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Abbott Receives CE Mark for Amulet 360
Abbott has received CE Mark for the Amulet 360 Left Atrial Appendage Occluder, a next-generation device designed to reduce risk of stroke in patients with atrial fibrillation not caused by a heart valve issue. Following approval, the first three European cases using Amulet 360 were completed. The company will further expand the use of Amulet 360 across European countries in the coming weeks. The LAA is a small, structurally complex pouch attached to the upper left chamber of the heart.
Canada Raises Tariffs on U.S. Steel and Aluminum to 50%
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.RETALIATORY TARIFFS:Canada is matching Trump's weekend tariff escalation with a sweeping package of counter tariffs that directly targets U.S. steel, aluminum and downstream manufacturing. Prime Minister Mark Carney will double Canada's existing counter-tariffs on U.S. steel and aluminum to 50%, while adding new 50% duties on U.S. furniture, clothing, electronics, smartphones, and gaming consoles. Overall, the retaliatory levies cover roughly $20B in annual imports. The measures take effect on September 8 and represent a sharp reversal in Carney's earlier conciliatory stance after trade talks between Canada and U.S. collapsed on Friday. Publicly traded companies in the space include ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamicsand U.S. Steel. Publicly traded companies in the aluminum space include Alcoa, Kaiser Aluminum, Rio Tinto, Century Aluminum, and Constellium.DEPUTY ROLES:The Department of Health and Human Services is planning to create two new deputy commissioner roles at the Food and Drug Administration, one of which would focus on technology and the intersection of health and artificial intelligence, CNBC's Annika Kim Constantino. The other new position is for a deputy commissioner for drugs, according to two sources familiar with the plan. Publicly-traded companies operating in the space include Pfizer, Merck, Bristol Myers, Eli Lilly, AbbVie, Amgen, Medtronic, Abbott, Boston Scientific, Stryker, Intuitive Surgical, GE HealthCare, Teladoc, and Oracle.U.S.-IRAN:In a post on Truth Social, President Trump stated, "The failing Islamic Republic of Iran is not paying large segments of their military, while at the same time killing protesters, even when they are not protesting, at levels not seen before. It is a humanitarian crisis of epic proportions, and must be stopped, NOW."
Abbott Receives FDA Authorization for Libre Duo 10 Day System
Abbott announced U.S. Food and Drug Administration authorization of its Libre Duo 10 Day system, the world's first dual glucose-ketone sensing technology. The new biowearable is designed to alert people living with diabetes of rising ketones that can lead to a diabetic ketoacidosis emergency, a serious health complication for people with diabetes. Libre Duo 10 Day delivers real-time visibility into glucose levels needed for daily diabetes management while also monitoring rising ketones in the background, avoiding additional mental or physical burden for people with diabetes. Abbott plans to launch Libre Duo 10 Day in the United States later this year.
Abbott Reaches $670M Settlement with Three Law Firms
Abbott has reached agreements with three law firms to resolve the Gill case and claims involving approximately 2,000 other individuals relating to the company's specialty formulas for preterm infants. In July 2024, a St. Louis jury awarded the plaintiff in the Gill case $495M in damages. Abbott appealed the verdict to the Missouri Court of Appeals in December 2024, but the appeal was denied. Rather than continuing to appeal or paying approximately $600M, Abbott entered into agreements to resolve the Gill case as well as necrotizing enterocolitis - NEC - claims asserted on behalf of approximately 2,000 additional infants for an aggregate amount of approximately $670M. These agreements are a compromise of disputed claims and not an admission of liability. Following these agreements, there are roughly 1,700 lawsuits pending in federal and state courts involving claims on behalf of approximately 12,700 individual infants. That population includes claims on behalf of individuals who named both Abbott and Mead Johnson without identifying which manufacturer's formula was administered, individuals diagnosed with NEC before receiving any formula, individuals who were never diagnosed with NEC, and individuals who appear in multiple lawsuits in different jurisdictions. Abbott continues to work to identify and eliminate such claims and others like them.
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