The Weekly Summary

Obama at HiroshimaMay 23rd – May 29th                                 2016

In the general news, President Obama visited Japan and made a controversial stop at Hiroshima. In the states, former presidential candidate Marc Rubio, still bruising from his poor performance, dropped out of his own senate re-election race. From the Fed, Janet Yellen spoke at Harvard and telegraphed June rate hikes, citing a growing economy after a bad Q1.

In healthcare business news, Bayer made a $62 Billion bid for Monsanto, which was rejected.

On the data front, Edwards (EW) stock was down on news from the EuroPCR showing that 50% of all valves start to break down after 8-years. A non-functioning aortic valve is a deadly problem.

From the FDA, the agency delayed the approval decision on Sarepta’s (SRPT) ineffective eteplirsen for DMD, sending shares higher as investors spun the move as a positive one. An AdCom voted to approve St. Jude’s (STJ) (now part of Abbott (ABT)) PFO closure device, Amplatzer. Lastly, Biogen (BIIB) and AbbVie’s (ABBV) Zinbryta long-term MS drug was approved.

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