> Looking to increase its investment in emerging markets, GlaxoSmithKline announced today that it will spend $210 million to purchase Bristol-Myers Squibb's portfolio of drugs in Egypt, as well as the BMS plant near Cairo. GSK report
> Proteus Biomedical, which develops products that integrate its proprietary in-body electronics and sensor technologies into existing medical devices and pharmaceuticals, announced that the company has raised $32 million in a series D equity financing. Release
> Reata Pharmaceuticals' RTA 402--an experimental treatment for pancreatic--has been granted orphan drug designation by the FDA. RTA 402 is also in Phase II development for chronic kidney disease. Reata release
> CRO Charles River has opened a new preclinical facility in China. Release
> The city of New Haven, Connecticut will be suing Merck and Schering-Plough on the basis that Vyotrin doesn't work. Report
> The FDA warned Bayer Healthcare about marketing a product called "Bayer Aspirin with Heart Advantage" as safe and effective, but it appears that Bayer completely ignored the warning and the House Energy & Commerce Committee wants to know why. Bayer report
> Pharma has seen better financial days, but Johnson & Johnson stood out among the crowd yesterday when it posted its third quarter earnings and sales--making the company look (almost) economic crisis-proof. J&J earnings
> Abbott Laboratories announced a strong Q3 today. The company reported a 51 percent increase in profits, earning $1.08 billion compared with a profit of $717 the previous year. Abbott earnings
> Blaming a reduction in R&D spending, WuXi PharmaTech announced that it missed its Q3 earnings goal. Report
> Amidst consistent reports that there is plenty of cash in the U.S. pharmaceutical industry, analysts are fretting about the challenges of accessing that cash--due to the serious tax implications--for use in the U.S. Report
Special Report: The biotech marketshare report
And Finally... A Northwestern University research team has developed a nanomaterial-based biomedical device that could be used to deliver chemotherapy drugs locally to sites where cancerous tumors have been surgically removed. Report