David Epstein News
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A123 Systems Inc., the maker of lithium batteries, rose 6.4 percent after signing a $450 million non-binding financing agreement with Wanxiang Group Corp., China’s largest auto-components company.
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AstraZeneca Plc, Roche Holding AG and Sanofi reported declining revenue in Europe as government austerity measures push down prices and make it harder for some customers to pay their bills.
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Novartis AG reported second-quarter profit that declined less than analysts forecast, helped by increasing sales of new products such as the Gilenya treatment for multiple sclerosis and the Afinitor cancer drug.
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Novartis AG won U.S. approval to market its cancer drug Afinitor for breast tumors, an achievement that may add more than $1 billion in annual sales.
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Novartis AG aims to cut costs by $1 billion in 2011 in its pharmaceuticals division after achieving the same level of savings last year, head of the business David Epstein told Finanz und Wirtschaft in an interview.
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Cathay Pacific Airways Ltd., Hong Kong’s biggest carrier, said it will take weeks for European air services to return to normal following disruptions caused by a cloud of volcanic ash.
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Kerry Dillow, a Perth advertising executive, made the 3 1/2 hour flight to Melbourne last week to visit friends after paying A$366 ($321) for a round-trip ticket, about a quarter of her fare in 2005.
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U.S. and European regulators placed new safety precautions on the use of Novartis AG’s multiple- sclerosis pill Gilenya following a three-month review triggered by the deaths of 15 patients.
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Qantas Airways Ltd., Australia’s largest airline, said a closure of European airspace caused by volcanic ash was costing as much as A$1.5 million ($1.4 million) a day as it helped out stranded passengers.
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Novartis AG won European Union regulatory backing for its multiple sclerosis drug Gilenya, beating Merck KGaA in a race to sell a pill to slow the crippling disease. Shares of MS drugmaker Acorda Therapeutics Inc . declined the most in 15 months after its competing medicine was rejected.
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