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Genzyme Corp. reports that third-quarter profit more than quadrupled to $69 million from $16 million a year earlier. The good quarterly results and earnings projections through 2011 bolster Genzyme's argument that Sanofi-Aventis S.A.'s bid to acquire Genzyme for $69 a share is too low.

To capitalize on emerging markets, Abbott Laboratories is negotiating the acquisition of India's Piramal Healthcare Ltd. for $3.7 billion. When the deal closes, Abbott will hold the largest market share in that country's pharmaceutical industry at 7%.

The viral contamination of its Allston Landing facility in Massachusetts is likely to cost pharmaceutical company Genzyme Corp. $1 billion in fines and decontamination charges. Genzyme has instituted new production protocols and changes to its manufacturing management.

To capitalize on growing demand in emerging markets, Sanofi-Aventis S.A. and Merck & Co. will revive an animal-health venture - Merial - which they had ended last year to clear the way for Merck's acquisition of Schering-Plough Corp. Merck will take control of 50% of Merial and contribute certain Schering assets to the venture. Sanofi will pay Merck $1 billion for the additional assets contributed to Merial.

Pfizer Inc. received approval from the U.S. Food and Drug Administration for the new version of its Prevnar childhood vaccine, Prevnar 13, which will cost about 30% more, because it protects against more strains of illness. Prevnar 13 is expected to have sales of $5.9 billion in 2015.

Pfizer Inc.'s fourth-quarter profit nearly tripled to $767 million from $266 million a year ago. To improve efficiency after its takeover of Wyeth, Pfizer plans to cut research-and-development expenditures by as much as $3 billion by 2012.

To revive its new-product pipeline and cut development costs, pharmaceutical firm Eli Lilly & Co. is considering outsourcing the testing of drugs in late-stages of development.

In a bid to slash costs after its $68 billion acquisition of Wyeth, Pfizer Inc. will close six of its 20 research sites, including two facilities in the UK. At the time of the acquisition, Pfizer announced it would cut $4 billion in combined costs, and lay off 19,500 workers from both companies.

Johnson & Johnson will buy an 18.4% stake in biotechnology firm Elan Corp. for $1.5 billion. The deal gives J&J access to Alzheimer's disease medication bapineuzumab, which is in the late stages of experimentation on humans, and has a potential annual market value of $25 billion.

Watson Pharmaceuticals Inc. will buy Arrow Group for $1.75 billion: $1.05 billion in cash, $500 million in common stock, and $200 million in preferred shares. Arrow owns the U.S. rights to sell a generic version of drug Lipitor when the drug loses patent protection in 2011. Arrow's owners will receive additional payments contingent on the sales of the generic version of Lipitor.

Pharmaceutical giant Merck & Co. will buy rival Schering-Plough Corp. for $41.1 billion. Merck will borrow $8.5 billion to finance the deal. Under terms of purchase, Schering-Plough investors would get 0.5767 share of Merck and $10.50 in cash for each share they own. Merck shareholders will own 68% of the combined company.

Pharmaceutical giant Merck & Co. is planning to form a unit, Merck BioVentures, to develop generic versions of other pharmaceutical companies' top-selling biotech drugs. Merck will invest $1.5 billion in the new venture by 2015, and launch its first biotech drug in 2012 with at least five more releases planned by 2017.

Pharmaceutical giant Merck & Co. reports a 28% third-quarter net income drop to $1.09 billion, and a 2% drop in sales to $5.94 billion. The company also announced plans to reduce its global workforce by 12%, 7,200 jobs, over the next three years. Merck's shares dropped 7% to $28.01 on the New York Stock Exchange composite trading. In related news, pharmaceutical firm Wyeth reports a third-quarter net income drop to $1.14 billion from $1.15 billion, and a 3.6% revenue increase to $5.83 billion. Wyeth's shares dropped 11% to $31.10 on the New York Stock Exchange composite trading.