Biotechnology companies pioneer new drugs and make life better...how ironic their stocks have managed to wreak so much havoc in recent weeks. If you're looking for a culprit behind the selloff, blame biotech. The group's momentum led stocks higher, and now it's payback time.
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.
Pfizer Inc., Eli Lilly & Co. and Novartis AG have dug an idea out of the pharmaceutical dustbin to create new medicines that are showing blockbuster potential against hard-to-treat forms of breast cancer.
Experimental breast cancer drugs from Pfizer Inc. and Eli Lilly & Co. slowed or halted growth of advanced tumors in studies, potentially adding a new treatment option for patients and top-selling therapies for the companies.
Merck & Co., the second-biggest U.S. drugmaker by sales, will work with three other drugmakers to find the most-promising combination treatments for its top pipeline prospect, an immune system-based cancer medicine.
Bristol-Myers Squibb Co. and AstraZeneca Plc. said patients taking their experimental diabetes pill, shown effective in a two-year study, had more breast and bladder cancers than those on a standard drug.