Five things for pharma marketers to know: Thursday, May 24, 2018

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Recro Pharma's non-opioid injection has been declined by the FDA with a complete response letter. The FDA stated that data from secondary endpoints did not meet expectations. The drug is meant to treat moderate to severe pain. (MarketWatch)

Pfizer will pay $23.9 million to resolve allegations that the company paid kickbacks to Medicare patients. The Justice Department stated that Pfizer violated the False Claims Act between 2012 and 2016. (Reuters)

Former GSK infectious disease expert Zhi Kong has raised $260 million for a new biotech startup, Brii Bio. The startup is partnering with biotech experts with plans to develop a pipeline of drugs out of the U.S. to China. (Endpoints)

Medtronic has reported a better-than-expected quarterly profit due to demand for heart and diabetes devices. Sales jumped 10% to $3.14 billion for the cardiac and vascular unit. (CNBC)

Armo was bought by Eli Lilly for $320 million less than first offered, in part due to Merck's release of positive lung cancer data. (Endpoints)

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