To casual observers, Genentech Inc.'s Jan. 5 tweet might have seemed oddly mysterious. "FDA grants Genentech medicine supplemental approval in rheumatoid arthritis," read the tweet. But which medicine was it? And what exactly did the FDA say?

On Nov. 16, Pfizer Inc. announced a partnership with the University of California at San Francisco aimed at translating biotechnology discoveries into marketable drugs. It's the newest element of a multifaceted, R&D makeover that's designed to transform the New York-based pharmaceutical giant into a biotechnology powerhouse.

In October 2008, Phenomix Corp. seemed to be on top of the biotech world. After raising $165 million in venture capital to develop its Type II diabetes compound, dutogliptin, the San Diego start-up scored a development deal with Forest Laboratories Inc. potentially worth $340 million.