Funxional gets $12.5M for anti-inflammatory programs; Pozen snags $20M milestone

 @FierceBiotech: Teva tackles a Rituxan biosimilar. Report | Follow @FierceBiotech

 @JohnCFierce: So much for Pfizer's two-track approach to R&D, which always looked a tad uncomfortable to me. Now one R&D lord will rule them all. | Follow @JohnCFierce

> The UK's Funxional Therapeutics has raised $12.5 million in a Series B and plans to use the cash to further its anti-inflammatory therapies. The round was provided by Index Ventures and Novo AS along with new investor Ventech. Funxional release

> Covidien is selling its specialty chemical division to a private equity group for $280 million. The division makes ingredients for the biopharma business, among others. Report

> AstraZeneca paid Chapel Hill, NC-based Pozen a $20 million milestone it earned with the approval of Vimovo. Another $25 million will be due if Vimovo is approved in a major ex-US market. Release

> Irvine, CA-based Cobalis filed the forms necessary to emerge from bankruptcy. Cobalis release

> Immunomedics snagged a $5 million milestone from Nycomed, part of their deal on veltuzumab. Story

And Finally... A new study from the University of Rochester concludes that a high level of supposedly good cholesterol places a subgroup of patients at high risk for recurrent coronary events, such as chest pain, heart attack, and death. Report