) -- The biotech sector in rewind for the week ending Oct. 8, 2010:
launched a $69-a-share hostile tender offer for
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.
TDM-1 Looks Strong at ESMO
The FDA extended the review period for
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.
CEO Jim Bianco sold 400,000 shares of company stock at 37-38 cents a share.
Biotech Stock Mailbag
(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
. (Hat tip: ISI Group biotech analyst Mark Schoenebaum.)
The week's top-performing sector stocks:
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:
(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.
FDA drug approval-palooza starts off on wrong foot
with complete response letters issued to
for the pain reliever Dyloject and
Human Genome Sciences
for its hepatitis C drug Zalbin.
More FDA drug approval decisions coming next week:
(ALXA - Get Report)
(JAZZ - Get Report)
on Monday night,
on Tuesday night.
hepatitis C drug danoprevir to Roche
, makes all-or-nothing bet on its lung drug pirfenidone.
As chief executive, David Nance drove
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
delays multiple myeloma drug approval filing
The week's worst-performing sector stocks:
(SPEX - Get Report)
Wait… I thought
was going to buy
? Rumor mill says Pfizer
reportedly interested in acquiring experimental diabetes pill