drug Administration for Balsalazide Disodium capsules, a generic form of Salix Pharmaceutical's Colazal. The capsules are used for mildly to moderately active ulcerative colitis, a form of inflammatory bowel disease.

According to Mylan, the drug had U.S. sales of around $130.9 million for the 12 months ending Sept. 30. Mylan said it will begin shipping the product immediately. Mylan shares were up 1 cent, or 0.1%, at $14.06.