THOUSAND OAKS - Biotechnology behemoth Amgen Inc. said Wednesdayit won European approval to market two of its drugs for use bycancer patients undergoing chemotherapy.
European regulators OK'd Aranesp for the treatment of anemia inadult cancer patients and Neulasta to reduce the duration ofneutropenia - another side effect of chemotherapy.
Amgen shares declined 3 cents to close at $45.18 Friday on theNasdaq market.
Napster to seek Bertelsmann buy
REDWOOD CITY - Bankrupt Napster Inc. plans today to seek aDelaware court's approval of its proposed sale to Bertelsmann AG,which hopes to revive the silenced Internet music-sharing service.
No other bidders emerged for Redwood City-based Napster afterGerman-based Bertelsmann forced the company into bankruptcy in June.Bertelsmann values its bid for Napster at about $100 million,including debts that will be waived as part of the deal.
Bertelsmann's bid still faces a potential obstacle. The MusicPublishers Association and the Recording Industry Association ofAmerica - two powerful trade groups that have fought Napster foryears - have objected to the sale.
If its takeover bid wins court approval, Bertelsmann hopes toresurrect Napster as an industry-approved subscription service.
State bill targets Internet providers
SACRAMENTO - Internet service providers would be required tonotify customers 30 days before canceling their service ortransferring them to another provider under a bill passed Wednesdayby the state Senate.
The Senate voted 21-11 to send AB 1814 to the Assembly for a voteon Senate amendments.
The bill by Assemblywoman Sarah Reyes, D-Fresno, requires theadvance notice to include: a description of any proposed transfer ofservices; any applicable rates, terms and conditions of the newservice; a statement telling the customer they have the right totransfer to a service provider of his or her choice and a toll-freecustomer service telephone number customer.
Drug makers fight 'preferred' lists
WASHINGTON - Drug companies asked a federal judge on Wednesday tostop states from limiting low-income patients' access to moreexpensive medicines.
A coalition of drug makers sued Health and Human ServicesSecretary Tommy Thompson for approving Michigan's 6-month-old"preferred drug list" program for Medicaid recipients.
Medications can only get on the list if its manufacturer agreesto offer the drug at a steep discount. If doctors want to prescribea drug not included on the list, they must get prior approval fromthe state.
Cendant to CEO: profits, not price
NEW YORK - Cendant Corp. has sent a strong signal to its chairmanand chief executive to focus on delivering solid earnings, nottrying to keep the travel and real estate giant's stock pricepropped up.
In renegotiating Henry Silverman's employment contract for thenext 10 years, Cendant said Wednesday that his right to annual stockoption grants was terminated and replaced with an incentive bonusthat is tied to the company's pre-tax earnings.
Nortel shares fall on word of layoffs
TORONTO - Nortel Networks shares skidded Wednesday after theCanadian fiber optics giant disclosed plans to cut another 7,000jobs, or 16.6 percent of its work force, by the end of 2002 andforecast lower revenue than expected for the third quarter.
In order to return the one-time industry leader to profitabilityin 2003, president and chief executive Frank Dunn said after thestock markets closed Tuesday that Nortel will reduce its work forceto 35,000 by the end of the year from about 42,000 projected for theend of September.
The company expects revenue for the third quarter will be down 10percent from the second quarter figure of $2.77 billion due tocontinued low spending by communications providers in the UnitedStates.
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