5 Stories

Experimental Drug Makes High Cholesterol Vanish

Three companies in mad dash in what could be a huge breakthrough: NY Times

(Newser) - Might high cholesterol one day be a thing of the past? A story in the New York Times about an experimental drug suggests as much. Three companies—Amgen, Pfizer and Sanofi—are racing to complete tests and gain approval for their own version. The drug mimics a rare genetic mutation... More »

How CEO Pay Spirals Out of Control

Peer benchmarking drives everyone higher

(Newser) - Amgen didn’t do terribly well under CEO Kevin Sharer last year—it eliminated some 2,700 jobs and its stock fell 3%. Yet Sharer pocketed a 37% raise, bringing his compensation to $21 million. Why? Because the board decided he should be paid “closer to the 75th percentile... More »

Madoff Fund Made No Trades

Records of trades don't match stock prices

(Newser) - The fund run by Wall Street swindler Bernie Madoff apparently did not execute a single trade the entire time it was raking in billions of dollars in investment cash from unsuspecting clients, reports Reuters. Monthly statements of trades from Madoff were pure fiction that kept up appearances in the $50... More »

Biotech Giant Slashes Jobs

World biggest biotech cuts 2,600 jobs in $2B restructuring

(Newser) - Biotech giant Amgen is slashing spending by $1.9 billion by cutting up to 14 percent of its workforce— 2,600 jobs—and closing some production facilities. The restructuring was triggered by plummeting sales of the company's anemia drug Aranesp. The shake up demonstrates that biotech operations are not immune... More »

Doctors Paid Millions To Use Anemia Drugs

Among the world's top-selling medicines, the FDA now says they may be unsafe

(Newser) - Doctors are paid millions of dollars by drug companies to give their patients anemia medicine which regulators now say may be dangerous. Spurred by competiton between several similar drugs, companies reward doctors with rebates, which allow them to make a significant profit, the New York Times reports. More »

5 Stories