Jun 8, 2017

Valeant sells drug subsidiary to private equity for $930 million

Richard Drew / AP

Beleaguered drug company Valeant Pharmaceuticals has agreed to sell one of its subsidiaries, iNova Pharmaceuticals, to private-equity firms Pacific Equity Partners and The Carlyle Group for $930 million. The Australian-based iNova makes a slew of over-the-counter and prescription drugs.

Between the lines: Valeant is slimming down its drug operations, and this sale represents another attempt by CEO Joseph Papa to reduce the company's huge debt burden, which ballooned after the company acquired many other drug makers and controversially raised prices under ousted CEO Michael Pearson.

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Unemployment rate falls to 13.3% in May

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.

Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.

The difficulty of calculating the real unemployment rate

Data: U.S. Department of Labor; Note: Initial traditional state claims from the weeks of May 23 and 30, continuing traditional claims from May 23. Initial PUA claims from May 16, 23, and 30, continuing PUA and other programs from May 16; Chart: Andrew Witherspoon/Axios

The shocking May jobs report — with a decline in the unemployment rate to 13.3% and more than 2 million jobs added — destroyed expectations of a much worse economic picture.

Why it matters: Traditional economic reports have failed to keep up with the devastation of the coronavirus pandemic and have made it nearly impossible for researchers to determine the state of the U.S. labor market or the economy.

2 hours ago - Sports

How coronavirus could reshuffle the sports calendar

Illustration: Eniola Odetunde/Axios

The NBA's Board of Governors approved Thursday the league's 22-team plan to resume play at Walt Disney World — a plan that also includes tentative dates for both this season and next.

Why it matters: The league's proposed trip to Disney World not only impacts this season but could have a domino effect that impacts seasons in the future — and could permanently change what time of year the NBA plays its games.