Millions in Department of Defense funds to be distributed in Mass.

PHARMACEUTICALS

Maker of Ozempic said it expects US government to demand a price cut

Ozempic, the blockbuster diabetes shot made by Novo Nordisk, is “very likely” to be one of the next drugs targeted for a price cut in bargaining with the US government’s Medicare program, a company executive said. The Inflation Reduction Act, which allows the United States to directly negotiate drug prices with manufacturers for the first time, last month slashed the cost of 10 of the world’s biggest medicines by 38 percent to 79 percent for 2026. The 15 drugs targeted for the next round are expected to be named by early next year, drawing extensive speculations about which treatments will be in the government’s crosshairs. One million Americans are currently taking Novo’s drugs for weight loss, Otte said. The company also sells a higher dose version of Ozempic, called Wegovy, for obesity. — BLOOMBERG NEWS

INTERNATIONAL

Google wins case, overturning antitrust fine

Google won a court challenge on Wednesday against a $1.66 billion European Union antitrust fine imposed five years ago that targeted its online advertising business. The EU’s General Court said it was throwing out the 2019 penalty imposed by the European Commission, which is the 27-nation bloc’s top antitrust enforcer. The commission’s ruling applied to a narrow portion of Google’s ad business: ads that the US tech giant sold next to Google search results on third-party websites. Regulators had accused Google of inserting exclusivity clauses in its contracts that barred these websites from running similarly placed ads sold by Google’s rivals. The commission said when it issued the penalty that Google’s behavior resulted in advertisers and website owners having less choice and likely facing higher prices that would be passed on to consumers. But the General Court said the commission “committed errors” when it assessed those clauses. The commission failed to demonstrate that Google’s contracts determined innovation, harmed consumers, or helped the company hold on to and strengthen its dominant position in national online search advertising markets, it said. — ASSOCIATED PRESS

REAL ESTATE

New multifamily housing highest in 50 years — but not here

Builder completions of US multifamily housing units soared to a five-decade high in August, a development that will probably help ease pressure on rents. An annualized 759,000 residential buildings with two or more units were completed last month, the most since July 1974, according to US Census Bureau data published Wednesday. The nearly 39 percent jump from a month earlier was more than accounted for by a near doubling of monthly completions in the South, to 502,000 units. Over the last 12 months, completions of multifamily structures such as apartment buildings have also increased substantially in the West and Midwest — to the highest levels since the 1980s — while remaining little changed in the Northeast. The divergence highlights the regional character of the challenge of high rents, which have been most persistent in major Northeast metropolitan areas like New York City, Philadelphia, and Boston. — BLOOMBERG NEWS

AVIATION

Merger of Alaska and Hawaiian Airlines is complete

Alaska Airlines closed its $1 billion purchase of Hawaiian Airlines on Wednesday, a day after the federal government removed the last major regulatory obstacle to the deal. Alaska will also assume about $900 million in Hawaiian debt. Alaska says it will keep Hawaiian as a separate brand, eliminating the need to repaint planes. To win approval from the Transportation Department this week, the airlines agreed to maintain current levels of service on key routes within Hawaii and between the island state and the US mainland where they don’t face much competition. — ASSOCIATED PRESS

TOYS

Balloons and the trampoline nominated to Toy Hall of Fame

The National Toy Hall of Fame is floating the idea of ​​inducting balloons. Praised for their versatility and universal appeal, balloons made the list Wednesday of 12 finalists being considered for the honor later this year, alongside other first-time contenders including the trampoline and the party game Apples to Apples. A panel of expert judges and the public will vote on which of the finalists will be inducted in November. This year’s nominees also include the bestselling “Choose Your Own Adventure” gamebooks, which encourage readers to plot stories; Hess Toy Trucks, which have signaled the holiday season since 1964; remote-controlled vehicles and the stick horse. Rounding out the list are the games Phase 10, Sequence, and the Pokemon Trading Card Game, along with two perennial nominees, My Little Pony figures and Transformers action figures, both of which debuted in the 1980s. — ASSOCIATED PRESS

AUTOMOTIVE

GM selling adapters so customers can use Tesla chargers

General Motors is now offering adapters to help its electric vehicle owners access Tesla chargers. The Detroit automaker said Wednesday that it is opening up access to more than 17,800 Tesla Superchargers for its customers, with the use of a GM approved NACS DC adapter. Customers in the United States will be able to buy the adapter for $225 through GM vehicle brand mobile apps. By using the Tesla Supercharger network, GM EV vehicle owners will have access to more than 231,800 public Level 2 and DC fast chargers in North America. — ASSOCIATED PRESS

AUTOMOTIVE

UAW to ask members to approve a strike against Stellantis

The United Auto Workers will ask members to green light a strike against Stellantis, escalating an already tense standoff with one of the world’s largest car manufacturers. The union will hold strike authorization votes at several local chapters in the coming days, seeking to pressure the company into abiding by investment stipulations in the agreement that ended a six-week strike last year, union president Shawn Fain said in an impassioned speech broadcast online Tuesday night. It was the latest show of force by the union leader who’s increasingly soured on Stellantis, the maker of Jeep and Dodge models, in addition to European brands like Fiat. — BLOOMBERG NEWS

INDUSTRY

Nippon granted an extension to refile plan for US Steel takeover

A US security panel has granted Nippon Steel Corp. permission to refile its plans to purchase US Steel for $14.1 billion, likely pushing a decision on the politically contentious takeover past the US elections in November, according to people familiar with the matter. The extension effectively allows them to restart the clock, keeping the proposed transaction alive, even as President Biden has vowed that US Steel would remain American owned and is said to be preparing to kill the deal. Despite the delay, the president has given no indication that he is waffling on his opposition to the proposed purchase. — BLOOMBERG NEWS