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Shares of Sanofi (NYSE:SNY) escape the news that FDA reviewers are dubious on the use of the firm’s semuloparin injection for preventing blood clots in cancer patients who are receiving chemotherapy, commenting that clotting isn’t a dominant issue. An FDA advisory panel will meet Wednesday to decide whether or not to recommend the treatment.
Earnings Report: Rite Aid First Quarter Earnings Sneak Peek.
The United States Supreme Court ruled 5 to 4 on Monday for GlaxoSmithKline (NYSE:GSK), in its appeal by two employees of a lower court ruling that the firm does not have to pay its sales representatives overtime for visiting doctors’ offices to promote its medicines. The rulings hold that the employees were “outside sales” personnel exempt from overtime pay requirements, and are expected to save the pharma industry liabilities of billions of dollars.
Even though an FDA decision won’t occur until the middle of next week, Arena (NASDAQ:ARNA) shares continue their upward track on Monday. At stake will be the approval of Arena’s lorcaserin diet drug. Apparently investors are certain that the agency will approve the med, but the Street is still unsure as to why the shares are booming.
Osiris Therapeutics (NASDAQ:OSIR) shares jump again Monday, after word of the approval in New Zealand last week of Prochymal, its stem-cell therapy for acute graft-vs-host disease in children who have undergone bone marrow transplants.
Investing Insights: Week Ahead on Wall Street: Greece, Spain and Oracle Earnings.
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