Geoffrey Porges News
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U.S. stocks were little changed, after the Standard & Poor’s 500 Index rose to a five-year high, as banks slumped and China’s inflation grew. The Chicago Board Options Exchange Volatility Index fell to the lowest since 2007.
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Dendreon Corp. rose the most in a year on optimism that more patients will begin taking the biotechnology company’s prostate cancer drug Provenge.
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Sanofi-Aventis SA made a takeover approach to Genzyme Corp. , the largest maker of medicines for genetic diseases, about two weeks ago, said two people with knowledge of the matter.
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Harris Corp. a maker of communications-related electronic equipment, sued Netgear Inc. for allegedly infringing network-security patents.
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Amgen Inc., the world’s largest biotechnology company, agreed to buy Micromet Inc. in a $1.16 billion deal to gain an experimental leukemia drug.
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Vertex Pharmaceuticals Inc. rose in New York trading after its hepatitis C drug made treatment quicker and more effective in a study that may lead to $1.8 billion in annual U.S. sales.
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Merck & Co. won a U.S. panel’s backing to sell an experimental hepatitis C drug that cured more patients in clinical trials than current therapies.
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Vertex Pharmaceuticals Inc. rose 12 percent in intraday trading after U.S. regulators said the company’s experimental hepatitis C drug cures more patients than current therapies.
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Idenix Pharmaceuticals Inc. fell 30 percent after a trial of the company’s hepatitis C drug was placed on hold because of heart failure concerns raised in a competitor’s study of a similar medicine.
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Gilead Sciences Inc. paid about $11 billion for experimental hepatitis C drugmaker Pharmasset Inc. to win a “competitive” acquisition process and replace an unsuccessful therapy under development, said Chief Operating Officer John Milligan.
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