BioMarin dumps early-stage drug; Did Pfizer get hosed on Idun deal?;

 @FierceBiotech: Isis, Genzyme brace for new round of late-stage cholesterol data. Article | Follow @FierceBiotech

 @JohnCFierce: No products, no revenue, no chance of a successful biotech IPO. Not yet anyway. | Follow @JohnCFierce

> Discouraged by the results of its Phase I study of a new therapy for Duchenne muscular dystrophy, BioMarin Pharmaceutical has opted to scrap the program. "Given the limitations of BMN 195, we believe that other approaches to up-regulation of utrophin may be more possible, and we continue to believe that utrophin upregulation is a viable approach for the treatment of DMD," said CEO Jean-Jacques Bienaime. "We are currently working on additional candidates to take forward into early human studies, and the new compound we are working on appears to overcome the limitations of BMN 195." BioMarin release

> Allergan's CEO insists the company isn't for sale. Report

> The Singapore-based venture capital fund Advance Opportunities Fund has agreed to provide Melbourne, Australia-based Patrys up to $15 million in three tranches. The money will be used to advance its R&D work on new cancer antibodies. Report

> Shanghai-based Sangon Biotech and Bio Basic, a Toronto-based life science research service company, announced that they have completed a $10 million round of funding from Qiming Ventures. The company is using the funding to scale research and development, marketing and sales of its life science research tools. Sangon release

> TheStreet's Adam Feuerstein offers a preliminary look at the upcoming FDA panel meeting for Jazz Pharmaceuticals' experimental fibromyalgia drug JZP-6. Report

And Finally... The folks at Private Equity Hub examined the recent deal by the newly-formed Conatus Pharmaceuticals to buy Idun from Pfizer, concluding that the big pharma company got a lot less than the $298 million it paid for the company five years ago. Story