James Shannon News
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The perceived heart risks that torpedoed sales of GlaxoSmithKline Plc’s best-selling diabetes pill Avandia may have been overstated and restrictions on prescribing the drug should be eased, U.S. advisers said.
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Actelion Ltd. ’s shareholders should oust board members and replace them with former executives from Novartis AG and Merck KGaA, a hedge fund said as it stepped up pressure on the biotechnology company to consider options, including a sale.
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Novartis AG Chief Executive Officer Joseph Jimenez had worked in the pharmaceutical industry only four years before taking the helm of the Swiss drug giant in February 2010.
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Actelion Ltd. , under pressure from its largest shareholder to consider options including a sale, expects that investors will re-elect the Swiss biotechnology company’s board members , Vice Chairman Joe Scodari said.
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Actelion Ltd. , the Swiss drugmaker locked in a boardroom battle with hedge funds, may get its wish and remain independent -- at least this year.
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Swiss stocks advanced as Libya declared a cease-fire against rebel forces and the Group of Seven nations agreed to sell yen to support Japan following the March 11 earthquake.
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Actelion Ltd. said hedge fund Elliott Advisors (UK) Ltd. is trying to seize control of the Swiss drugmaker at a time when products in development are approaching key milestones.
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