NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday: Allergan PLC, down 19 cents to $235.75 Billionaire investor Carl Icahn said he recently bought a “large” stake in the Botox maker. Westar Energy Inc., up $3.41 to $56.33 The biggest utility company in Kansas agreed to be bought by Great Plains Energy for…
China Arrests 135 for Illegally Buying, Selling Vaccines
BEIJING (AP) — China has arrested 135 people in 22 provinces for illegally buying and selling vaccines, in the latest scandal shaking the Chinese public’s confidence in vaccine safety. In an online statement Friday, the national prosecuting office said arrest warrants were issued for 125 people for running vaccine businesses without license. It said 15…
Pfizer Buying Anacor Pharmaceuticals in $5.2B Deal
NEW YORK (AP) — Pfizer will acquire Anacor Pharmaceuticals Inc. in a deal valued at about $5.2 billion. Anacor’s topical treatment for eczema, called crisaborole, is currently under review by the Food and Drug Administration. If approved, Pfizer said it believes peak year sales could reach or exceed $2 billion. Anacor, based in Palo Alto, California, also holds the…
1,423 Pounds of Marijuana Found Inside Coconuts at Border
Allergan Plans to Buy Back $10 Billion Stock
NEW YORK (AP) — Allergan will buy back up to $10 billion in stock following a swing to a first-quarter profit on a strong surge in sales of key drugs, including the wrinkle and muscle spasm treatment Botox. The buyback plan is contingent on the sale of the drug developer’s generics unit to Teva, which is…
Valeant Pharma Promises to Do Better with Deadlines
Shares of Valeant Pharmaceuticals are sharply higher after the embattled drug company promised to do better with financial filing deadlines. It’s a problem that had some debt holders declaring the company in default earlier this year. The Canadian company also reiterated first-quarter earnings guidance of $1.30 to $1.55 per share Monday. Valeant will file its first-quarter statement…
Buffett Says Drugmaker Valeant Had Flawed Business Model
OMAHA, Neb. (AP) — Investor Warren Buffett says Valeant Pharmaceuticals’ practices were flawed, so he declined to invest Berkshire Hathaway’s money in the company. Buffett appeared on CNBC Monday after meeting with Berkshire Hathaway shareholders over the weekend. Buffett says some Valeant shareholders urged him to look at investing in Valeant in recent years, but…
Valeant Finalizing Contract with Perrigo’s CEO
NEW YORK (AP) — The over-the-counter drugmaker Perrigo says it’s aware of media reports that its CEO will take the top job at troubled Valeant Pharmaceuticals, but it won’t confirm those reports. The Wall Street Journal reported Thursday that Valeant is finalizing a contract with Perrigo Chairman and CEO Joseph C. Papa and could announced…
Novartis Profits Dip as Generic Rival Challenges Cancer Drug
GENEVA (AP) — Swiss pharmaceuticals maker Novartis says net income from continued operations fell 13 percent in the first quarter as generic competition cut into sales of Gleevec, one of the first very effective cancer medicines. The Basel-based company said Thursday that net income from continuing operations declined to $2.01 billion from $2.31 billion a…
China Punishes 357 Officials in Tainted Vaccine Sales
BEIJING (AP) — China has fired or demoted 357 local government officials for poor performance as it deals with the fallout from a nationwide public health scandal over the sale of improperly handled vaccines. Along with punishing the officials, Beijing has ordered measures to tighten supervision over the storage and distribution of vaccines, the official…
Drugs Shortage in South Sudan
China Detains Dozens After Sales of Poorly Stored Vaccines
Police in eastern China have detained 37 people implicated in a scandal involving the selling of poorly refrigerated and probably ineffective vaccines, state media reported Wednesday. The scandal came to light after police last month announced the detentions of a woman and daughter thought to have sold nearly $100 million worth of the suspect products…
Longtime CEO of Drug Maker GSK to Retire Next Year
The head of pharmaceutical giant GlaxoSmithKline, Andrew Witty, has announced his retirement after a decade as CEO. The search for a successor comes amid months of pressure from some investors, who had wanted the diverse company to be broken up. The company said in a statement that Witty believes “this will be the right time…
Patients Urged to Get HIV Tests After Syringe Swap
6 Volunteers Hospitalized After Botched Drug Test
Six medical volunteers have been hospitalized—including one who has been declared brain dead—after taking part in a botched drug test at a clinic in western France, the Health Ministry said Friday. The prosecutor’s office has opened an investigation into what the ministry called a “serious accident during a clinical test” at the Biotrial laboratory in Rennes. Biotrial’s…
Australia Court: UK Company Misled Consumers Over Painkiller
An Australian court ordered a British consumer goods company on Monday to remove several versions of a popular painkiller from stores in Australia after ruling that the company misled consumers about the products’ effectiveness. The Federal Court ruled that British consumer goods company Reckitt Benckiser deceived Australians by selling Nurofen painkillers that were marketed to…