Adopting the old adage that a bird in the hand is worth two in the bush, Medivir AB is forgoing a future revenue stream from North American sales of its cold sore product Xerese in return for an immediate payment of $45 million from its partner Meda AB.

Shares in Genmab A/S dropped 11 percent Friday on news that the company had failed to secure a deal for its epidermal growth factor receptor (EGFR) inhibitor zalutumumab and has opted to shelve the program.

Turku, Finland-based Biotie Therapies Oyj climbed by more than 9 percent Wednesday on news that its partner H. Lundbeck A/S completed its Phase III development program with nalmefene, a drug aimed at tackling alcohol dependency, and that it plans to file for European approval later this year.