Kerkorian’s sale
Kirk Kerkorian has sold 25 per cent of his stake in General Motors for $33 a share. The US billionaire, who had held a 9.9 per cent stake in GM, still has 42 million shares, or 7.4 per cent of the company. The news prompted a slide in GM shares by 4.7 per cent to $31.09 at the close.
GSK Challenge
America’s Food and Drug Administration has approved a generic version of GlaxoSmithKline’s nausea treatment Zofran. The FDA approved applications from Teva, the largest generic drugmaker, for three versions of injectable ondansetron, the active ingredient in Zofran.