Biotech investors rethink the significance of an FDA approval; Karuna reveals more on schizophrenia programs;

@FierceBiotech: Proximagen polishes its CNS rep with $16M Lundbeck deal. News | Follow @FierceBiotech

@RyanMFierce: Which women in biotech inspire you? Please tell us here @FierceBiotech: Item | Follow @RyanMFierce

@MaureenFierce: U.S. economic woes "leading to risky Rx practices." People skimping on meds, MD visits. Piece | Follow @MaureenFierce

> Following the bitter commercial sales disappointments registered at Human Genome Sciences and Dendreon, investors and analysts are rethinking a common belief in the investment community. An approval, they say, no longer portends a steadily rising share price, as sticker shock on new biologics creates a market backlash they hadn't anticipated. Story

> Xconomy reports that Karuna Pharmaceuticals, a startup incubated at PureTech, has revealed more about its work on schizophrenia. The biotech in-licensed compounds from Vanderbilt which promise a new approach to treating the ailment. Story

> Portland, ME-based Putney has raised $21 million in a Series C designed to fund its work on generic pet drugs. Release

> After losing its fight to gain control of Actelion, Elliott Advisers has opted to cut its stake in the company to less than 3%. Story

Pharma News

@FiercePharma: Pfizer tells Indian hand-wringers that drug-price controls mean M&A won't touch off runaway price hikes $PFE #pharma. News | Follow @FiercePharma

> FDA hits Florida drugmakers with consent decree. Article

> After recalls, Merck sells out of J&J OTC venture for $175M. Report

> FDA slaps Sichuan on API facility shortfalls. News

> Hikma expects boost in Middle East health spending. Report

> GSK chief backs affordable pricing in India. Story

Vaccines News

> Gardasil bests Cervarix in cost effectiveness battle. News 

> Vaccine could reduce HIV to 'minor infection.' Report 

> Vaccines critical for controlling chronic diseases. Item 

> Prospective Alzheimer's vax homes in on amyloid delivery. News 

> Agenus encouraged by early HerpV results. Report 

 Manufacturing News

> GSK planning off-grid move for savings. Story 

> Chinese API maker gets stern FDA warning over cross-contamination. Article

> The downside of downsizing: playing it safe. News 

> Google AdWords ban keeps drug savings from U.S. poor. Report 

> Congress gets started on drug-takeback program. Item 

> Lean manufacturing lessons from Human Genome Sciences. Story

And Finally... In another sign of the growing scientific interest in hallucinogens, investigators at Johns Hopkins say that a careful study reveals that "magic mushrooms" can spur a lasting-positive-change in personality. Story