ALSO NOTED: Cosmo inks deal; GenMab expands cancer program; OPKO acquires rights Phase III drug; and much more...

> Italy's Cosmo Pharmaceuticals will pick up a €2 million upfront fee after inking a global licensing deal with Ferring for a reformulated budesonide product. Cosmo also could receive up to €58 million in scheduled milestone payments. Release [1]

> Denmark's GenMab is expanding its development program for HuMax CD4 to include patients with Sezary syndrome. Release [1] 

> Miami-based OPKO Health has acquired the rights to the ophthalmic indications for a late-stage therapy being developed to treat dry eye. Release [2]

> CRO PPD has made two new hires to help bolster its in late-stage trials and advance its work overseas. Release [3]

> J&J has made a money-back guarantee to the UK's NHS for the cancer drug Velcade. Report [4]

> It's day three of the Pfizer-Sanofi merger watch. Now experts are saying that a Sanofi acquisition wouldn't be prudent for Pfizer--but a partnership would. Report [5]

> Several drug makers are recalling cold medicines for kids under two years. Johnson & Johnson, Novartis, and Wyeth are among those pulling products from store shelves. Report [6]

And Finally… As if Big Pharma didn't have enough challenges. Moody's Investors Services has downgraded the entire industry's credit rating, cutting its 12-month outlook to "Negative" from "Stable." Report [7]