Wyeth said Wednesday its second-quarter profit fell 6.3 percent on charges for severance and other costs related to ongoing job cuts, but the drug developer still topped Wall Street expectations and raised its full-year outlook.

Wyeth <WYE.N> on Wednesday said second-quarter earnings fell 7 percent, hurt by generic forms of its Protonix ulcer drug, although results beat estimates as they were helped by its vaccine for childhood infections and a drug for inflammatory disease.

NEW YORK (Reuters) - Wyeth <WYE.N> on Wednesday said second-quarter earnings fell 7 percent, hurt by generic forms of its Protonix ulcer drug, although results beat estimates as they were helped by its vaccine for childhood infections and a drug for inflammatory disease.

Israeli generic drug maker Teva Pharmaceutical Industries Ltd. on Tuesday completed a $360 million acquisition of Bentley Pharmaceuticals Inc., which will expand its operations in Spain.

Investment bank Wachovia downgraded four of the largest generic drug companies Monday, indicating it expects them to perform about as well as the overall market.

Roche on Monday offered $43.7 billion for the remaining shares of its U.S. biotech partner Genentech Inc., seizing the opportunity offered by the weak U.S. dollar.

Teva Pharmaceutical said Friday it will buy rival generic drugmaker Barr Pharmaceuticals for nearly $7.5 billion in a move that will boost Teva's dominance as the world's biggest generic drugmaker.

Stocks finished the day mixed, as disappointing earnings from Microsoft and Google dragged down techs, but gained 3.6 percent for the week, helped by a rally in bank stocks and a sharp drop in oil prices.  Oil ended the week down 11 percent at $128.88 a barrel.

Standard & Poor's Ratings Services reaffirmed its negative outlook for Barr Pharmaceuticals Inc.'s corporate credit rating, citing the proposed sale of the drug developer to rival Teva Pharmaceutical Industries Ltd.

Stocks turned mixed Friday as banks rebounded and Google and Microsoft slammed techs.

Stocks turned mixed Friday as banks rebounded and Google and Microsoft slammed techs.

Teva Pharmaceutical will buy rival generic drug company Barr Pharmaceuticals in a move that will boost Teva’s dominance as the world’s biggest generic drugmaker.

Teva Pharmaceutical Industries said on Friday it would buy rival generic drugmaker Barr Pharmaceuticals for $7.46  billion to expand its leadership in the U.S. market and fortify its presence in Europe.

Among the sector activity stories for Thursday, July 17, from AP Financial News:

Shares of Barr Pharmaceuticals Inc. soared Thursday on reports of buyout talks between Barr and industry leader Teva Pharmaceutical Industries Ltd. The speculation also lifted shares of other generic drug makers.