In the general news, Japan’s economy was the latest to falter. Oil prices continued to decline as demand fell across the globe, triggering the U.S. stock markets to have the worst week in years. Meanwhile, the protests demanding justice after the numerous cases of cop shootings grew larger than ever, with 25,000 marching in D.C. and nearly as many in New York. Lastly, the ability of the DOJ to prosecute for insider trading weakened when a federal judge overturned many of the Preet Bharara convictions.
In healthcare business news, the New York AG won a court battle against Actavis (ACT) relating to its strategy of removing from the market less expensive generics in favor of higher price branded drugs. Bayer failed in an attempt to keep generic versions of Nexavar off the market in India. Meanwhile, Gilead (GILD) is being sued over the high price of its HCV drugs.
From the FDA, a new version of Merk’s (MRK) Gardasil vaccine was approved. Lastly, Cytori (CYTX) shares spiked (from rock bottom) when the agency approved a U.S. pivotal trial of its Celution System method of harvesting stem cells from fat to treat scleroderma.