Esperion Therapeutics, Inc. (ESPR) shares are climbing, up 15.99% to $28.95, in early market trading on Monday following news that Eli Lilly (LLY) would discontinue its development of heart-disease treatment evacetrapib, as it could reduce potential competition for ESPR’s lead candidate ETC-1002.
LLY said it expects to record a Q4-charge of $90 million, or $0.05/shr, as a result of discontinuing development.
“We’re obviously disappointed in this outcome, as we hoped that evacetrapib would offer an advance in treatment for people with high-risk cardiovascular disease,” stated David Ricks, president of Lilly Bio-Medicines.
Shares of Eli Lilly and Co. are lower by nearly 9% to $78.69 in early trading.
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Shares of Tesla Motors, Inc. (TSLA) are up slightly this morning on news the company plans to release its latest software upgrade with autopilot features—worldwide to owners of its Model S sedan on Thursday.
Tesla CEO Elon Musk made the announcement via a Twitter (TWTR) this weekend.
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Shares of General Electric Company (GE) are down marginally in early trading on a Reuters report saying the company is in advanced talks with Wells Fargo (WFC) regarding the sale of GE’s specialty finance portfolio, which is worth over $30B.
A deal could be announced by the time Wells publishes its Q315 earnings on Wednesday, according to the report.
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