Bayer pulls Trasylol supplies after study
Thursday, May 15, 2008, 07:12 PM - Warnings
Bayer AG is removing remaining supplies of its heart-surgery drug Trasylol from the U.S. market after a long-awaited study found it raised the risk of death compared to two alternatives, U.S. regulators said on Wednesday.
The announcement followed publication earlier on Wednesday of a Canadian study by the New England Journal of Medicine that showed patients given Trasylol had a more than 50 percent higher death rate than patients who got other, cheaper drugs.
"Thus, in all likelihood, this is the end of the aprotinin story," Dr. Wayne Ray and Dr. Michael Stein of Vanderbilt University in Tennessee wrote in a commentary on the study.
The expensive drug, also known by its generic name aprotinin, has been widely used since the 1990s during heart bypass surgery to reduce bleeding. Bayer pulled the drug in November, saying it would reevaluate its options once details from the new study, known as BART, were released.
The Food and Drug Administration said on Wednesday Bayer had notified the agency that it would begin removing remaining Trasylol stock from the U.S. market. Access will be limited to investigational use for certain patients who have no acceptable alternatives, the FDA said.
The FDA "supports Bayer's decision to completely remove Trasylol from regular use in the U.S. market," the agency said. - See Bayer pulls Trasylol supplies after study for the complete article.
add comment Hollywood private eye convicted in wiretap
Thursday, May 15, 2008, 07:00 PM - Law - USA
Anthony Pellicano, known as Hollywood's private eye to the stars, was convicted on Thursday of running a vast criminal enterprise involving wiretapping and bribery to fix the problems of his wealthy clients.
After a two month trial that exposed the seamy side of the movie industry and featured a celebrity-heavy witness list, a Los Angeles federal jury convicted Pellicano on all but one of the 77 charges against him.
His four co-defendants, including a former police officer, a telephone company official and a computer expert who designed the sophisticated "Telesleuth" wiretapping device, were found guilty on most of the dozens of charges they faced.
Pellicano, 64, who pleaded not guilty and conducted his own rambling defense dressed in prison clothes, is expected to spend the rest of his life behind bars when he is sentenced in September. He has already served time for weapons and explosives possession.
The veteran private investigator, who once worked for lawyers representing Tom Cruise, Elizabeth Taylor and Michael Jackson, presented himself as the ultimate problem solver. - See Hollywood private eye convicted in wiretap for the complete report.
Edwards's Endorsement of Obama Starts Al Gore Watch
Thursday, May 15, 2008, 06:54 PM - Politics - USA
John Edwards's endorsement yesterday of Barack Obama leaves former Vice President Al Gore as the major Democratic figure still on the sidelines in the party's presidential race.
Edwards, a former North Carolina senator who ended his own bid for the nomination in January, said Obama is the candidate who can unite Democrats for the ``fight of our lives'' in the November election.
``The reason that I am here tonight is because the Democratic voters of America have made their choice and so have I,'' he told a cheering crowd of about 12,500 people at the Van Andel Arena in Grand Rapids, Michigan, with Obama at his side.
Edwards is the latest in a line of party leaders who have fallen in behind the Illinois senator as he piled up victories over Hillary Clinton in nominating contests. Since the beginning of May, three former Democratic National Committee chairmen -- Roy Romer, Paul Kirk and Joe Andrew -- were among the more than 40 superdelegates who endorsed Obama.
During the same time, Clinton, a senator from New York, has picked up 11 of the officials and officeholders designated as superdelegates.
Former Rivals
Edwards also is the third of Obama's early rivals to back his campaign. Earlier, New Mexico Governor Bill Richardson and Connecticut Senator Christopher Dodd lined up in Obama's corner. Senator John Kerry, the party's 2004 presidential nominee, also is backing Obama as is his Massachusetts colleague, Senator Edward M. Kennedy.
Senate Majority Leader Harry Reid of Nevada and House Speaker Nancy Pelosi of California haven't endorsed because of their leadership positions in Congress. Both have prodded the superdelegates to make decisions once the last primaries are held June 3. - See Edwards's Endorsement of Obama Starts Al Gore Watch for the full article.
CBS Agrees to Purchase Cnet Networks for $1.8 Billion
Thursday, May 15, 2008, 06:49 PM - Business
CBS Corp. agreed to buy Cnet Networks Inc., a technology news provider, for about $1.8 billion in cash to become one of the 10 largest Web site companies.
Cnet investors will receive $11.50 a share, or 45 percent more than yesterday's closing price, the companies said in a statement today. CBS, based in New York, will combine its news, entertainment and sports Web sites with Cnet sites including ZDNet, GameSpot.com, TV.com, Chow and Search.com.
CBS Chief Executive Officer Leslie Moonves is buying a profitable business that increased sales 10 percent last year to $405.9 million as he seeks acquisitions to make up for a drop in television and radio advertising. CBS shares fell 2.4 percent on investor concern the company is paying more than 100 times Cnet's estimated earnings for fiscal 2008.
``Given the growth performance by Cnet, the price is too rich,'' said Robin Diedrich, an analyst at Edward Jones & Co. in New York. She recommends investors hold CBS shares and doesn't own any. ``It's a bold move by CBS management given their position, because the company is struggling for growth.''
Cnet, based in San Francisco, jumped $3.46, or 44 percent, to $11.41 at 4:29 p.m. New York time in Nasdaq Stock Market trading. CBS, down 11 percent this year, declined 59 cents to $24.23 in New York Stock Exchange composite trading.
Proxy Fight
Cnet agreed to the takeover as it tries to fend off a looming proxy fight with Jana Partners LLC, its largest shareholder. The activist hedge fund, founded by Barry Rosenstein, called for a change in strategy as the stock lost about half its value over a two-year period.
Jana is reviewing the CBS transaction, spokesman Charles Penner said. Last month, the New York-based fund rejected an offer from Cnet to give it a seat on its board. - See CBS Agrees to Purchase Cnet Networks for $1.8 Billion for the full report.
Yahoo Rejects Icahn, Says Its Board Is Most Qualified
Thursday, May 15, 2008, 06:46 PM - Business
Yahoo! Inc., defending itself against Carl Icahn's bid to take control of the board, said it was right to reject Microsoft Corp.'s $47.5 billion offer and that its directors are the most qualified to boost Yahoo's value.
Icahn's views reflect a ``significant misunderstanding'' of Microsoft's offer, said Yahoo, whose 10 directors will be up for re-election at the July 3 annual meeting. Icahn, who owns the equivalent of 59 million Yahoo shares, said today that he has drawn up a slate of 10 nominees.
Yahoo Chief Executive Officer Jerry Yang faces mounting pressure to reconsider his decision to rebuff Microsoft's advances. John Paulson, who runs the New York hedge fund Paulson & Co., said today that he will support Icahn's directors and that he was disappointed Yahoo didn't reach a deal with Microsoft. Paulson & Co. owned 50 million Yahoo shares at the end of March.
``We do not believe it is in the best interests of Yahoo stockholders to allow you and your hand-picked nominees to take control,'' Yahoo Chairman Roy Bostock said in a letter to Icahn. Yahoo also said there is no offer on the table from Microsoft or any other company.
Bostock said Yahoo is willing to consider any proposals, including from Microsoft, that offer shareholders full value. He said Yahoo's board met more than 20 times to review Microsoft's offer and other options. The board kept an ``open mind and an open ear,'' Yahoo said.
Yahoo, based in Sunnyvale, California, rose 61 cents to $27.75 at 4 p.m. New York time in Nasdaq Stock Market trading. The stock had fallen 32 percent in the 12 months before Microsoft announced its bid. Microsoft, the world's biggest software maker, gained 52 cents to $30.45.
`Sensible Path'
Icahn said in a letter to Yahoo's board that a combination with Microsoft ``is by far the most sensible path'' if the Internet company wants to take on Google Inc. - See Yahoo Rejects Icahn, Says Its Board Is Most Qualified for the complete article.
Bush, in Israel, Says He Won't Talk to Terrorists
Thursday, May 15, 2008, 06:40 PM - Politics - USA
President George W. Bush, in a speech to Israel's parliament, said he won't negotiate with terrorists, and he criticized those who would.
``Some seem to believe we should negotiate with terrorists and radicals, as if some ingenious argument will persuade them they have been wrong all along,'' Bush told the Knesset in Jerusalem today.
``We have heard this foolish delusion before,'' he said. ``As Nazi tanks crossed into Poland in 1939, an American senator declared: `Lord, if only I could have talked to Hitler, all of this might have been avoided.' We have an obligation to call this what it is -- the false comfort of appeasement, which has been repeatedly discredited by history.''
Bush's speech quickly became an issue in the U.S. presidential campaign. Democratic presidential candidate Barack Obama's campaign interpreted the remarks as a criticism of the Illinois senator, who has said that as president he would meet with America's enemies as well as friends.
Bush's words represent ``an unprecedented political attack on foreign soil,'' Obama spokesman Robert Gibbs said in an interview on CNN.
New York Senator Hillary Clinton, Obama's rival for the nomination, decried the statement as well.
``President Bush's comparison of any Democrat to Nazi appeasers is both offensive and outrageous,'' Clinton told reporters in Rapid City, South Dakota, today. ``This is the kind of statement that has no place in any presidential address.''
No Individual Cited
Administration officials denied that Bush was directing his remarks at any individual. - See Bush, in Israel, Says He Won't Talk to Terrorists
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