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Recent Editions
Risk Channel
North America
The California Supreme Court has ruled 6-1 in favor of Gilead Sciences in a case which addresses whether manufacturers of drugs that are considered safe must try developing drugs that could be safer. California's highest court ordered the dismissal of negligence claims against the Foster City, California-based company by an estimated 24,000 patients using TDF, an HIV drug it produced, over its decision more than 20 years ago to stop developing tenofovir alafenamide fumarate, or TAF, which was similar to TDF but had fewer side effects. "What today’s decision declines to do is recognize, for the first time anywhere, sweeping liability for injuries caused by a concededly nondefective drug because the manufacturer allegedly failed to make a different drug available sooner," Justice Joshua Groban wrote for the majority. "Imposing such liability would create substantial burdens and would risk adverse consequences for pharmaceutical innovation, public health, and patient safety."
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Risk Channel
UK/Europe
The UK's Financial Conduct Authority (FCA) has introduced immediate reforms to simplify listing rules, as the City watchdog looks to revitalise London's stock market. Key changes include removing the mandatory seven-day waiting period between publication of an approved prospectus and associated investment research, allowing issuers and their advisers to respond more quickly to market conditions. The FCA said the reforms are intended to improve the efficiency and competitiveness of UK capital markets while maintaining investor protections. Jon Relleen, director of infrastructure and exchanges at the FCA, said: "By making the UK listing regime more efficient, we are supporting the growth and competitiveness of UK capital markets." Inigo Esteve, partner at law firm White & Case, said the "sensible, targeted reforms . . . remove unnecessary friction from the UK IPO process," adding that the changes "demonstrate the FCA's continued willingness to refine the regulatory framework where it can improve the efficiency and competitiveness of London's public markets."
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