BIOTECH

BIOTECH

FluMist Effectiveness In 2005 Is Criticized

MedImmune's FluMist nasal spray didn't work as well as Sanofi-Aventis's Fluzone shot in keeping especially tricky strains of the virus from spreading in early 2005, according to data published in today's New England Journal of Medicine. The study authors cautioned that their findings shouldn't be generalized to other years or populations because seasonal flu vaccines are modified each year to match mutations in the virus.

Meanwhile, in an open letter to MedImmune, an investor said the company should be sold to another drugmaker to maximize value to shareholders. David Katz, president of Matrix Asset Advisors, said the progress MedImmune has made in developing new drugs isn't reflected in its stock price. MedImmune's shares have declined 5.6 percent this year.

FINANCING

Fannie Breaks Record On Lobbying Outlay

Fannie Mae spent $5.28 million to lobby lawmakers in the first half of the year as Congress debated whether to impose stricter regulations on the mortgage lender. The outlay made the government-chartered company the biggest spender among financial services firms and exceeded by $80,000 what it spent in the second half of last year, according to PoliticalMoneyLine, which tracks lobbying and campaign donations.

MERGERS & ACQUISITIONS

Rowe Creditors Petition Judge on Proposed Sale

Creditors for McLean furniture maker Rowe urged a judge to reject the proposed sale of its headquarters and factories, saying the price was too low. Rowe Furniture has asked U.S. Bankruptcy Judge Stephen S. Mitchell for permission to sell the assets to an affiliate of Sun Capital Partners IV for $24 million in cash and $6 million in assumed liabilities.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.