This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Biotech Sector Weekly Rewind

Stock quotes in this article: GENZ, ALXA, IDIX, SPEX, JAZZ, ITMN, SOMX

BOSTON ( TheStreet) -- The biotech sector in rewind for the week ending Oct. 8, 2010:

Sanofi-Aventis (SNY) launched a $69-a-share hostile tender offer for Genzyme (GENZ) after efforts failed to reach a takeover agreement with Genzyme management on more friendly terms. Then, both companies bickered over whether Sanofi offered $80-a-share, or not. Next week, the scheduling of the muay thai bout between Sanofi's Chris Viehbacher and Genzyme's Henri Termeer. My money is on Viehbacher.

ImmunoGen's (IMGN) TDM-1 Looks Strong at ESMO

The FDA extended the review period for Salix Pharmaceuticals' (SLXP) Xifaxan by three months to March 7, 2011. Salix is seeking to expand Xifaxan's approved label to include the treatment of non-constipation irritable bowel syndrome. The original FDA drug approval decision date was Dec. 7.

Cell Therapeutics (CTIC) CEO Jim Bianco sold 400,000 shares of company stock at 37-38 cents a share.

This week's Biotech Stock Mailbag: Cyclacel Pharmaceuticals (CYCC), Seattle Genetics (SGEN), Anylam Pharmaceuticals (ALNY), Adventrx Pharmaceuticals (ANX), Celldex Therapeutics (CLDX).

(Not so) fun fact: $1.7 billion in funds exited the healthcare sector in the first nine months of the year, while $15.2 billion in funds were sunk into all equity funds during the same time period, according to BioCentury. (Hat tip: ISI Group biotech analyst Mark Schoenebaum.)

The week's top-performing sector stocks: Anthera Pharmaceuticals (ANTH) (+25.4%), Idenix Pharmaceuticals (IDIX) (+24.8%), Neurocrine BioSciences (NBIX) (+22.9%), Nymox Pharmaceuticals (NYMX) (+21.9%) and Nile Therapeutics (NLTX) (+21%).

Notable financings: Celgene (CELG) raises $1.25 billion through a corporate bond sale; Cyclacel Pharmaceuticals nets $14 million in a private placement of stock and warrants.

Notable financing for all the wrong reasons: Spherix (SPEX) pulls the trigger on an intraday, Rodman and Renshaw-led preferred stock and warrants sale just hours after releasing questionable phase III diabetes data.

October's FDA drug approval-palooza starts off on wrong foot with complete response letters issued to Hospira (HSP) for the pain reliever Dyloject and Human Genome Sciences (HGSI) for its hepatitis C drug Zalbin.

More FDA drug approval decisions coming next week: Alexa Pharmaceuticals (ALXA) and Jazz Pharmaceuticals (JAZZ) on Monday night, Alkermes (ALKS) on Tuesday night.

InterMune (ITMN) sells hepatitis C drug danoprevir to Roche, makes all-or-nothing bet on its lung drug pirfenidone.

As chief executive, David Nance drove Introgen Therapeutics into bankruptcy and disgrace, but his best pal Texas Gov. Rick Perry continues to supply Nance with taxpayer funds. The Dallas Morning News has all the illuminating details.

Onyx Pharma (ONXX) delays multiple myeloma drug approval filing.

The week's worst-performing sector stocks: Spherix (SPEX) (-22.6%), NuPath (PATH) (-18.7%), SCOLR Pharma (DDD) (-17.1%), Immucor (BLUD) (-17.1%) and AspenBio Pharma (APPY) (-16.9%).

Wait… I thought Pfizer (PFE) was going to buy Generex Biotechnology (GNBT)? Rumor mill says Pfizer reportedly interested in acquiring experimental diabetes pill from India's Biocon Ltd. (More here from @lisamjarvis.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs