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The European Union’s drug regulatory agency says it found a “possible link” between Johnson & Johnson’s COVID-19 vaccine and extremely rare blood clots and that a warning should be added to the label. But experts at the agency reiterated that the vaccine’s benefits outweigh the risks. The European Medicines Agency announced its findings Tuesday after a very small number of vaccine recipients in the United States were reported to have developed blood clots. It said these rare blood disorders should be considered “very rare side effects of the vaccine” and it recommended a warning on package labels. The agency oversees the use of pharmaceutical products in the 27 EU countries. 

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A bidding war is breaking out for Kansas City Southern, with Canadian National Railway making a $33.7 billion cash-and-stock offer for the railway. The bid trumps a $25 billion cash-and-stock proposal made by Canadian Pacific last month. Shares of Kansas City Southern jumped more than 14% in Tuesday premarket trading. CN’s stock fell 7.7%. CN said its offer is worth $325 per Kansas City Southern share. Kansas City Southern shareholders would receive $200 in cash and 1.059 shares of CN common stock for each share.

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Big jumps in sales of prescription drugs and medical devices helped Johnson & Johnson boost first-quarter profit nearly 7%, blowing past Wall Street forecasts. The healthcare giant on Tuesday raised its 2021 financial forecasts. The one weak spot in the results was a small drop in consumer health sales versus 2020’s first quarter, when consumers stocked up on over-the-counter medicines as the coronavirus pandemic set in and lockdowns began. The world’s biggest maker of health care products awaits word from regulators on when it can resume the rollout of its COVID-19 vaccine, under scrutiny over a handful of blood clots in people receiving it.