The Weekly Summary

July 31st – August 6th                                 2017

In general news, North Korea successfully launched an ICBM causing President Trump to respond with threats. Venezuela’s government continues to implode. In the U.S., Anthony Scaramucci was fired after 11-days. The new Chief of Staff, General Kelly, now has all staff report to him. Christopher Wray was confirmed as the new Director of the FBI. Special Prosecutor Mueller convened a grand jury. Jerome Adams became the new Surgeon General, and the Dow topped 22,000.

In healthcare business news, Teva (TEVA) imploded after earnings that showed weak pricing power. Pfizer (PFE) reported weak results for Prevnar and Enbrel. It will lay off 7,000 and close 15 plants. Meanwhile, the health insurance companies (AET, CI, UNH, HUM) all reached new highs desire complaining that they are losing money on Obamacare exchanges. Finally, Bristol-Myers Squibb (BMY) acquired IFM Therapeutics.

From the FDA, Dynavax (DVAX) shares spiked 70% when a panel approved the hep B vaccine Heplisav. JNJ received a warning over sirukumab safety. Celgene (CELG) and Agios (AGIO) received approval for Idhifa to treat acute myeloid leukemia (AML). Lastly, AbbVie (ABBV) won approval for Hep C drug Mavyret.

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