Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

Elanco health

Greenfield-based Elanco Animal Health is buying Aratana Therapeutics for $245 million.

Elanco is a subsidiary of Eli Lilly.

The deal still needs to get all the necessary approvals.

Aratana makes medicine for animals, including a feline pain reliever.

Sleeping pills

U.S. drug regulators added a strict new warning about prescription sleeping pills like Lunesta and Ambien.

It says it has found 66 examples of patients who took those drugs and engaged in dangerous activities like sleepwalking or driving while not full awake.

Bloomberg reports there have been 20 deaths linked to the drugs ranging from carbon monoxide poisoning, drowning, fatal falls and other causes.

The drugs, which are available as low-cost generic versions of the brand-name products, will now come with a warning. 

Smoking device

The FDA said it wouldn’t permit the sale of IQOS, a “heat not burn” device made by Philip Morris.

While the agency stopped short of declaring that the device was safer than traditional cigarettes, the FDA did say the heated tobacco-stick system could help people to quit smoking.

It differs from e-cigarettes because it contains tobacco rather than liquid nicotine.

iPhone

Apple iPhone sales are in a tailspin.

Apple said that its revenue for the first three months of 2019 declined 5 % from the prior year to $58 billion as it grappled with sluggish smartphone demand, iPhone sales for the period fell 17% from the prior year.