Biotech stocks fared just slightly better than broader markets midweek amid a light array of business news.
Pfizer (PFE Quote) said Wednesday that it has settled all Lipitor patent litigation with India-based Ranbaxy Laboratories. Ranbaxy will have a license to sell generic versions of cholesterol-lowering drugs Lipitor and Caduet in the U.S., but not starting until Nov. 30, 2011. Pfizer shares were up 40 cents, or 2.3%, at $8.12.
Meanwhile, Sanofi-Aventis (SNY Quote) said it plans to bid $2.56 billion for Czech generic-drug maker Zentiva, overstepping a previous bid by financial group PPF. Sanofi -- which owns nearly 25% of Zentiva -- said it will offer 1,050 Czech crowns a share, an 11% premium to PPF's offer. PPF, which owns nearly 20% of Zentiva, prior to Sanofi's offer announcement had said that it may improve the terms of its bid. Sanofi shares were trading up 41 cents, or 1.3%, at $32.97. ...
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