Biotechnology company Novacea Inc. said Monday it will slash its work force, one month after partner Schering-Plough Corp. pulled out of a development agreement for the failed prostate cancer drug candidate Asentar.

Some of the nation's largest pharmaceutical companies defended their TV advertisements Thursday from Democrats pushing for tougher marketing restrictions.

Shares of large pharmaceutical companies closed mostly higher Thursday with the broader market, despite the appearance before Congress of executives from several major companies aiming to defend their advertising practices.

Pharmaceutical companies need to be more responsible in touting products to consumers or else face tighter controls from Congress, a top U.S. Democratic lawmaker said on Thursday.

By Susan Heavey

Pharmaceutical executives on Thursday will face scrutiny from lawmakers concerned their industry sometimes misleads consumers by overstating the benefits of drugs in TV commercials.

Akzo Nobel NV, maker of paints and industrial coatings, reported Wednesday its profit fell 52 percent in the first quarter, reflecting costs related to its $17.5 billion acquisition of Britain's ICI chemicals.

Akzo Nobel NV, maker of paints and industrial coatings, reported a rise in sales and a fall in earning in the first quarter on Wednesday.

Merck & Co.'s move to cut an additional 1,200 sales representatives could give the company an earnings per share boost in 2008, according to several analysts.

Merck & Co. said Monday it is eliminating 1,200 U.S. sales jobs, a move that comes a week after federal regulators' surprise rejection of an experimental cholesterol drug heavily touted by the pharmaceutical company.

The roller coaster ride for Merck & Co. shareholders and employees is on another speedy downhill run.

Shares of drug developer Sepracor Inc. fell Friday as Wall Street expressed disappointment over lagging sales of the company's insomnia treatment Lunesta and the decline in first-quarter revenue.

Stock in drugmaker Merck & Co. plunged as analysts warned investors Tuesday to expect lower revenues and share prices, a day after the Food & Drug Administration rejected an experimental Merck drug for the second time in four days.

Confidence in Merck & Co's <MRK.N> earnings prospects withered on Tuesday, along with its stock price, after U.S. regulators surprisingly rejected the drugmaker's treatment to raise levels of "good" HDL cholesterol.

By Ransdell Pierson