LONDON - Biota Holdings Ltd. has written to shareholders to explain why it dropped a four year-long legal action against GlaxoSmithKline plc over a claim that the London-based pharma company failed to promote Biota's flu treatment Relenza properly. (BioWorld International)

Shares in Karo Bio AB gained almost 30 percent this week on news that the company's lead drug candidate, the thyroid hormone receptor agonist eprotirome (KB2115) attained the primary endpoints in a Phase IIb trial in patients with elevated blood lipids who already were receiving statins. (BioWorld International)