Shares of Savient Pharmaceuticals Inc. skyrocketed 56 percent Friday after FDA drug reviewers said in briefing documents that the firm's gout drug Krystexxa (pegloticase) was effective. (BioWorld Today)

Privately held Bayhill Therapeutics Inc. stands to gain more than $350 million, including $25 million up front in cash and equity, from biotech giant Genentech Inc. in exchange for the worldwide development and commercialization rights for BHT-3021, which is being investigated as an immunotherapy for Type I diabetes. (BioWorld Today)

Australian biotech CSL Ltd. and Talecris Biotherapeutics Inc. decided to abandon their $3.1 billion merger agreement rather than fight the Federal Trade Commission, which filed a suit to block the deal. (BioWorld Today)