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Wednesday, July 10, 2019

Johnson & Johnson Wins New Trial In Talc Case

An appeals court has ruled that a new trial is in order for Johnson & Johnson JNJ 0.14% after a jury ordered the company to pay $417 million to a woman who claims the company’s baby powder caused cancer, according to Bloomberg.
While there was was sufficient evidence to uphold the jury’s finding that Johnson & Johnson failed to warn Eva Echeverria about the health risks of using the baby powder, the court said there is conflicting evidence about the product’s cancer links, according to Wednesday’s report.
In May, Johnson & Johnson was ordered by a jury to pay $300 million in punitive damages to Donna Olson, who has mesothelioma.
Johnson & Johnson faces more than 14,000 claims that its talc powder caused ovarian cancer and mesothelioma, a rare cancer linked to asbestos exposure.
Trials over the cancer claims tied to Johnson & Johnson’s talc-based powders first began in 2016.

MacroGenics teams up with I-Mab to develop cancer candidate

MacroGenics (NASDAQ:MGNX) inks an exclusive license and collaboration agreement with I-Mab Biopharma to develop and commercialize enoblituzumab in China, Hong Kong, Macau and Taiwan.
I-Mab will lead regional trials and will participate in global studies conducted by MGNX. A Phase 2 trial evaluating the combination of enoblituzumab and PD-1 inhibitor MGA012 in head and neck cancer should launch later this year.
Under the terms of the agreement, MGNX will receive $15M upfront, up to $135M in milestones and tiered double-digit royalties on net sales in the territory.
Enoblituzumab is an anti-B7-H3 monoclonal antibody that incorporates MGNX’s proprietary Fc Optimization technology platform.
Shares are up 2% after hours.

UK names former GSK CFO to head accountancy regulator

Britain’s government named the former chief financial officer of drugs company GlaxoSmithKline, Simon Dingemans, to head the Financial Reporting Council (FRC), a body in charge of regulating auditors.

Dingemans joined GSK in 2011 from U.S. investment bank Goldman Sachs, and will face a pre-appointment hearing in front of British lawmakers before he formally takes up his role.
Earlier on Wednesday, the FRC said all Britain’s leading accounting firms had failed to hit quality targets for auditing company books for the second year in a row, with Grant Thornton and PwC singled out to join KPMG under tougher supervision.

Portola assumed at Neutral by Credit Suisse

https://www.benzinga.com/stock/PTLA/ratings

LTC Properties started at Underperform by Credit Suisse

Target $19

Ironwood assumed at Neutral by Credit Suisse

https://www.benzinga.com/stock/IRWD/ratings

HMS assumed at Outperform by Credit Suisse

https://www.benzinga.com/stock/HMSY/ratings