Here’s what we have for you today:
• Healthcare giant
• Run amok
• Getting old
Amgen looking towards merger
The interception: US Federal Trade Commission filed a lawsuit seeking to block Amgen’s $27.8 billion acquisition of Horizon Therapeutics.
The possibility: According to the FTC the deal would allow Amgen to “entrench the monopoly positions” of two of Horizon Therapeutics’ medications: the thyroid eye disease treatment Tepezza, and Krystexxa.
Other plans: Amgen and Horizon Therapeutics, which is based in Ireland, stated that they believe they will be able to complete the deal by mid-December 2023 after responding to the lawsuit in court.
Nike’s claim on eco-friendly
What? Nike found itself in a new lawsuit in the US District Court for the Eastern District of Missouri on May 10, 2023. It asserts Nike of “falsely and misleadingly markets” by claiming their products meet government sustainability standards and are environmentally friendly.
Apparently: Filed by Maria Guadalupe Ellis, the lawsuit claims Nike manufactured its products from non-biodegradable plastic-based materials and states “In fact, of the 2,452 Nike “Sustainability” Collection Products, only 239 Products are actually made with any recycled materials”.
Breaking the law: The lawsuit states that the actual act of selling products cited as eco-friendly is a violation of the Missouri Merchandising Practices Act. (in addition with cites from the Federal Trade Commission’s Green Guides).
US on old cars
Getting older: According to S&P Global Mobility, the average age of cars and light trucks in the US has risen again this year to a new record of 12.5 years (marking the sixth straight year of increase in the average vehicle age of the US fleet).
The demand: Retail and fleet sales of new light vehicles in the US dropped 8% from 2021’s 14.6 million units to 13.9 million units in 2022 (lowest level recorded in over a decade).
The forecast: Vehicles older than six years will account for more than 74% of the vehicle fleet in 2028 in accordance to S&P estimates.
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