Company News: Drugmakers, Duke Energy, Chrysler, Adobe Systems, Dalian Wandaby
• Makers of brand-name drugs can be sued for a long-standing practice of paying competitors to postpone the release of cheaper generic treatments, the U.S. Supreme Court ruled in a 5-3 decision. According to the Federal Trade Commission, there were 40 pay-for-delay agreements last year, costing drug consumers an additional $3.5 billion. The industry’s trade group said the ruling would dent research.
• Duke Energy has tapped Chief Financial Officer Lynn Good as the company’s first female chief executive officer. She replaces Jim Rogers, who is retiring in the wake of Duke’s $17.8 billion bid for Progress Energy last year.
• Chrysler, which had been in a standoff with federal regulators over demands that it recall 2.7 million Jeep SUVs linked to fatal fires, has backed down. The Fiat-owned carmaker said the vehicles aren’t defective but agreed to inspect and upgrade vehicles that consumers bring back for review.
• Adobe Systems, the maker of Photoshop and other graphic-design software, posted better-than-expected quarterly results, validating its strategy to sell products via monthly subscriptions, rather than the open-ended licenses that are the industry standard. The switch had drawn criticism from many Adobe users.
• China’s Dalian Wanda Group is spending $1.6 billion to build what would be Western Europe’s tallest apartment building in London. It is also buying British yacht-maker Sunseeker International. Dalian and other Chinese developers have been investing more overseas to compensate for curbs on the property market at home.