Novartis AG is expanding its cardiovascular disease therapy pipeline through its acquisition of San Mateo, Calif.-based biotech Corthera Inc., giving the Swiss pharma giant exclusive worldwide rights to relaxin, a recombinant version of a naturally occurring human peptide currently in Phase III development as a treatment for acute decompensated heart failure (ADHF). (BioWorld Today)
WASHINGTON - The Bush administration's proposed 2009 fiscal year budget for the FDA includes not only a 5.7 percent increase but a plan to seek authority to allow the agency to approve abbreviated applications for certain biologic products, or follow-on biologics. (BioWorld Today)
Study results showed that Acorda Therapeutics Inc.'s multiple sclerosis drug Fampridine-SR does not increase a patient's risk of developing cardiac arrhythmias, or an irregular heart beat. (BioWorld Today)
A week after initiating a Phase IIa study of its chronic hepatitis C virus (HCV) drug PSI-7977, Pharmasset Inc. priced a public offering of 1.6 million shares of its common stock at $18.75. (BioWorld Today)
>WASHINGTON – Irish firm Elan Corp. plc is the latest company snared by the Department of Justice (DOJ) for illegally marketing drug products, with the Dublin-based company agreeing to pay about $203.5 million to resolve criminal and civil charges of off-label promotion of its epilepsy drug Zonegran (zonisamide).