Healthcare Biz Rewind: Glaxo’s WITHDRAWAL, Quest’s Lucrative DEAL

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GlaxoSmithKline (NYSE:GSK) shares move down as the firm withdraws a supplemental New Drug Application to the FDA for use of its Tykerb drug in unison with Genentech’s Herceptin for the treatment of a certain type of breast cancer in patients who have already received Herceptin. A spokesperson commented that, “Our discussions with FDA highlighted questions that could not be addressed with the data currently available.”

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Peregrine Pharmaceuticals (NASDAQ:PPHM) shares gain almost 25 percent Thursday, while CEO Steven King was due to make a presentation at the JMP Securities Healthcare Conference in New York. The firm announced positive results from a Phase IIb trial of its bavituximab lung cancer treatment.

Quest Diagnostics (NYSE:DGX) shares move substantially up, to the revelation a 1996 deal with Merck (NYSE:MRK) over osteoporosis drug odanacatib, might pay off some $75 million.

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