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Johnson & Johnson’s (NYSE:JNJ) might have to shell out as much as $4.8 billion in order to cover revision surgeries due to its Pinnacle metal-on-metal hip system, calculates attorney Brian Devine, who is handling cases arising from failures of the device. If accurate, it would add to the $3 billion that J&J has already paid, subsequent to the recall of its ASR all-metal artificial hips two years ago.
Investing Insights: J&J’s Second Quarter Earnings Sneak Peek.
Shares of Celgene (NASDAQ:CELG) fell then bounced back, even though its Apremilast treatment for psoriatic arthritis was effective in a Phase III trial and had no major safety problems. The evaluation marks the first of three trials of the med, and Celgene expects to file for FDA approval in the first half of next year.
Never call Carl Icahn a quitter, as he is now appealing to the non-management members of Forest Labs’ (NYSE:FRX) board, regarding making changes at the company, as his requests so far have “fallen on deaf ears.” Icahn ominously remarks that “we are reaching a precipice in this proxy contest from which an amicable solution is no longer possible.”
Walgreen (NYSE:WAG) chooses the recently retired McDonald’s CEO James Skinner as its non-executive chairman to replace Al McNally. Skinner, who has served on Walgreen’s board since 2005, and the appointment comes as WAG undertakes a major worldwide expansion. McNally remains as a director.
Don’t Miss: Forest Labs’ First Quarter Earnings Sneak Peek.
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