Ranbaxy Ceases Generic Lipitor Manufacture, J&J Elects New Chairman: Healthcare Business Update

Ranbaxy Laboratories (RBXLY.PK) will cease the manufacture of its generic version of Lipitor, Pfizer’s (NYSE:PFE) cholesterol fighter, until it identifies the cause of a recent recall, according to the FDA website. Earlier in November, the Indian generic drugmaker recalled a number of  certain lots of the cholesterol lowering medicine known generically as atorvastatin at doses of 10 milligrams, 20 mg and 40 mg after contamination with tiny glass particles was discovered. Thus farn no reports of patients being harmed due to the glass particulates have come forth, said the FDA.

Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>

Shares of Theravance (NASDAQ:THRX) gained almost 5 percent on the day on a release that reported a favorable outcome of the Anti-Infective Drugs Advisory Committee of the FDA meeting on Vibativ (telavancin) for the treatment of nosocomial pneumonia, due to susceptible isolates of Gram-positive microorganisms.

In a friday press release, Johnson & Johnson (NYSE:JNJ) said that its  board has elected Alex Gorsky as Chairman, Board of Directors of the firm. Gorsky will assume the title along with additional leadership responsibilities on Dec. 28th; he was appointed as chief executive of Johnson & Johnson in April 2012.  The current Chairman Bill Weldon will step down as chairman on Dec. 28th, and plans to retire in the first quarter of next year, following a brief transitional period.

Investing Insights: Is Walgreen’s Stock A Buy Now?