Cytokinetics Inc. received some disappointing news just before the holidays, as longtime partner GlaxoSmithKline plc decided to take a pass on developing two early stage cancer compounds. (BioWorld Today)

Archemix Corp. and London-based GlaxoSmithKline plc agreed to discover, develop and commercialize aptamer therapeutics to treat inflammatory diseases, such as rheumatoid arthritis and inflammatory bowel disease, in a collaboration that gives Archemix $27.5 million up front. (BioWorld Today)

Australian biotech firms Progen Pharmaceuticals Ltd. and Avexa Ltd. have agreed to merge, creating a new company with a well-funded oncology and HIV pipeline. (BioWorld Today)

In its first deal with a major drugmaker, MAP Pharmaceuticals Inc. has joined with London-based AstraZeneca to develop and commercialize a nebulized form of budesonide, a potential treatment for pediatric asthma that could work more quickly and at a lower dose than AstraZeneca's blockbuster asthma drug Pulmicort. (BioWorld Today)

Seeking to grow its pipeline, San Diego-based Santarus agreed to collaborate with Italian specialty drug firm Cosmo Technologies Ltd. to develop and commercialize two compounds targeting the colon in a deal worth up to $87 million plus royalties. (BioWorld Today)

Exelixis signed a major deal with Bristol-Myers Squibb Co., in which the drugmaker would pay a hefty $195 million up front for rights to cancer programs developed by Exelixis. (BioWorld Today)