Biotech Sector Weekly Rewind
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.
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 - Get Report) 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 - Get Report) and Jazz Pharmaceuticals (JAZZ - Get Report) 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 - Get Report) (-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.
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