The Week in Review: Eddingpharm Raises $24 Million to Buy Western Drugs

Eddingpharm Inc. closed a $24 million Series B financing that it will use to in-license and co-develop Western drugs as well as pursue M&A; NeoStem will acquire Progenitor Cell Therapy, a US cell therapy service company; Lilly will use Parexel to help set up its Asia-Pacific clinical trials; Royal DSM is seeking a China or India partner for its penicillin operation; China Pharma Holdings completed Phase I trials of its novel cephalosporin antibiotic; Novartis plans to put its first novel cancer drug into Phase I testing in 2013; FibroGen received SFDA approval to begin China clinical trials of its oral therapy for anemia patients; and WuXi PharmaTech’s Suzhou toxicology facility was awarded a GLP certificate. More details…. Stock Symbol: (NYSE Amex: NBS) (NYSE LLY) (NSDQ: PRXL) (XAMS: DSM) (NYSE Amex: CPHI) (NYSE: NVS) (NYSE: WX)