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Business

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Briefs

New drug could get rival off shelf

Purdue Pharma plans to apply for regulatory approval of a tamper-resistant competitor to Zogenix’s powerful pain pill, a move that could get its rival’s drug pulled from the market by U.S. regulators.

Purdue’s experimental drug hydrocodone bitartrate met the goal of reducing chronic low-back pain in a final-stage trial, the closely held company said last week. Purdue’s pill is hard to crush and snort or inject, while Zogenix’s Zohydro ER doesn’t have abuse-deterrent features.

Zohydro’s potential for abuse led two senators this month to ask the Food and Drug Administration to pull the medicine from the market.

“If and when they, or another manufacturer, are able to create an abuse-deterrent formulation that remains safe and effective for patients, we would certainly give serious consideration to assuring that any non-abuse formulations are removed from the market,” Bob Rappaport, the FDA’s director of pain drugs, said in an Oct. 25 review of Zohydro’s approval.

eBay CEO’s 2013 pay sinks 53 percent

eBay Inc. CEO John J. Donahoe’s total compensation for 2013 plunged 53 percent compared with 2012, when the e-commerce company gave its leader more than $23 million in stock awards.

The San Jose, Calif., company, which is sparring with activist investor Carl Icahn over board seats and its future direction, also gave Donahoe, 53, and other executives a lower-than-targeted incentive payment earlier this year. It noted that eBay missed financial targets last year, according to a regulatory filing.

Textron closes purchase of Beechcraft

Textron announced last week it has completed its purchase of Beechcraft and will combine the airplane maker with its Cessna unit to form an aviation business that generates about $4.6 billion in annual revenue.

The defense contractor paid about $1.4 billion in cash for Beechcraft parent Beech Holdings LLC. Textron used cash, issued $600 million in senior notes, and borrowed $500 million to finance the deal, which was announced in late December.

The company said it would preserve the Beechcraft, Cessna and Hawker general-aviation brands under Cessna CEO Scott Ernest. The acquisition gives Textron a broader selection of aircraft and services to sell to customers, the company said.

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