Spotlight On... McKesson to chop 1,600 jobs as it sees price hikes for generic drugs slow; Bayer nabs U.S. approval for hemophilia A med Kovaltry; India's Biocon strikes generic insulin development pact; and more...

Drug wholesaler McKesson ($MCK) told investors recently that fading price increases for generic drugs was going to be a drag on its earnings for the year, dropping its forecast. Now to prepare, the drug distributor is whacking about 1,600 jobs to cut costs, Bloomberg reports. In a statement to the news service, San Francisco-based McKesson said that "reductions to our workforce would be necessary to align our cost structure with our business needs." The cuts follow a series of deals McKesson did to expand internationally. Earlier this month it agreed to pay $2.23 billion (C$3 billion) to buy the Rexall Health in Canada from Katz Group. Story | More

@FiercePharma: India's Lupin hauled up by U.S. FDA for lapses at Goa plant. More from FiercePharmaAsia | Follow @FiercePharma

@CarlyHFierce: Takeda dumps weight loss med Contrave, leaving Orexigen in the lurch. More from FiercePharmaMarketing | Follow @CarlyHFierce

> Bayer won U.S. approval for a hemophilia A treatment, Kovaltry, that won European clearance late last month. Report

> India's Biocon inked a deal with Mexico-based PiSA to develop generic human insulin for the U.S. market. Report

> Endo International ($ENDP) said it would bring in first-quarter revenue of $928 million to $972 million, with earnings per share of up to $1.08. Report

Medical Device News

@FierceMedDev: Med tech, healthcare services venture firm HealthQuest raises oversubscribed $225M fund. Story | Follow @FierceMedDev

@VarunSaxena2: The chart is just so darn startling/horrible. (Have mentioned it in stories about opioid abuse-deterrent tech.) More from the NYT | Follow @VarunSaxena2

@EmilyWFierce: 10X Genomics locks down $55M for long-read sequencing tech. News | Follow @EmilyWFierce

> Toshiba sell its medical imaging business to Canon for $6B amid deepening accounting scandal. Report

> Dx Digest: Myriad reveals positive study results for melanoma test; Guardant Health looks to cancer analytics for liquid biopsy. Article

Biotech News

@FierceBiotech: ICYMI from FierceBiotechResearch: HIV drug increases therapeutic window for skin cancer by slowing drug resistance. Story | Follow @FierceBiotech

@JohnCFierce: As in everything, GSK moves SOOOOO slowly. CEO Witty will leave March, 2017. No rush. | Follow @JohnCFierce

> J&J takes to Europe with its latest biotech incubator. Story

> Bayer wins FDA approval for a long-acting hemophilia drug. News

> GSK adds Miltenyi Biotec to its oncology shopping CAR-T as Witty checks out. Article

CRO News

> INC snags a Quintiles vet as its new science leader. More

> Covance launches mobile health suite for clinical trials. Report

> PDS Life Sciences launches new FDA data compliance service. Story

> Quotient Clinical expands into Japan after PE buyout. Article

Pharma Manufacturing News

> Contract manufacturer PCT will handle TxCell production in U.S. Item

> European drug regulators find lots of plant issues in first quarter. Story

> China's FDA urged to get track-and-trace system in place. Item

> FDA castigates India's Emcure for routinely faking data. Report

> P&G joins Pfizer and Abbott in fighting India's cough med ban. Article

Pharma Asia News

> Chi-Med raises $101.25M in IPO, joining China's BeiGene on Nasdaq. News

> Abbott India unit, others, get court stay on fixed-dose drug bans. Item

> U.S. biotech Quark's siRNA trials include China, India legs. Report

> Nasdaq exec says biotechs prime Asian unicorns for listings. Story

> India's Lupin hauled up by U.S. FDA for lapses at Goa plant. Article

And Finally... A new report shows Big Pharma conducted hundreds of clinical trials in East Germany during the Cold War. Report

Suggested Articles

Alnylam is ready to follow on its Onpattro launch with an FDA nod for Givlaari. But the drug's safety profile is giving analysts reason to pause.

FDA nominee Stephen Hahn faced questions from Senators on Wednesday on topics including drug pricing, biosimilars, opioids and more.

BMS’ Opdivo-Yervoy combo been game-changing in late-stage melanoma. But when it comes to expanding the pair’s reach, the company has hit a roadblock.