Valeant gets Canadian rights to Sanofi drug; Forest Labs ups Q1 revenue;

@FiercePharma: Novartis Q2 shines on new meds, cost cuts. Report | Follow @FiercePharma

> Novartis has laid out its favorites to become blockbuster drugs from 2011 through 2015. Item

> A top physicians' group has voiced concern over the Australian federal government's new policy that could delay the approval of new drugs. News

> As the drug maker readies for a proxy battle with activist investor Carl Icahn, Forest Laboratories ($FRX) reported that its quarterly revenue came in a $1.15 billion compared with $1.07 billion in the year-ago quarter. Report

> The FDA has approved Dr Reddy's Laboratories' application for a generic palonosetron hydrochloride injection. Report

> Valeant Pharmaceuticals International ($VRX) has gained Canadian rights to Sanofi's ($SNY) knee pain ointment Zuacta. Article

Biotech News

@FierceBiotech: Do pharma BOD rosters clash with biotech strategy? Story | Follow @FierceBiotech

@JohnCFierce: Novartis listed its top 7 blockbuster prospects for '11-'15. Article | Follow @JohnCFierce

> Biogen Idec abandoning Wetson, plots move to Kendall Sq. More

> New study raises hopes for Pfizer, J&J Alzheimer's treatment. Item

> Pfizer adds to pain pipeline with $56M Icagen buyout. News

> AMAG and Allos to merge, readying the budget axe. Report

> Update: PwC tracks a spike in VC cash and deals for Biotechs. More

Drug Delivery News

> Magnetic nanosponges could ring in a new drug-delivery method. News

> New research might take the shine off gold nanoparticles. Report

> Alnylam, MIT team up for "binary" approach to delivering siRNA. Article

> Pills may replace inhalers in half of asthma cases. Story

Medical Device News

> FDA looks to regulate medical apps. Story

> Reports: Novartis no longer pursuing Gen-probe. Report

> Nevro completes $58M financing round. Article

> Roche to buy German's mtm for up to $184M. Item

And Finally... South African officials have made a controversial proposal to create a state-owned pharmaceutical company. Report