When a drug review hits a snag at the FDA - whether it's due to poor study design or manufacturing problems - the consequences can carry a high cost. (BioWorld Financial Watch)

Bristol-Myers Squibb Co., in a letter to partner ImClone Systems Inc., showed no sign of backing down from its offer to buy ImClone for $60 per share, a bid that was rejected this week by a special committee of ImClone's board. (BioWorld Today)

Carl Icahn, chairman of the board at ImClone Systems Inc., said the board's special committee has rejected a buyout offer from Bristol-Myers Squibb Co., and will consider a higher bid from an unnamed large pharmaceutical company. (BioWorld Today)

Biodel Inc. said that two Phase III trials of diabetes treatment VIAject met the studies' objective of noninferiority to Eli Lilly and Co.'s Humulin insulin injection, but Wall Street seemed leery of the results because data from India were excluded. (BioWorld Today)