U.S. stocks rose for a seventh day, extending a record for the Standard & Poor’s 500 Index, as better-than-estimated bank earnings overshadowed a reduced profit forecast from United Parcel Service Inc.
Europe’s financial crisis is leading Johnson & Johnson , Sanofi-Aventis SA and Merck & Co. to lower forecasts and reduce spending, adding pressure on drugmakers already squeezed by generic competition.
Amylin Pharmaceuticals Inc., maker of the diabetes drug Bydureon, may draw bids from other suitors after rejecting a $3.5 billion unsolicited takeover offer from Bristol-Myers Squibb Co. earlier this year.
Regeneron Pharmaceuticals Inc., maker of the eye medicine Eylea, rose the most in three weeks on drug-development partner Sanofi’s plans to raise its stake in the company by buying shares on the stock market.
Orexigen Therapeutics Inc. ’s success in winning the first U.S. panel recommendation for a long-sought prescription diet pill led its shares to almost double and shows the company benefited from its rivals’ earlier difficulties.
Sanofi-Aventis SA may have to pay at least $80 a share, or $21.3 billion, to acquire genetic-disease drugmaker Genzyme Corp. as activist directors drive up the price, investors in the U.S. biotechnology company say.
Gilead Sciences Inc.’s Truvada topped Time magazine’s list of medical breakthroughs for 2010 after a study showed it may achieve a goal pursued by scientists for a quarter-century: a pill to prevent HIV infection.