In the general news, President Dilma Rousseff of Brazil was impeached, shortly before the summer Olympic games. In the U.S., Bernie Sanders delivered an embarrassing loss to Hillary Clinton in the West Virginia primary.
In healthcare business news, earnings season wound down. Also, health insurers are pushing back on Big Pharma drug prices. Cigna (CI) struck a deal to get steep discounts on Repatha from Amgen (AMGN) and Praluent by Regeneron (REGN) and Sanofi if the LDL in each patient was not lowered as much as seen in trials.
On the regulatory front, the DOJ is investigating kickbacks from drug makers to PBM’s to prevent drugs from being dropped from formularies. U.S. Attorney Preet Bharara approached JNJ, Merck (MRK) and Endo (ENDP).