Convinced on safety, Shire buys Phase III-ready IBD candidate from Pfizer. Teva looks ahead to its acquisition of Allergan's generic portfolios by divesting ANDAs through two deals, while ending a stem cell collaboration with Mesoblast.

The giant Israeli generics firm extols Cephalon's R&D but the deal's real value may be more nuanced: a combination of cost synergies, late-stage pipeline assets, and expansion of Teva's mix of branded products in anticipation of upcoming challenges in both the branded and generics businesses.

Cephalon is making a significant bet on an Australian biotech's adult stem cell technology, taking it forward in multiple indications, including some fields where it isn't currently active, but which its executives say it can get up to speed on quickly. The deal is the specialty pharma company's fourth in biologics since it announced nearly two years ago that expanding into biologics would be a priority