Celltech tests the bubble

Biotech watchers have been waiting for some time for the U.K. biotech group to experience some of the same disappointments that took the luster off the U.S. biotech bubble in the early 1990s.

One such event occurred last week with the failure of Norasept II (BAYX-1351), an anti-TNF antibody licensed by Bayer AG from Chiron Corp. (CHIR, Emeryville, Calif.) in 1989 to treat septic shock.

While of minor importance to CHIR, which would have received royalties, the failure

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