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Pfizer may offload consumer business; healthcare tax inversions unlikely

Top news

* Pfizer Inc. is reviewing strategic alternatives for its consumer healthcare business, including a full or partial separation via a spin-off, sale or other transaction. The unit generated approximately $3.4 billion in revenue in 2016 and includes pain management drugs Advil and Thermacare.

* Eli Lilly and Co.'s Verzenio, or abemaciclib, failed to meet the primary endpoint of overall survival in its phase 3 study as a monotherapy in a form of non-small lung cancer.

* President Donald Trump will keep Obama's regulations aimed at curbing tax inversions — for now, at least, until Congress can pass his tax reform plan. The Obama rules were aimed at halting a march of U.S. multinationals toward the door that had picked up, particularly among healthcare and tech companies, in recent years.

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On the policy front

* California Governor Jerry Brown signed legislation that will require drugmakers to provide a notice to purchasers if drug prices are raised more than 16% in a two-year period.

* India's Health Ministry proposed that drugmakers disclose the manufacturing costs of their medicines in an attempt to increase pricing transparency in the industry, the Economic Times of India reported.

* The World Health Organization is establishing a global commission on non-communicable disease to find ways to curb the biggest causes of death and extend life expectancy. The commission will focus on cardiovascular disease, cancers, diabetes and respiratory disease, as well as mental health issues and the impacts of violence and injuries.

Drug and product pipeline

* Erytech Pharma Société Anonyme resubmitted the marketing authorization application for its leukemia drug Graspa to the European Medicines Agency with additional data addressing concerns the agency's Committee for Medicinal Products for Human Use had raised.

Operational activity

* Johnson & Johnson's Janssen Sciences Ireland UC is expanding its Ringaskiddy, County Cork, facility with an investment of more than €300 million to increase manufacturing space.

Other features

* The New York Times highlights the ongoing healthcare policy discussions in the U.S. and the impact of the healthcare system on the country's innovation edge in the field.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.58% to 28,490.83, while the Nikkei 225 rose 0.64% to 20,823.51.

In Europe, around midday, the FTSE 100 was up 0.20% at 7,522.78, and the Euronext 100 was 0.07% higher at 1,046.02.

The Daily Dose is updated as of 6:30 a.m. ET. Some external links may require a subscription.