China's pharma interested in European assets; Chiromics announced alliances with 2 Big Pharma partners;

Conversations on Twitter :

 @FierceBiotech: More from Harvard's microchip, lined with living cells, mimics disease in preclinical drug test. More | Follow @FierceBiotech

 @JohnCFierce: CVS blocking drugs on formulary based on price, part of the payer backlash. Also adding a few back in after discounts. News (sub. req.) | Follow @JohnCFierce

 @RyanMFierce: Bristol-Myers struck a discovery deal with Chiromics , focused on small molecules in multiple diseases. Release | Follow @RyanMFierce

> Janssen announced today at the 4th World Congress on Controversies to Consensus in Diabetes, Obesity and Hypertension (CODHy) that canagliflozin, an investigational therapy intended to treat patients with Type 2 diabetes, substantially lowered blood glucose levels compared with placebo in a trial. The study looked at the efficacy of canagliflozin as an add-on therapy in patients whose disease is inadequately controlled by the antihyperglycemic medications metformin and pioglitazone. Release

> The largest pharmaceutical company by sales in China, China National Pharmaceutical Group, is looking at overseas technology companies as possible targets of acquisition, according to the company's chairman, Song Zhiping. Report (sub. req.)

> Drug giant Pfizer ($PFE) appears to have given up on the acquisition strategy it pursued earlier this year. After selling the infant nutrition business to Nestle SA in April, Pfizer is focusing a spinoff of its animal health business into a new company, Zoetis. This new strategy will hopefully convince shareholders of Pfizer's commitment to their interests. More

Pharma News

@FiercePharma: Novartis flu vaccines cleared in Italy: Gov't lifts suspension on Agrippal and Fluad. Release | Follow @FiercePharma

> Hospira returning to market with sedative propofol. Item

> CVS shucking more drugs from its coverage list. Story

> Novo Nordisk's Tresiba gets panel backing, but with caveats. Article

> Sanofi, Regeneron halve the price of controversial new cancer treatment Zaltrap. News

Medical Device News

 @FierceMedDev: Covidien's Q4 dipped over last year; the company blames currency fluctuations and an extra selling week in 2011. More | Follow @FierceMedDev

 @MarkHFierce: CardiAQ Valve Technologies, based in CA, raised $32.5 million, according to a regulatory filing. More | Follow @MarkHFierce

 @DamianFierce: St. Jude has won a legal injunction in its ongoing spat with supplier AorTech. News | Follow @DamianFierce

> GE grabs U-Systems to boost its breast imaging capabilities. More

> Baxter recalls infusion sets over deadly embolism risk. News

And Finally... Chiromics--a company attacking the challenges of drug discovery by generating chemical libraries with "Accessible Complexity"--has announced a strategic alliance with Bristol-Myers Squibb that includes grants of non-exclusive license for use of Chiromics' chemical compound library. Chiromics also announced a collaboration with GlaxoSmithKline to discover new classes of small molecules. BMS release | GSK release

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