Many a biotechnology company can tell war stories of negative Phase III data, followed by analyst downgrades and a decline in stock price. But Onyx Pharmaceuticals Inc. had what is arguably an even more frustrating tale to tell: positive Phase III data, followed by an analyst downgrade and a decline in stock price. (BioWorld Today)

Cephalon Inc. topped off a spate of mixed news with disclosure of its plan to buy Salmedix Inc. for about $160 million in cash, adding to the cancer drug pipeline while taking on $40 million in potential milestone payments related to Treanda, Salmedix's Phase II candidate for slowly progressing non-Hodgkin's lymphoma. (BioWorld Today)