♦ Generic drugmaker
Sandoz announced plans Thursday to start selling a slightly cheaper version of the EpiPen in the U.S. early next year. Sandoz will sell a pair of penlike injectors, under the name Symjepi, for $250 without insurance. Two other generics on the market in the U.S. cost $300 a pair, including one from EpiPen seller Mylan.
♦ Eddie Lampert and his ESL Holdings hedge fund are offering to buy
Sears Holdings Corp. for up to $4.6 billion in cash and stock in a move to stave off liquidation. Lampert and ESL own just under half of Sears, according to FactSet. Sears filed for Chapter 11 bankruptcy protection in October. “ESL believes that a future for Sears as a going concern is the only way to preserve tens of thousands of jobs and bring continued economic benefits to the many communities across the United States that are touched by Sears and Kmart stores,” the firm said in a statement.
♦ Lyft has taken the first step toward listing its shares on the U.S. stock market by filing confidential documents for an initial public offering. The filing is expected to become publicly available early next year, a few weeks before Lyft’s investment banks price the shares after gauging investor demand. Lyft’s IPO is expected to generate intense interest while helping to set the stage for Uber to go public. Uber has already disclosed it will go public next year but hasn’t indicated when.
♦ OPEC ended its first day of meetings Thursday without striking a deal to reduce oil output and without any clear sign one would be reached when officials from the organization, Russia and other oil producers reconvene Friday.
♦ U.S. productivity grew at an annual rate of 2.3 percent in the July-September quarter, slower than the previous quarter. The third-quarter gain in productivity was revised up slightly from an initial estimate a month ago of a 2.2 percent gain, the Labor Department said.