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)

Wall Street, sometimes, just doesn't get it.Contrary to what is often called the "increasing sophistication of biotechnology investors," stock prices that publicly held companies live by can react in strange and painful ways to news that appears positive - and to rumors or ideas about news that might not be.

Transition Therapeutics Inc.'s Islet Neogenesis Therapy in Phase I for diabetes bagged the firm a deal potentially worth more than $56 million with Novo Nordisk A/S. (BioWorld Today)

After losing 26 percent of its stock value on rumors that upcoming news regarding its cardiovascular drug would be negative, Esperion Therapeutics Inc. recovered when positive data were published. (BioWorld Today)

With its $515 million offer, Cephalon Inc. apparently has won the bidding war for CIMA Labs Inc., and the two have signed a definitive agreement to merge. (BioWorld Today)