Monday News Update: Stem-Cell Therapy, Oil and Health Care Filibuster

In today’s news update we’ve provided links on the health care filibuster, oil and stem cell therapy.

Democrats Unite to Break GOP Health Care Filibuster

Moderate and liberal Democrats unified behind a health care overhaul bill in the Senate today that critic Sen. John McCain dubbed “one of the great Bernie Maddoff gimmicks.”

Democrats broke a Republican filibuster in the wee hours of the morning and inched their sweeping $871 billion health care package toward passage before Christmas.

Oil hovers above $73 ahead of OPEC meeting

Oil prices hovered above $73 a barrel Monday ahead of an OPEC meeting where investors expect the cartel to keep production levels unchanged.

By mid-afternoon in Europe, benchmark crude for January delivery was up 14 cents to $73.50 in electronic trading on the New York Mercantile Exchange. The January contract, which expires later on Monday, rose 71 cents to settle at $73.36 on Friday.

Traders also have begun to watch the February contract, which was up 43 cents to $74.85 on Monday.

Athersys Inks Deal With Pfizer on Stem-Cell Therapy

(Reuters) – Athersys Inc said it sold the rights of its stem-cell therapy to treat inflammatory bowel disease to Pfizer Inc, the world’s biggest drugmaker, and shares of Athersys nearly doubled in value.

Under the agreement, Pfizer will pay Athersys $6 million upfront and up to $105 million in milestones for the investigational stem cell therapy, MultiStem.

Athersys may elect to co-develop the therapy with Pfizer and both the companies will share expenses as well as profits and losses on an agreed basis, beginning at late-stage study, it said in a statement.