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Baxalta in deal to expand immuno-oncology business

(Reuters) – Drugmaker Baxalta Inc has signed a deal with privately held Symphogen under which the companies will develop immuno-oncology drugs to treat rare cancers. The deal with Symphogen comes as Baxalta approaches the final stages of negotiating a potential sale to rare diseases drugmaker Shire Pharmaceuticals. It would include a cash component of about $20 per share, with the rest of it paid in Shire stock, said the sources, asking not to be identified because the negotiations are confidential.

Panel recommends Merck & Co continue cholesterol drug study

(Reuters) – Merck & Co said an independent data monitoring committee recommended that the drugmaker continue a study of its experimental cholesterol drug, anacetrapib. The recommendation comes a month after Eli Lilly & Co stopped testing a similar cholesterol drug, belonging to a class of drugs called CETP inhibitors. Merck said on Friday that the committee reviewed safety and efficacy data from the large study, including a futility analysis.

Pfizer in $5 billion accelerated buyback deal with Goldman, Sachs & Co

(Reuters) – Drugmaker Pfizer Inc said it entered into an agreement with Goldman, Sachs & Co to buy back $5 billion of its stock. Pfizer said the accelerated share repurchase was assumed in the forecast for the full year it provided last month. Under the agreement, which forms a part of Pfizer's existing buyback authorization, about 150 million shares will be bought. The settlement is expected during or prior to the third quarter. Shares of the New York-based company closed at $33.06 on the New York Stock Exchange on Monday. …