Takeda Pharmaceutical Co. and Eli Lilly & Co. were ordered to pay a combined $9 billion in punitive damages after a federal court jury found they hid the cancer risks of their Actos diabetes medicine in the first U.S. trial of its kind.
U.S. stocks rose, with benchmark indexes extending records amid optimism over the economy, as deal activity spurred a rally in health-care shares and energy producers gained with oil prices. Copper advanced a sixth day.
Confidence that central bank policies will spur economic growth and a valuation call by Federal Reserve Chair Janet Yellen sent global equities rallying for the week, with benchmark indexes in the U.S. and Canada climbing to all-time highs.
A day after Sanofi announced a diabetes alliance with Medtronic Inc., its research chief said the Paris-based drugmaker may seek other partnerships to expand in one of the fastest-growing medical conditions.