Less than a month after raising $42.7 million in a Series B round, GenPath Pharmaceuticals Inc. said it has nailed down a multiyear cancer deal with Merck & Co. Inc. worth up to $100 million, excluding royalties. (BioWorld Today)

With Phase III data from its product candidate for opiate-induced constipation expected by year's end, Progenics Pharmaceuticals Inc. priced a public offering of 3.25 million shares at $16.25 each, for net proceeds of about $48.9 million. (BioWorld Today)

If the drug doesn't work as a monotherapy, then give up and try to find someone else who wants to take over development. Such was the eminently practical approach taken last week by Amgen Inc. with regard to epratuzumab, also known as LymphoCide, for non-Hodgkin's lymphoma partnered with Immunomedics Inc. in North America and Australia. (BioWorld Financial Watch)

Celltech Group plc said partner Pfizer Inc. has decided to delay development of the rheumatoid arthritis drug CDP 870, thereby stalling the potential launch for at least one year, and wants to renegotiate the terms of the companies' profit-sharing agreement. (BioWorld Today)

With its initial public offering yet to price, GTx Inc. said it began a Phase III study with Acapodene (toremifene citrate) tablets for reducing skeletal fractures and other complications of androgen deprivation therapy in men with prostate cancer. (BioWorld Today)