Pfizer who is currently sitting on $25 billion in cash is looking to acquire biotech companies on the cheap. The company has recently done two $200 million acquisitions and is now looking to acquire more companies who might be on the verge of producing the next big vaccine.

GlaxoSmithKline has agreed to acquire Reliant Pharmaceuticals for $1.65 billion in cash. The move is expected to increase its drug sales in the U.S. Glaxo has had a rough couple of months after slowing sales of its core diabetes drug Avandia, following a report linking the drug to increased heart-attack risks.

Eli Lilly and Company India launced an injection treatment named Byetta aimed to improve blood sugar control for patients with type 2 diabeties in India. Byetta is not a replacement for insulin; instead, Byetta is designed to help the body make more of its own insulin. India is now the fourth major market to have Byetta approved, following successful launches in the US, UK, and Germany.

Biogen Idec is considering buyout offers after billionaire investor Carl Icahn and other potential buyers have expressed interest in acquiring the company. Biogen is one of the largest biotechnology companies that has been dealing with slowing growth for its primary product, a multiple sclerosis drug, Avonex.

Robert Hagemann, CFO of Quest Diagnostics, sold 12,502 shares of common stock on Friday.

Moody's downgraded Boston Scientific to junk status citing poor Q2 performance.

St. Jude reported Thursday that the U.S. Food and Drug Administration approved their new heart access device for use during cardiac procedures.

UBS reiterated its buy rating for Celgene with a price target of $75.

Medtronics purchased Kyphon for $3.9 billion. Kyphon specializes in devices for treating spinal disorders.

Genentec posted a 41% increase in revenues partly due to a 33% increase in Avastin sales. Avastin fights several forms of lung, breast, and colon cancer.

Shares of Amgen dropped for a second day as the Centers for Medicare and Medicaid Services announced more stricter guidelines for medical reimbursements of Amgen's top selling drugs Aranesp and Epogen.

Judy C. Lewent the CFO of Merck sold 50,000 shares of common stock on Thursday.

A multinational study sponsored by Pfizer reported positive effects for the treatment of Alzheimer's.

Johnson & Johnson announced that they are cutting their workforce at the lititz facility by 300 to 340 positions as its ongoing effort to remain competitive in the marketplace.