Eli Lilly & Co.(NYSE: LLY) joins up with India's Strides Arcolab to sell generic cancer treatments in emerging markets. Strides will produce the medicines and Eli Lilly sell them, with the agreement initially covering 10 drugs but providing the option for more. The partnership is the latest between Big Pharma, which is seeking growth in developing markets, and Indian generic firms, which want global expertise.
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James River Coal Company(NASDAQ: JRCC) credit rating is cut to Caa1 from B3 by Moody’s, which cites falling prices, higher mining costs and increased regulatory scrutiny. Moody’s also says JRCC’s repurchase last month of $61M for $0.39 on the dollar qualifies as a “limited default" under the ratings company’s criteria.
Bank of America Corp(NYSE: BAC) takes out a new 52-week high, rising on back of the Citigroup's plan to cut 11K jobs. Citi will take a $1B charge in Q4, but save more than $2B over two years - a pretty nice return on investment. Shares of the firm are up 2.68% to $10.16 after hitting a new high of $10.23.
Keegan Resources Inc.(AMEX:KGN) and PMI Gold (PMVGF.PK) agree to merge, forming a new West African gold development company that will operate as Asanko Gold. The new entity expects a boost in near-term production from a unitized project comprised of nearby Obotan and Esaase gold deposits.
UnitedHealth Group Inc.(NYSE: UNH) puts out a report saying that payment reform could bring healthcare savings of $200-600B over the next ten years. UNH wants to move away from the traditional fee-for-service model to one based on performance, payment bundling and risk-sharing. It would do, though, wouldn't it. Still, UNH recognizes that doctors aren't too hot on the idea of pay for performance.
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