Thursday, July 12, 2018 1:00 am
Pfizer to split into 3 entities
NEW YORK – The drugmaker Pfizer, facing an aging population and shifting risks from the loss of patents, is reshaping its structure into three businesses.
The divisions, announced Wednesday, include Innovative Medicines, which will focus on biological science and a new hospital medicines business. An Established Medicines business will include sales for older drugs like the cholesterol pill Lipitor that have lost patent protection.
Lastly, the Consumer Healthcare business will handle over-the-counter medicines.
Innovative Medicines will bring in most of the company's revenue. Pfizer said the growth potential for that business is strong, due in part to an aging population that will create a growing demand for new medicines.
Pfizer Inc., based in New York, expects a significant reduction in the impact of patent protection losses after 2020 following the loss of exclusivity in the U.S. for the pain medicine Lyrica, which is anticipated to occur around December.
US wholesale prices up 0.3% for June
U.S. wholesale prices rose 0.3 percent in June, a slight slowing from May. But the 12-month gain was the fastest in more than six years, adding to evidence that inflation is beginning to rise after years of weak price gains.
The Labor Department said Wednesday that the June increase in its producer price index – which measures inflation pressures before they reach the consumer – followed a 0.5 percent rise in May. The deceleration reflected a big drop in food costs in June and a much smaller increase in energy prices.
However, wholesale prices over the past 12 months have surged 3.4 percent. That marks the largest 12-month gain since a 3.7 percent rise in the 12 months ending November 2011.
Uber HR head quits amid investigation
Uber's head of human resources has resigned, reportedly after a probe into how she had handled racial discrimination allegations at the company, marking the latest departure of a high level executive there.
Uber launched an internal investigation after anonymous whistleblowers claimed that Liane Hornsey, the company's chief people officer, had systematically dismissed allegations of racial discrimination, Reuters first reported, which led to her resignation Tuesday.
Hornsey and chief executive Dara Khosrowshahi made no mention of the investigation's finding in emails to staff about the resignation, obtained by the Washington Post.
Judge OKs new plan to sell Weinstein Co.
A Delaware judge on Wednesday approved a revised plan for the sale of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein.
The revised plan calls for Dallas-based private equity firm Lantern Capital to pay $289 million for the Weinstein Co.'s assets.
Attorneys negotiated a price reduction after disputes threatened to torpedo the deal. Among those concerns was who would be responsible for paying potentially tens of millions of dollars owed on certain contracts that may be assigned to Lantern.
As part of the settlement, Lantern agreed to pay at least $8.75 million to satisfy certain contractual claims and pay for the Weinstein Co.'s operating expenses since June 29 in exchange for a lower purchase price.