FDA pulls Eli Lilly's COVID drug, GE readies health care spinoff, Neuralink to put chip in humans

Yahoo Finance's Julie Hyman breaks down leading business stories, including the FDA pausing authorization of Eli Lilly's COVID antibody drug, General Electric setting plans for its health care division, and Neuralink looking to test its brain chip on humans in six months.

Video Transcript

JULIE HYMAN: Let's get down to business with some other headlines that we're watching. The Food and Drug Administration no longer authorizing Eli Lilly's COVID-19 antibody treatment for emergency use. The reason-- the treatment isn't likely to be effective against certain omicron subvariants that now are dominant in the US that are causing more than half of new COVID-19 cases, according to the FDA.

Eli Lilly saying in a statement that it and the FDA agree, quote, "it is not medically appropriate at this time to treat high-risk patients with mild to moderate COVID-19 with this treatment in the US.

General Electric has set details for the spin-off of its healthcare division, putting in an initial value of roughly $31 billion. GE said current shareholders will get one share in the new spinoff for every three shares they hold in GE. Separation is set for January 3 after the markets close. And following the spin-off of its healthcare division, General Electric plans to separate its aerospace business from its power and renewable energy units.

And Elon Musk's Neuralink announced it's looking to begin putting its computing brain implants into human patients, setting a target of its first human trials within the next six months. The company is developing implants that it says could enable disabled patients to move and communicate again, all of this while Neuralink is already looking ahead and aiming at placing implants in other parts of the body. Elon Musk revealing that the company is also looking at an ocular implant to improve or restore human. Brad.