Second-quarter earnings disappointments, recent clinical trial failures and investors' apparent refusal to credit any of the good news have pushed biotechnology valuations down to levels not seen since the mid-1990s. (BioWorld Financial Watch)

Raising $12.6 million at the same time, MacroGenics Inc. acquired Eliance Biotechnology Inc. by way of an undisclosed equity exchange and entered a deal with the University of Texas Southwestern Medical Center at Dallas, which devised technology used by Eliance. (BioWorld Today)

Hardly had the House passed the Prescription Drug User Fee Act - clearing the way for the next day's approval by the Senate - than all eyes turned from PDUFA to Amevive, Biogen Inc.'s fusion protein for psoriasis. (BioWorld Financial Watch)

DepoMed Inc.'s Phase III once-daily diabetes drug Metformin GR netted the company a sweet licensing deal with Biovail Corp., in which the latter is buying 2.4 million newly issued DepoMed shares - 15 percent of the outstanding common shares - for $12.3 million and agreeing to pay $25 million if and when the continuous-release drug wins approval by the FDA. (BioWorld Today)