March 28, 2006 – SGX Pharma, which had to accept a $6 offering price to complete its IPO on February 1 of this year, signed a monster deal with Novartis to develop a successor to Gleevac, the $2 billion cancer drug from Novartis. Some patients cannot tolerate Gleevac and others develop a resistance to it. The shares of SGX soared on the news, trading around $9.20 in heavy mid-day volume. We look at the deal and at SGX...
