In an expansion of their deal to develop inhaled insulin, Eli Lilly and Co. is buying $30 million in newly issued convertible preferred stock from Alkermes Inc., which will use the money to pay for the joint development program for 2003 and 2004. (BioWorld Today)
The Securities and Exchange Commission is mulling a rule change that would allow biotechnology firms more flexibility to invest, so they can better advance research and development - and in Washington, the industry push is on for a somewhat more extensive change. (BioWorld Financial Watch)
Although it's searched for two years - and had what seemed like a good prospect on the line for the past 12 months - ArQule Inc. has been unable to pair up with a heavyweight partner to use its acquired ADME chemistry screening technology. Late Tuesday, the company said it is reducing staff by 31 percent (128 people), and plans to close two facilities. (BioWorld Today)
Almost as if to provide a metaphor for HIV treatment strategy - drug combination is the weapon of choice for fighting the infection - two major players said last week they plan to join forces in a $464 million merger whereby Gilead Sciences Inc. will acquire Triangle Pharmaceuticals Inc. (BioWorld Financial Watch)
Having lost its figurative dance partner, Abbott Laboratories Inc., over the summer, Triangle Pharmaceuticals Inc. disclosed that it plans to undergo a "two-step" acquisition by Gilead Sciences Inc. in a deal valued at $464 million. (BioWorld Today)
