Healthcare: Arena Rewards Its HERO, Glaxo’s HISTORICAL Fraud Settlement
Craig Audet, Vice President of Arena’s (NASDAQ:ARNA) regulatory affairs, has been promoted to Senior VP, Operations and Head of Global Regulatory Affairs, as a reward for the firm obtaining FDA approval for weight-loss drug Belviq. Investor relations and alliance management will be added to Audet’s new position.
Accretive Health (NYSE:AH) announced late on Tuesday that its healthcare revenue manager expects to complete a new five-year agreement with Ascension Health by the end of July. Baird says that the deal, however “largely expected,” rids the firm of a longstanding overhang on its shares, upon which Oppenheimer restates its Outperform.
Geron (NASDAQ:GERN) shares plummet then rebound a bit on Tuesday following word that it might divest up to $200 million of any combination of shares, debt securities and warrants. The biotech firm would use the proceeds for working capital and general corporate purposes, which include research and development.
Roche (RHHBY.PK) wins premarket FDA approval for a new evaluation to assess patients for the cytomegalovirus. The fully automated process marks the first FDA-approved laboratory test that quantifies the virus via DNA in human plasma specimens. Roche intends to start shipping the new test kits domestically next month.
GlaxoSmithKline’s (NYSE:GSK) $3 billion resolution with the Justice Department earlier in the week, is being called the “largest health care fraud settlement in U.S. history… unprecedented in both size and scope.” but investors know that the two drugs behind the scandal, Paxil and Wellbutrin, together generated more than seven times the amount of the settlement over the past decade Paxil made close to $14 billion, and Wellbutrin $8.5 billion.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.