Although going about the typical process for a biotechnology firm backward, Avera Pharmaceuticals Inc. proved it can make the model work, raising $48 million in a Series C round of venture capital funding. (BioWorld Today)

Gilead Sciences Inc. walloped forecasts by posting second-quarter net income that was up 11 percent, thanks to the briskly selling HIV treatment Viread and the hepatitis B therapy Hepsera. (BioWorld Today)

With its own product for multiple sclerosis and spinal cord injuries already in the works, Acorda Therapeutics Inc. acquired from Elan Corp. plc all U.S. rights to oral Zanaflex (tizanidine), a marketed treatment for spasticity in patients with those conditions. (BioWorld Today)

Codexis Inc. nailed down a research and development deal with Pfizer Inc. that could be worth up to $40 million, plus a $10 million equity investment that the pharmaceutical giant is making right away - but that's hardly all. (BioWorld Today)