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

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

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

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

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

> 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

> 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

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