Bob Herman Mar 24
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New skin cancer drug to cost $156,000/yr

Andrew Harnik / AP

The Food and Drug Administration on Thursday approved Bavencio, a drug that treats a rare form of skin cancer called Merkel cell carcinoma. The breakthrough drug also received orphan drug status from the FDA, meaning it has seven years of market exclusivity.

Bavencio's list price: $13,000 per month, or $156,000 per year. A spokeswoman for EMD Serono, the maker of the drug, confirmed the list price to Axios. However, that price does not reflect rebates or discounts. The amount patients will pay depends on their health insurance.

In 2014, Pfizer and EMD Serono's parent company, the German-based Merck KGaA, agreed to jointly develop and sell the drug.

Ina Fried 1 hour ago
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Craigslist pulls personal ads after passage of sex-trafficking bill

Online classified site Craigslist has pulled its entire personal ad section after Congress passed a new sex-trafficking bill that puts more liability on Web sites.

Why it matters: Smaller tech companies and advocates for sex workers had feared a chilling effect if the bill becomes law.

Khorri Atkinson 3 hours ago
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China slaps reciprocal tariffs on U.S. imports

China's President Xi Jinping speaks next to President Trump. Photo: Nicolas Asfouri// AFP / Getty Images

China announced plans to impose reciprocal tariffs on $3 billion of imports from the U.S., hours after President Trump ordered levies on a range of Chinese goods.

The details: China's plan includes a 25% tariff on U.S. pork imports as well as 15% tariffs on American steel pipes, fruit and wine, according to Bloomberg.