Business Briefs – April 13, 2016

Air Bag Danger: U.S. Counts 85M Unrecalled Takata Inflators

DETROIT (AP) – About 85 million Takata air bag inflators that haven’t been recalled are inside cars and trucks now being driven in the U.S. and would have to be replaced if the company can’t prove they are safe, the government said Wednesday.

The number would be in addition to the 28.8 million inflators already slated for replacement in what has become the largest automotive recall in the nation’s history. If all the inflators are recalled, they would total almost 114 million. A recall that massive would take years to complete and cost Takata billions of dollars.

Napster Co-founder Bankrolls Project to Speed Cancer Work

TRENTON, N.J. (AP) – A project to speed development of cancer-fighting drugs that harness the immune system has academic and drug industry researchers collaborating and sharing their findings like never before.

The newly created Parker Institute for Cancer Immunotherapy is being funded by a $250 million grant from Sean Parker. It brings together partners at six top academic cancer centers, dozens of drugmakers and other groups.

Valeant CEO Agrees to Be Deposed In Senate Drug Price Probe

NEW YORK (AP) – The chief executive of embattled Valeant Pharmaceuticals, J. Michael Pearson, has agreed to be deposed by a Senate committee investigating the causes of soaring prescription medicine prices.

Meanwhile, the Canadian drugmaker has received a notice of default from some bond holders because it hasn’t filed a financial report due in March. That’s been delayed by a review of company accounting practices, which found Valeant prematurely reported $58 million in sales in 2014 to its former partner, mail-order pharmacy Philidor. Valeant now is revising earlier financial statements related to that.

Volkswagen to Cut Managers’ Bonuses Following Diesel Scandal

BERLIN (AP) – Volkswagen said Wednesday that its top managers’ bonuses will be cut significantly, citing the need to send a “signal” on executives’ pay following the automaker’s diesel emissions scandal.

The company, which has yet to release 2015 earnings figures, said in a statement that different models are being discussed.

The cut to the 2015 bonuses would apply to the management board, a group of executives that helps run the company day to day and includes the CEO.