GlaxoSmithKline PLC said Thursday it bought Bristol-Myers Squibb Co.'s branded generic business in Lebanon, Jordan, Syria, Libya and Yemen for about $23.2 million in cash.

Genentech Inc. said Thursday its macular degeneration drug Lucentis met its goal in a late stage trial, improving the vision of patients with macular edema due to branch retinal vein occlusion.

Sanofi-Aventis SA said Thursday its drug Multaq, which treats irregular heart rhythms, received marketing approval from the Food and Drug Administration, which turned it down three years ago.

Shares of Illumina Inc. sank Thursday after the genetic analysis instrument maker said revenue in the second quarter fell short of its own forecast and Wall Street estimates.

Shares of Discovery Laboratories Inc. fell to their lowest point in a decade Thursday after the company said a Food and Drug Administration review standard places the approval of Surfaxin in doubt.

Graceway Pharmaceuticals LLC said Thursday it agreed to buy two potential acne treatments and an anti-scarring drug candidate from Pfizer Inc.

Sepracor Inc. reported a pair of research setbacks, as it said a depression drug candidate failed in a clinical trial, and two studies of its insomnia drug Lunesta were stopped by the Food and Drug Administration.

Johnson & Johnson will take over most of Elan's Alzheimer's research and invest $1 billion in new Elan equity in exchange for an 18.4 percent stake in the Irish drugmaker, the companies said on Thursday

Johnson & Johnson, making a big jump into the risky but potentially lucrative field of Alzheimer's disease, is taking a major stake in Irish biopharmaceutical company Elan Corp., investing up to $1.5 billion initially.

Discovery Laboratories Inc. said Wednesday the Food and Drug Administration will apply a new standard to the company's respiratory drug candidate application, likely further holding up approval.

Illumina Inc. said Wednesday its second-quarter revenue will likely fall below prior expectations because of a slowdown in the number of genetic studies and lower foundation funding.

In a perverse twist of medical fate, Farrah Fawcett has become the poster girl for anal cancer, a rare disease often linked to a sexually transmitted virus.

A federal judge approved on Wednesday a settlement once valued at about $900 million for a lawsuit pitting UnitedHealth Group Inc. shareholders against company executives over a stock options scandal that took down the company's CEO in 2006.

CardioNet Inc. stock plunged Wednesday after the heart monitor maker lowered its expectations for 2009, and pulled back from a forecast for continued growth over the next two years.

The Food and Drug Administration will require two smoking-cessation drugs, Chantix and Zyban, to carry the agency's strongest safety warning over side effects including depression and suicidal thoughts.