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Geron Corp. has begun testing an embryonic stem-cell treatment on a patient with spinal cord injuries, marking the first time such a medical therapy has been used on a human in a government approved study.
Abbott Laboratories on Monday said it would pay $6.6 billion for the pharmaceutical business of Belgian chemicals maker Solvay in a move to further expand internationally and add to its product portfolio.
Sharp gains in shares of biotechnology heavyweights mitigated the wider sector's decline in 2008. Biotech stocks proved to be one of the safest investments this year, as strong drug sales and the potential for large buyout deals defended the sector from broader market collapse.
Pfizer Inc. reported a 77 percent drop in third-quarter profit Thursday as the world's largest pharmaceutical company booked a multibillion-dollar charge to exit its 'disappointing' inhaled insulin franchise, Exubera, and posted lower sales of blockbuster cholesterol drug Lipitor.
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