Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.U.S. Newsread more
Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
The Fed is not likely to make a move on interest rates when it meets next week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
You can save money by doing a quick check and unsubscribing from apps you no longer use.Technologyread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
Investors are holding out hope that Fed Chair Jerome Powell lays the groundwork for a rate cut as soon as July. Even just one this year would be a mistake, says Amanda Agati,...Trading Nationread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Pharmaceutical giant Gilead Sciences engaged in a "long-running scheme" to block generic competition of its combination drug "cocktails" to treat HIV, a new California lawsuit filed on Monday alleges.
The plaintiffs in the suit claim that Gilead's actions caused the cost of the life-saving treatment to rise.
The suit accuses Gilead, the nation's leading drugmaker for HIV treatments, of violating antitrust laws and maintaining a monopoly on the market for the HIV treatment known as "combination antiretroviral therapy," or cART.
The complaint, filed in the U.S. District Court in San Francisco, names drugmakers Bristol-Myers Squibb and Johnson & Johnson subsidiary Janssen Pharmaceuticals as co-defendants in what the plaintiffs say was a scheme to extend patent protection for their drugs and charge "exorbitant, supracompetitive" prices for the drugs.
The companies are accused of entering into a number of "collusive agreements" that dissuaded Bristol-Myers and Johnson & Johnson from competing with Gilead's HIV treatment. The suit also alleges the drugmakers would block other companies from competing against Gilead's treatment even after Gilead's patents expired. Representatives for Bristol-Myers and Janssen said that they received the complaint and are reviewing it. Neither company offered additional comment.
Combination drugs reduce the total number of medications a person with HIV has to take. The treatment reduces the levels of the HIV virus in the blood, helps reverse damage to the immune system and reduces the risk of AIDS-related illnesses. According to the suit, more than 80% of patients starting an HIV regimen in the United States take one or more of Gilead's combination drugs every day.
The company generates more than $11 billion in revenue yearly from sales of its HIV treatments.
Along with driving up prices, the suit claims Gilead's monopoly on the HIV treatment market stifled innovation, "causing tens of thousands of people living with HIV to needlessly suffer debilitating side effects from inferior products."
Gilead shares were unchanged after market closed Monday. The company did not immediately respond to CNBC's request for comment.