Despite increased total revenues and product sales in the first quarter, Gilead Sciences Inc. saw its shares sink 9.6 percent Wednesday as the company reported that health care reform provisions negatively affected its HIV franchise. (BioWorld Today)

Array BioPharma Inc. has snagged another oncology deal involving its MEK inhibitors, this time with Novartis AG in a collaboration that will bring in $45 million up front plus $422 million in milestones. (BioWorld Today)

Celgene Corp. and privately held Agios Pharmaceuticals Inc. have entered a preclinical collaboration in the area of cancer metabolism, a deal that will bring in a hefty $130 million up front for Agios, including an equity investment. (BioWorld Today)