• AEterna Zentaris Inc., of Montreal, agreed to partner with the University of Montreal to launch a preclinical research project on the role of ghrelin in the development of obesity. The three-year project will be funded with an initial budget of C$1.2 million (US$1.1 million). Ghrelin is a natural hormone secreted by the stomach to increase appetite and induce the accumulation of fat tissue.

• Bioniche Life Sciences Inc., of Belleville, Ontario, agreed to sell its sodium hyaluronate product, Cystistat, to Bioniche Teoranta, of County Galway, Ireland, for C$10 million (US$9 million). Bioniche Teoranta is part of the Bioniche Pharma Group, which was sold by Bioniche Life Sciences to an investor group earlier this year. The transaction is expected to close in mid-May, and $2 million of the proceeds will be used to repay Bioniche Life Sciences' convertible term note to Laurus Master Funds.

• CancerVax Corp., of Carlsbad, Calif., said its stockholders approved the company's previously announced merger with Munich, Germany-based Micromet AG. Micromet will acquire CancerVax stock in a deal valued at about $127 million, and the transaction is expected to close on or about May 5. CancerVax stockholders also approved a reverse stock split in the range of 1:2 to 1:4, and to change the name of CancerVax to Micromet. (See BioWorld Today, Jan. 10, 2006.)

• CepTor Corp., of Hunt Valley, Md.., said it is exploring various strategic alternatives to enhance shareholder value, including the possible sale or merger of the company, and has retained Oppenheimer & Co. as its strategic adviser. CepTor develops cell-targeted therapeutic products.

• Enzon Pharmaceuticals Inc., of Bridgewater, N.J, saw its stock jump more than 12 percent Wednesday on strong first-quarter earnings. The company reported net income of $21.7 million, or 50 cents per share, for the three months ending March 31, compared to a net loss of a $3.1 million, or 7 cents per share, from first quarter 2005. The net income included an investment gain of $13.8 million from the sale of shares of San Carlos, Calif.-based Nektar Therapeutics Inc., originally acquired by Enzon in a January 2002 legal settlement. Enzon also reported a revenue increase for the quarter, due in part to a 16 percent increase sales of Oncospar for ALL ($6.4 million) and a 16 percent increase in sales of Abelcet ($10.5 million). Shares of Enzon (NASDAQ:ENZN) gained $1.02 to close at $9.10.

• Genzyme Pharmaceuticals, a business unit of Cambridge, Mass.-based Genzyme Corp., signed a collaboration with Birmingham, Ala.-based Brookwood Pharmaceuticals Inc. to develop drug delivery solutions, with an initial focus on peptide delivery. The partnership offers customized solutions for parenteral formulations by combining expertise in design for peptide delivery, peptide synthesis and drug delivery technology. Terms of the deal were not disclosed.

• Molecular Pharmacology Ltd., of Los Angeles, plans to acquire a topical COX-2 inhibitor drug candidate, MPL-365, as part of its purchase of Molecular Pharmacology Ltd. Australia (MPLA). The U.S. company reported that recent in vitro studies of the drug showed inhibition of up to 90 percent of the key pro-inflammatory enzyme, while its topical administration has the potential to avoid any systemic side effects.

• PDL BioPharma Inc., of Fremont, Calif., watched its share price tumble by nearly a third Wednesday on lower-than-expected earnings. The company reported an adjusted net income of $2.5 million, or 2 cents per share, compared to analysts' estimates of 14 cents per share. Revenue also fell short, with analysts expecting $103 million for the quarter and PDL reporting $90.5 million. Net product sales were $36.8 million, with Cardene I.V., Retavase, and I.V. Busulfex comprising $35.7 million in sales. For the full year, PDL is anticipating revenues between $400 million and $430 million. Shares of PDL (NASDAQ:PDLI) fell $6.49, or 24 percent, to close at $21.10.