Pharma Roundup: Feds Sue Ovation, Bristol Cuts Jobs, and More
Federal government sues Ovation for price gouging — In 2006, Ovation’s Indocin, a drug for infant heart defects, cost $35 per vial. Ovation then acquired its sole competitor in the market and started charging almost $500 for the same amount. The Feds are crying foul. [Source: PharmaGossip]
Bristol-Myers Squibb lays off 10 percent — The losses announced today come on top of the 10 percent announced last December. 800 researchers have already been shown the door in the latest cut. [Source: Pharmalot].
Pfizer’s unprecedented dividend freeze — For the first time in 42 years, the company isn’t raising its payback to investors, though it still tops the industry with a 7.6% payout on the price of each share. [Source: Forbes]
Jazz cuts 71 more — 33 people lost their jobs at Jazz Pharmaceuticals in June, 67 more got the bad news in November, and now 71 more hit the unemployment lines. CFO Matt Fust is among those leaving the Palo Alto, Calif.-based company. [Source: FierceBiotech]
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