Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| -0.17 | +0.10 | +0.00 | +0.10 | +0.10 | +0.00 | +0.08 | +0.00 | -0.10 | -0.20 | -0.20 | -0.10 |
Post-Lehman panic; even defensives fall, biotech funding freezes
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On January 14, 2008, long-delayed results from the ENHANCE trial showed that Merck and Schering-Plough's cholesterol drug Vytorin lowered LDL far more than a generic statin yet failed to slow arterial plaque. Prescriptions for the roughly $5-billion-a-year franchise plunged and both companies' shares fell amid scrutiny over the nearly two-year delay in releasing the data.
Swiss pharmaceutical giant Roche offered $43.7 billion to buy out remaining shares of U.S. biotech leader Genentech, aiming to strengthen its oncology portfolio and drive cost synergies. The bid, below market expectations, triggered investor concern over financing, though Roche plans to use cash and debt. The move underscores Big Pharma's push to bolster pipelines amid generic competition and pricing pressures.