Designer Dodge

The US Food and Drug Administration last week approved a genetic test that identifies patients who are at increased risk of suffering side effects from a drug commonly used to treat colon cancer. The test, known as the Invader UGT1A1 Molecular Assay, is made by Third Wave Technologies in Madison, Wisconsin. Patients with some forms of the UGT1A1 gene are not good at breaking down the colon-cancer drug irinotecan. In patients who test positive for one of these mutations, doctors can lower the drug dose to minimize the risk of any harmful reactions.

Clear vision

A biotechnology company whose fortunes rose and fell with its only product — a drug that stabilizes age-related vision loss — last week agreed to a takeover by OSI Pharmaceuticals of Melville, New York, for $935 million. Eyetech Pharmaceuticals in New York City makes Macugen, a drug for people with age-related macular degeneration. The company's share price plunged this spring with word that Genentech's competing drug, Lucentis, which is still in clinical trials, not only stabilizes but also improves vision in people with one form of the condition.

Oil prices

The largest state-owned Chinese oil company says that it has trumped an Indian competitor by striking a $4.18-billion deal to buy PetroKazakhstan. This smallish oil company, based in Calgary, Canada, operates solely in oil-rich Kazakhstan, and its shares shot up 18%, to $53.75, when China National Petroleum announced the purchase on 22 August. A rival joint venture in India — which includes ONGC Videsh, the international arm of India's state-controlled Oil & Natural Gas — has threatened to make a counteroffer.