A quick-acting, inhaled antipsychotic, Adasuve has been approved in the U.S. and EU, where it will be commercialized by Spain’s Grupo Ferrer. Teva takes over after previous U.S. partner Biovail stepped away upon being bought out by Valeant.

Elevation Pharmaceuticals, a San Diego, California-based company focused on respiratory therapies, has closed a $30 million series B fundraising round led by new investor Novo Ventures. The funding is expected to help the three-year-old start-up advance its nebulised long-acting muscarinic antagonist (LAMA), EP-101, for the treatment of chronic obstructive pulmonary disease (COPD), and complete Phase II testing.

Biosimilars took center stage during the last two weeks of 2011, as Amgen and Watson and then Baxter and Momenta followed up on the collaboration between Biogen Idec and Samsung BioLogics earlier in the month.

Meritage Pharma was built by serial biotech entrepreneur Cam Garner around a viscous formulation of budesonide designed to coat the inflamed throat. It is now in Phase II trials for an orphan indication, pediatric eosinophilic esophagitis, an inflammation of the esophagus that appears to be triggered by allergies. Meritage's decision to reformulate a compound with a well-established safety record is, like the choice to pursue an orphan drug designation, a risk- and cost-reducing maneuver that has helped other biotech companies achieve success.