Johnson & Johnson has appealed the Oklahoma opioid trial ruling. J&J argued that the judge misapplied the public nuisance laws in the ruling and that the damages should be reduced by $355 million. The judge ordered J&J to pay $465 million in August. (Associated Press)
J&J’s CEO has also declined to appear before Congress. CEO Alex Gorsky will not appear at a U.S. congressional hearing on the safety of J&J’s talc products. The House Subcommittee on Economic and Consumer Policy hearing on talc took place on Tuesday. (Reuters)
Drugmakers and biotechs spent $342 billion on M&A in 2019. The number of pharma deals jumped this year, from 365 in 2018 to 484 this year so far. The report noted that the size of acquisitions, like BMS-Celgene and AbbVie-Allergan, drove up that number. (MarketWatch)
The Trump administration’s trade deal is bad news for pharma. The trade deal between the U.S., Canada and Mexico, called USMCA, will not have any protections for biologic drugs. Democrats came out in support of the deal this week. (STAT)
The new Sanofi CEO has revealed his plan for the company’s future. CEO Paul Hudson said the company will end research in diabetes and cardiovascular disease. He also hopes to reduce costs by $2.2 billion over the next three years. (BioPharma Dive)
