Amylin Pharmaceuticals Inc. , Eli Lilly & Co. and Alkermes Inc . dropped in trading after they were rebuffed a second time in a bid to gain U.S. approval of a once- weekly version of the diabetes drug Byetta.
Sanofi-Aventis SA began an $18.5 billion hostile takeover offer for Genzyme Corp. after the U.S. biotechnology company spurned the bid as too low. Genzyme urged shareholders to take no immediate action.
Onyx Pharmaceuticals Inc., which surged more than 50 percent after rejecting a bid from Amgen Inc., is betting that potential suitors from Bayer AG to Bristol-Myers Squibb Co. are willing to offer even more.
Ariad Pharmaceuticals Inc., a developer of cancer drugs, sank the most in more than four years after the company’s cancer medicine received a warning label with U.S. approval to treat two rare types of leukemia.
Orexigen Therapeutics Inc. plunged as much as 73 percent after U.S. regulators said the company must submit more data before its diet pill Contrave may be cleared for sale. Diet-drug developer Vivus Inc. also fell.
Regeneron Pharmaceuticals Inc., the drugmaker today celebrating the 25th anniversary of its incorporation, fell the most in five weeks after reporting sales for its eye drug Eylea that disappointed investors.