AbbVie on Wednesday said it will acquire neuroscience drugmaker Cerevel Therapeutics for roughly $8.7 billion. Under the terms of the deal, AbbVie will pay $45 per share for Cerevel. AbbVie said it expects to complete the acquisition in the middle of 2024. Shares of Cerevel jumped 16% after the close Wednesday to nearly $43 per … Read more
President Joe Biden speaks about protecting Social Security, Medicare, and lowering prescription drug costs, during a visit to OB Johnson Park and Community Center, in Hallandale Beach, Florida, on Nov. 1, 2022. Kevin Lamarque | Reuters The Biden administration on Thursday opened the door to seizing the patents of certain costly medications from drugmakers in … Read more
The U.S. Food and Drug Administration on Friday approved the country’s first gene-editing treatment, Casgevy, for use in patients with sickle cell disease. The approval comes about a decade after the discovery of CRISPR technology for editing human DNA, representing a significant scientific advancement. Yet reaching the tens of thousands of people who could benefit … Read more
Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., Brendan McDermid | Reuters Exxon Mobil said Wednesday its expects earnings to more than double through 2027 relative to 2019 as the energy giant moves forward with a slew of cost-cutting measures. Exxon said it’s on track to grow its earnings and cash flow … Read more
Gas prices at a Shell gas station in Washington, DC, US, on Tuesday, Nov. 28, 2023. Al Drago | Bloomberg | Getty Images U.S. crude declined 4% on Wednesday, closing at the lowest level since late June with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel … Read more
An employee works on the production line of pharmaceutical company Zentiva in Prague, Czech Republic, May 6, 2021. David W. Cerny | Reuters The health-care sector has wiped out much of its losses for the year during the December market rally. Beaten-down biotech and medical device makers have seen the biggest rebound this month, and … Read more
Bristol Myers Squibb on Friday announced it agreed to buy biopharmaceutical company Karuna Therapeutics for $14 billion in cash, or $330 per share. Karuna’s stock popped more than 47% on the news Friday morning, hitting around $317 a share. Bristol Myers Squibb shares rose more than 2%. The deal will help expand Bristol Myers’ drug … Read more
Eli Lilly’s drug tirzepatide was approved for weight loss by the FDA. Courtesy of Eli Lilly Patients who took Eli Lilly‘s weight loss drug Zepbound regained around half the weight they shed after stopping the newly approved treatment for a year, according to data released Monday. The data, which represents the full results from an … Read more
Occidental Petroleum on Monday agreed to buy CrownRock, a major privately held energy producer that operates in the Permian Basin, for $12 billion. The deal is latest in a spate of consolidation in the U.S .energy sector, particularly in the Permian, the largest oil-producing region in the U.S. The transaction is expected to close in … Read more
Sopa Images | Lightrocket | Getty Images Shares of Cigna jumped Monday following reports that the health-care giant has scrapped its plans to buy rival Humana due to disagreements on price, putting an early end to what would have been one of the largest deals of the decade. Cigna late Sunday also announced plans to … Read more
