ALSO NOTED: Savient shares soar on trial results; Pharming handed a rejection on Rhucin;ARCH closes $400M VC fund; and much mor

> It wasn't all bad news on Wall Street. Shares of Savient jumped almost 50 percent after researchers announced that its experimental gout therapy, Puricase, met the main goal of a late-stage trial. Report

> Pharming says that the CHMP in Europe has rejected its marketing application for Rhucin. The company says it will appeal. Release

> With Congressional committee breathing down its neck for the latest trial data on the cholesterol drug Vytorin, shares of Schering-Plough slid about 3.7 percent. Lawmakers want the data, but researchers in the project say they've delayed it due to the complexity of the information. Report

> Chutes & Ladders: Fundamental Applied Biology has raised $21 million in its second round and named former HGS VP Daniel Gold as its new chief executive. Report

> Just months after Pfizer stopped selling its inhaled insulin product, West Pharmaceuticals announced that it will slash 250 jobs in its Tech Group. Release

> Arch Venture Partners, a big player in the biotech arena, has closed its latest fund with $400 million to invest. Arch specializes in backing startups that rely heavily on new scientific research and entrepreneurial management. "We have a firm belief that investing in fundamental biotechnology innovations is one of the few areas that wins in cyclical economies." said Robert Nelsen, Managing Director. "We have seen our biotech platform companies do quite well throughout repetitive cycles, contrary to the industry trend toward 'product-only' companies. Our focus is on the most innovative opportunities, from pioneering technology to landmark products to expanding into unconventional markets."  Release

> Lonza and BioWa will collaborate on creating an optimized production platform for more potent antibodies. Report

> The FDA has issued a new warning on carbamazepine, an epilepsy-slash-bipolar drug that can cause rare but severe side effects in certain patients of Asian descent. Report

> Surprise! You're the next CEO. So said Shire to CFO Angus Russell (photo), who got an unexpected promotion to the company's top slot. Report

> Scrub the gilt edge off those bonds. Fitch Ratings ripped the AAA rating off Pfizer's debt, citing the drug maker's "maturing" drug portfolio and its thinly populated pipeline. Report

And Finally… With 20 high-cost procedures leading the way, the nation's hospital bill jumped 7 percent in 2005, twice the rate of inflation. Report

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