> With profits sliding, GlaxoSmithKline CEO Andrew Witty used much of his second quarter review for analysts to amplify plans to radically alter its R&D work, abandoning its old focus on blockbusters in favor of more targeted drugs that earn more modest incomes. GSK report
> Bayer tapped a Pfizer executive, Andreas Fibig, as the new CEO of its prescription drug subsidiary Bayer Schering Pharma, replacing Arthur Higgins, who will continue to head up the company's healthcare business. Report
> The European Medicines Agency recommends restricting the use of antibiotics based on moxifloxacin--marketed by Bayer under the brand name Avelox--because of the potential risk of liver damage, and also wants strengthened warnings. Report
> Wyeth plans to sell a 273,000-square-foot Richmond, VA, office complex and consolidate those operations with another facility it operates in that city. Report
> Watson Pharmaceuticals launched its version of AstraZeneca's heartburn drug Prilosec, beginning 180 days of market exclusivity for the product. Report
> Medco Health Solutions posted a 22 percent increase in second-quarter profit and raised its full-year earnings forecast, citing strength in its specialty pharmacy business, new client wins and a continued boost from generic drugs delivered by mail. Report
> Australia's Progen says that it is focusing on M&A opportunities after deciding to shelve a Phase III study for its liver cancer therapy--PI-88. Progen report
> Seattle-based Cell Therapeutics got a much-needed financial shot in the arm just days after filing SEC papers that indicated CTI needed new money to continue operations. Report
> Business Facilities magazine came up with its own formula for assessing states' strength in the biotech economic development field and decided that Pennsylvania came in first. Report
> Cara Therapeutics has closed on $12.3 million of additional funding to its original $24 million Series C financing completed in 2007. VC report
And Finally... Anti-HIV meds have boosted life expectancy for people with the virus by an average of 13 years. Report