The Federal Trade Commission (FTC) issued warning letters to several pharmaceutical companies, including AbbVie (ABBV) AstraZeneca (AZN), and Teva (TEVA), over excessive patenting of medications as Medicare negotiates drug costs with the pharma industry. Yahoo Finance Health Reporter Anjalee Khemlani explains the Biden administration's ideas to license patents to lower drug costs for patients. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
AbbVie (ABBV) announced it is acquiring neuroscience drug developer Cerevel Therapeutics (CERE) for $45.00 per share, putting the deal value at about $8.7 billion. AbbVie Chairman and CEO Richard Gonzalez said in the announcement that the combined portfolios will present a "significant growth opportunity well into the next decade." The deal comes about a week after AbbVie announced it was acquiring cancer drugmaker ImmunoGen (IMGN) for just over $10 billion. Yahoo Finance Healthcare Reporter Anjalee Khemlani breaks down the deal. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Asian shares were mostly higher on Friday ahead of a U.S. government jobs report, after Wall Street rose Thursday to snap its first three-day losing streak since Halloween. U.S. futures were lower and oil prices gained more than $1. In Tokyo, the Nikkei 225 index shed 1.8% to 32,254.82, as investors speculated that the Bank of Japan may end its negative interest rate policy.