Business
Bulletins
01:00 AM EDT on Friday, September 5, 2008
•Companies
Amgen, others get warning: Amgen Inc.’s Enbrel — which is manufactured in West Greenwich — plus Johnson & Johnson’s Remicade and similar drugs for arthritis and autoimmune disorders must carry stronger warnings about fungal infections tied to more than 45 deaths, U.S. regulators said yesterday. The new warnings, posted on the Food and Drug Administration’s Web site, also apply to Abbott Laboratories’ Humira and UCB SA’s Cimzia. Market-leading Enbrel, Remicade and Humira were among the 25 biggest drugs worldwide last year, with $13.5 billion in combined sales, according to data compiled by Bloomberg. They are usually used to treat rheumatoid arthritis. At least 241 patients have developed histoplasmosis, an infection caused by a fungus found in the Ohio and Mississippi river valleys, in the decade since the first drugs were approved, the FDA said. Forty-five died, including 12 whose doctors didn’t recognize the infection and delayed treatment, the agency said. More deaths were reported from other fungal infections, though the FDA wouldn’t say how many. However, the new warning won’t hurt demand, because the risks were already known, said Natixis Bleichroeder analyst Alex To. “We do not think this will specifically impact the sales trajectory of Enbrel, since it is already known that the drug is associated with increasing various infections such as bacterial sepsis and tuberculosis,” To said today in a note to clients. He recommends buying Amgen shares and doesn’t own any. (Bloomberg News)
Comcast appeals ruling: Comcast Corp. is appealing an FCC ruling that the company is improperly blocking customers’ Web traffic, triggering a legal battle that could determine the extent of the government’s authority to regulate the Internet. In a precedent-setting move, a divided Federal Communications Commission last month determined that the company is violating a federal policy that guarantees unfettered access to the Internet. Comcast challenged the FCC decision yesterday in the U.S. District Court of Appeals in Washington. Comcast executive vice president David L. Cohen said in a statement that the company is seeking “review and reversal” of the FCC order and that the commission’s action was “legally inappropriate and its findings were not justified by the record.” (Associated Press)
•Markets
Dollar uneven: The dollar closed mixed against major currencies yesterday in New York, ending at 107.04 Japanese yen, down from Wednesday’s close of 108.23 yen. The euro closed at 3:30 p.m. at $1.4331, down from $1.4493.
Metals drop: Gold for current delivery closed at $797.90 a troy ounce on the New York Mercantile Exchange, down from Wednesday’s close of $802.70. Silver closed at $12.856 an ounce, down from $13.860.
Fuels mixed: October light, sweet crude oil fell $1.46 to $107.89 a barrel on the New York Mercantile Exchange. September heating oil fell 5.51 cents to $3.0237 a gallon. September gasoline fell 2.64 cents to $2.7404 a gallon. October natural gas rose 5.8 cents to $7.322 per 1,000 cubic feet.
Associated Press
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