Biovail/Valeant merger will cost up to 870 jobs; Cypress Bioscience shares plunge on licensing pact terms;

 @FierceBiotech: FDA experts unanimously reject Boehringer's female libido pill. Article | Follow @FierceBiotech

 @JohnCFierce:  Amylin laid off 60 staffers, including research workers. Wants to look 'outside' more. Article | Follow @JohnCFierce

> Yesterday's press release about the Biovail-Valeant Pharmaceuticals merger didn't mention one key fact: Combining the two companies will lead to layoffs. Up to 20 percent of the combined workforce--or up to 870 jobs. Report

> Cypress Bioscience's $365 million licensing deal for the North American licensing rights to Bioline's schizophrenia drug was roundly criticized by analysts, leading to a 38 percent drop in its stock price. "Though the early data looks promising, there is still considerable clinical risk as well as commercial risk given that the antipsychotic space is crowded with increasing competition from generics," noted PiperJaffray analyst David Amsellem. Story

> Affymax's late-stage data on Hematide may have bombed with investors, but the trial numbers were worth a $30 million milestone payment from Takeda. Affymax release

> BioSante Pharmaceuticals has raised $15 million in a registered direct offering. Deerfield Management Company and other institutional investors are making the investment. BioSante release

> Novo Nordisk is re-launching its late-stage trials testing liraglutide as a new treatment for obesity. Report

> The FDA has approved Namenda XR for Alzheimers, an extended release therapy from Forest and Merz Pharmaceuticals. Release

> MorphoSys received a clinical milestone payment from Centocor Ortho Biotech following the launch of a Phase 1 clinical trial of a HuCAL-derived antibody in the therapeutic area of inflammatory and autoimmune diseases. MorphoSys release

And Finally... Bands of chimpanzees violently kill individuals from neighboring groups in order to expand their own territory, according to a new study. Report