The Weekly Summary

Senate Minority Leader Mitch McConnell of Ky., center, celebrates with Sen. Rand Paul, R-Ky., left, and his wife, former Labor Secretary Elaine Chao, at an election night party in Louisville, Ky.,Tuesday, Nov. 4, 2014. McConnell won a sixth term in Washington, with his eyes on the larger prize of GOP control of the Senate. The Kentucky Senate race, with McConnell, a 30-year incumbent fighting off a spirited challenge from Democrat Alison Lundergan Grimes, has been among the most combative and closely watched contests that could determine the balance of power in Congress. (AP Photo/J. Scott Applewhite)

November 3rd – November 9th

In the general news, The U.S. doubled the troops on the ground in Iraq, sending another 1,500 to fight ISIS. With the economy, 214,000 jobs were added in October and unemployment fell to 5.8%. In politics, the mid-term elections resulted in victories for most Republican candidates as the GOP regained control of the senate and many of the states that elected new governors.

In healthcare business news, earnings season continued. Elsewhere, LabCorp (LH) acquired Covance (CVD) for $5.6 Billion to expand into genomics. Also, Bill Ackman is still desperately trying to acquire Allergan (AGN) via Valeant (VRX).

On the data front, Amgen’s (AMGN) ovarian cancer drug trebananib failed to improve survival.

From the FDA, Abiomed (ABMD) spiked on short covering when it was revealed that an advisory panel would not be required for the approval of Impella. JNJ won approval for Olysio to be used with Gilead’s (GILD) Sovaldi for Hep C. Lilly’s (LLY) Cyramza was approved for stomach cancer. Lastly, Ranbaxy lost approval for generic versions of AstraZeneca’s Nexium and Roche‘s antiviral Valcyte, as the regulatory problems for the company persist.

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