Merck hands back rights to AVEO cancer drug; Santarus shares surge on positive IBD data; Dyax inks $106M pact

 @FierceBiotech: Lilly research chief outlines the perfect biotech pact. Article | Follow @FierceBiotech

 @JohnCFierce: Genzyme's Termeer says he's ready to go, when the price and time is right. But don't look for a snap deal with Sanofi. Report |  Follow @FierceBiotech

From the archives: Top 10 mistakes biotechs make (and how to avoid them). Report

> Merck is handing back the marketing rights to AVEO's AV-299, an experimental lung cancer drug that had been licensed to Schering-Plough back in 2007. AV-299 is AVEO's second program now in mid-stage development. "AVEO is very pleased to regain worldwide rights for the development and commercialization of AV-299," stated Tuan Ha-Ngoc, president and chief executive officer of AVEO Pharmaceuticals. Story

> Shares of Santarus surged after the developer reported the late-stage success of their IBD drug budesonide MMX. The results put the company on track to a regulatory filing. Article

> CMIC has paid Dyax $4 million upfront to to collaborate on the development of DX-88 for hereditary angioedema and market it in Japan. The deal includes a slate of $102 million in promised milestones for a successful partnership. Report

> Researchers for Pfizer say that a small group of patients enrolled in a large study of the pain drug tanezumab experienced damage to their knees that required joint replacement surgery because the drug silenced any pain signals that would have slowed them down. The studies were halted last summer. Item

> Repros Therapeutics plans to meet with regulators in early November as it prepares to launch two studies of its therapy for testosterone deficiency. Item

> The developer iCo Therapeutics says its oral Amphotericin B program, "iCo-009", has been granted orphan drug status for the treatment of Visceral Leishmaniasis. iCo release

> Bavarian Nordic is reorganizing the company's primary business areas into two divisions: Cancer Vaccines and Infectious Diseases, each led by its own division president. Bavarian Nordic release

And Finally... Researchers have been gathering data that suggests that suicides are more prevalent at higher altitudes. Story