Despite a rocky year that began with the Tysabri market withdrawal, Biogen Idec Inc. reported strong fourth-quarter and full-year 2005 earnings driven by robust Avonex sales and lower expenses. (BioWorld Today)

Two-year-old Chelsea Therapeutics International Ltd. completed its second major financing, raising $21.5 million in a private placement of common stock that will bring its sole clinical-stage product, CH-1504, through Phase II studies. (BioWorld Today)

Less than a month after Affymax Inc. started the fourth Phase II trial of its lead product, Hematide, to treat anemia, the company signed a partnership deal in Japan worth up to $102 million. (BioWorld Today)

Elan Corp. plc decided to sell the European rights to its pain product Prialt, but is keeping U.S. rights, where the drug already is being sold. (BioWorld Today)