S&P raises rating on MBIA to 'BBB' from 'B-', outlook stable Standard & Poor's Ratings Services raised the counterparty credit rating on MBIA to 'BBB' from 'B-' and removed it from CreditWatch, where S&P placed it with positive implications on May 8. The outlook is stable.
Eli Lilly's Enzastaurin Phase III study did not meet primary endpoint Eli Lilly announced Phase III clinical trial results from enzastaurin's PRELUDE study, which explored the molecule as a monotherapy in the prevention of relapse in patients with diffuse large B-cell lymphoma. The study failed to show a statistically significant increase compared to placebo in disease-free survival in patients at high risk of relapse following rituximab-based chemotherapy. There were no new safety findings, and the safety data were consistent with previously disclosed studies. Lilly will stop development of enzastaurin, which is expected to result in a second-quarter charge to R&D expense of approximately $30M. The company's previously-issued financial guidance for 2013 remains unchanged.