BIOTECH
Two Boston biotechs cutting 200 jobs
Merck and AstraZeneca, international drug giants with operations in Boston, are laying off more than 200 employees from their local laboratories. Merck told employees this week that it would lay off 120 workers from the drug discovery division of Cubist, the Lexington company it acquired in December. AstraZeneca will close its Infection iMed unit in Waltham, cutting 95 jobs effective at the end of April. AstraZeneca plans to hire 20 to 30 workers to staff a new standalone company that will take over the drug development work of its former division, according to a company announcement. The new unit will also be based at the company’s Waltham research park, and will inherit the work of the iMed unit. The cuts at Merck’s Cubist property amount to 20 percent of its local workforce. A spokeswoman for Merck said the decision to lay the employees off “is the result of the need to ensure efficient use of resources and overlapping capabilities.”
JACK NEWSHAM
BIOTECH
FDA OK’s first lower-cost copy of biotech drug
WASHINGTON — Federal health officials say they approved the first lower-cost copy of a biotech drug, a long-awaited milestone that could generate billions in savings for insurers, doctors, and patients. The Food and Drug Administration says it approved Novartis’s version of the blockbuster drug Neupogen, which is used to boost blood cells in cancer patients and had $839 million in US sales last year. Biotech drugs are powerful, injected medicines produced in living cells. They typically cost much more than traditional, chemical-based drugs. Biotech drugs have never faced US generic competition because the FDA did not have a system to approve copies of such medications. That changed in 2012 when the FDA laid out a regulatory pathway to approve the drugs, known as ‘‘biosimilars.’’
ASSOCIATED PRESS
MARKETS
Apple to replace AT&T in Dow index
NEW YORK — Apple is replacing AT&T in the Dow Jones industrial average. The switch will take effect at the opening of trading on March 19, says S&P Dow Jones Indices LLC. The change was prompted by a 4-for-1 stock split for Dow-member Visa. S&P Dow Jones Indices says the postsplit adjusted lower price of Visa will reduce its weighting in the information technology sector of the index. Adding Apple will help to partially offset this reduction.
ASSOCIATED PRESS
TECHNOLOGY
Analyst expects 15m Apple Watches to be sold
The Apple Watch will sell 15 million units this year and control the majority of the world’s smartwatch market, according to a new report. Boston-based Strategy Analytics said Thursday the California-based tech giant will dominate the fast-growing market. The company estimates 55 percent of the 28.1 million smartwatches to be sold this year will be made by Apple, which has launched expansive advertising campaigns to promote the device. Last year, 4.6 million smartwatches were sold worldwide, according to Strategy Analytics. The Apple Watch will hit the market sometime in April, with more details expected to be revealed at an Apple event Monday in San Francisco.
JACK NEWSHAM
MANAGEMENT
Germany approves quota for female directors
BERLIN — Germany’s Parliament on Friday approved a quota system that will require leading companies in Europe’s biggest economy to have at least 30 percent women on their supervisory boards starting next year. The quota will apply to the directors of more than 100 listed companies, though not to their management boards. Another 3,500 firms will be required to set targets of their choosing to raise the number of female directors and women in other leadership positions. Lawmakers from Chancellor Angela Merkel’s governing coalition of conservatives and Social Democrats backed the legislation Friday. Opposition lawmakers who argued that it didn’t go far enough abstained. The new quota won’t apply to public-sector employees.
ASSOCIATED PRESS
AUTOS
Nissan, Hyundai, Chrysler issue recalls
DETROIT — Nissan is recalling 640,000 more cars in the United States and Canada to fix a growing problem with faulty latches that can allow hoods to fly open while cars are being driven. The latest recall covers Altima midsize sedans from the 2013 through 2015 model years, bringing the total number of Nissan and Infiniti vehicles recalled for the problem to nearly 1.1 million worldwide. In documents posted Friday by the National Highway Traffic Safety Administration, Nissan said that if the main latch isn’t fastened, the secondary latch may not hold the hood closed as designed. Separately, Hyundai is recalling more than 26,000 Genesis luxury cars in the United States and Canada to fix a water leak that can cause the transmission gear shifter to malfunction. The recall covers cars from the 2015 model year. Also, Fiat Chrysler is recalling about 703,000 SUVs and minivans for malfunctioning ignition switches that can cause the vehicles to stall unexpectedly. The recall covers Dodge Journey SUVs as well as Chrysler Town and Country and Dodge Caravan minivans from the 2008 through 2010 model years.
ASSOCIATED PRESS
RETAIL
Staples posts loss in fourth quarter ahead of merger
FRAMINGHAM — Staples slid to a loss in the fourth quarter as the company booked restructuring charges ahead of a huge merger and the strong dollar pressured sales, but it topped Wall Street’s expectations for net income. The stock fell 45 cents to $16.05. Staples, the nation’s largest big-box office supply chain, said last month that it would spend about $6 billion to buy rival Office Depot Inc. It closed 169 stores in North America last year and plans to close a total of 225 locations by the end of 2015. For the quarter, Staples lost $260.4 million, or 41 cents per share. A year earlier it earned $212.4 million, or 33 cents. Staples said Friday the current quarter included $410 million in impairment charges related to its Australia, China, and South America businesses. The period also included $74 million in restructuring and other charges.
ASSOCIATED PRESS
ECONOMY
Mexico auctions off $200m in dollars amid peso’s slide
MEXICO CITY — Mexico’s central bank auctioned off $200 million in dollars Friday to shore up the peso as it neared a historic low against the US currency. The peso came under new pressure on news of increased job creation in the United States, suggesting an improving US economy. Analysts forecast that could lead to a possible rise in US interest rates, an expectation that creates greater demand for dollars in Mexico. The central bank said in December it would hold daily dollar auctions of $200 million whenever the peso sheds 1.5 percent or more of its value from the previous day. Friday was the second time since then that the auction was triggered. The dollar closed the day at 15.48 pesos on the interbank exchange rate, after ending at 15.20 the previous day.
ASSOCIATED PRESS