Selective estrogen receptor modulators (SERMs) were all the rage a few years ago, with their promise of harnessing the benefits of estrogen modulation without the side effects of broad activity. The reality has been less dramatic, as neither of the two marketed SERMs is perfect. Celgene Corp., which signed a deal with Novartis AG last week, believes its functional genomics platform for discovering SERMs should yield better drug candidates.

Celgene (CELG, Warren