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Alexion Probes Improper Sales Practices for Lucrative Drug

Nov 10, 2016

New Haven-based drug maker Alexion is conducting an internal investigation over allegations of improper sales practices. 

The company said its board of directors is looking into reports from a former employee that sales agents engaged in practices "inconsistent with company policies" in selling its most lucrative drug, Soliris. Soliris has brought in revenue of $2.2 billion so far this year, and has fueled the company’s expansion.

Alexion has delayed filing its quarterly Form 10-Q with the SEC, pending the investigation.

In a statement, the company said, "the Audit and Finance Committee’s investigation has not identified instances where Soliris orders were not placed by customers for patients or any facts that require the Company to update its previously reported historical results."

Investment Firm Gets First Five Cash

Investment management firm AQR Capital announced it will create 600 new jobs in Connecticut in the next ten years, as part of a state-supported expansion project.

The Greenwich-based company is the latest recipient of cash from the First Five program. It will benefit from $35 million in loans and grants, as part of a $72 million investment.

AQR moved to Connecticut from New York in 2004. It currently employs 540 people.

Governor Dannel Malloy announced the state investment. His statement said, "fueling growth in our core industries is one of the keys to our state’s long-term economic success. Connecticut is a financial services and technology innovation leader, and firms like AQR – and the good-paying jobs they create – are demonstrating that our state is moving forward in ways that will be a great economic development boost for the region.” 

CBIA Touts New General Assembly

The new shape of Connecticut's General Assembly in the coming session is being welcomed by the state's largest business lobby.

The Connecticut Business and Industry Association played an unusually active role in many statehouse races this year, putting money into ads for candidates it believed to have pro-business policies - most Republican.

The state senate will be balanced come January, with 18 Democrats and 18 Republicans, after the GOP picked up three seats. CBIA CEO Joe Brennan said, "now that the voters have spoken, it is vitally important that policymakers work in a truly bipartisan manner to address voters' top concerns–the economy, job creation, and the affordability of our state."