Roundup: Mylan lawsuit dismissed; baby recliners recalled; more
Mylan lawsuit against FDA dismissed
Mylan Inc. lawsuit against the Food and Drug Administration for withholding approval for the company to sell a generic version of Novartis AG's heart pill Diovan was dismissed by a federal judge in Washington. The FDA didn't act “capriciously” when it denied Mylan exclusivity to market its version of Diovan, and Mylan failed to show it suffered “irreparable harm” as a result, U.S. District Court Judge John D. Bates said in an opinion. Mylan argued that Ranbaxy Laboratories Ltd. forfeited its right to six-month exclusivity to sell the generic drug by not winning FDA approval. Mylan, based in Canonsburg, asserted that the FDA's refusal to approve its sale of the drug was arbitrary and capricious and an abuse of discretion.
New home sales jump to fastest rate in 2½ years
Americans bought new homes last month at the fastest pace in more than two and a half years, further evidence of a sustained housing recovery. Sales of new homes rose 4.4 percent in November from October to a seasonally adjusted annual rate of 377,000, the Commerce Department said on Thursday. That's the fastest pace since April 2010, when a federal tax credit boosted sales. New-home sales have also increased 15.3 percent over the past year, although the improvement comes from depressed levels. Sales remain below the 700,000 that economists consider healthy.
Retailers recall more than 150,000 baby recliners
Four national retailers agreed to recall more than 150,000 Nap Nanny baby recliners after at least five infant deaths and dozens of reports of children nearly falling out of the recliners, the Consumer Product Safety Commission said on Thursday. The recall covers Nap Nanny Generations One and Two, and the Chill model infant recliners. All were sold between 2009 and 2012. The Nap Nanny was designed to mimic the curves of a baby car seat, elevating an infant slightly to help reduce reflux, gas, stuffiness or other problems. The CPSC warned the product poses a substantial risk of injury and death to infants. The four retailers — Amazon.com, Buy Buy Baby, Diapers.com and Toys R Us/Babies R Us — agreed to voluntarily participate in the recall of the Nap Nanny because its manufacturer is unable or unwilling to participate, the government agency said in a statement. The manufacturer, Baby Matters LLC of Berwyn, Pa., said earlier this month that it had gone out of business.
Investor Greenlight Capital may have lost $67.6M on Marvell
Greenlight Capital Inc., David Einhorn's New York-based hedge fund, may have lost as much as $67.6 million from its stake in Marvell Technology Group Ltd. as the shares tumbled over the past two days, according to regulatory filings. Marvell fell 4.1 percent on Thursday, after slumping 10 percent Wednesday, following a verdict from a federal jury in Pittsburgh ordering the maker of chips for computers and mobile phones to pay a $1.17 billion award for infringing Carnegie Mellon University patents covering integrated circuits. It was the fourth-largest patent verdict ever, according to Bloomberg data. Greenlight held 32.7 million shares of Marvell, valued at $299.6 million as of Sept. 30. The holding is valued at $232 million on Thursday, assuming Greenlight didn't change its stake.
Mortgage rates near record lows
The average rate on the 30-year fixed mortgage last week dipped closer to the lowest on record, a trend that is making home buying more affordable and also enabling more Americans to refinance their loans. Mortgage buyer Freddie Mac said the average rate on a 30-year loan declined to 3.35 percent from 3.37 percent last week. That's not far from the 3.31 percent rate of about a month ago, the lowest on records dating to 1971. The average on the 15-year fixed mortgage was unchanged at 2.65 percent. The record low is 2.63 percent.
— Staff and wire reports
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