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Feb 10, 2024
Incyte has entered into an agreement with MorphoSys to acquire exclusive global rights for tafasitamab, marketed as Monjuvi in the U.S. The deal gives Incyte complete control over the development and commercialization of tafasitamab, allowing for cost synergies and operational efficiency. Under the agreement, MorphoSys will receive a payment of $25 million from Incyte. Tafasitamab is approved in the U.S. for the treatment of relapsed or refractory Diffuse large B cell lymphoma (DLBCL) in combination with lenalidomide. Incyte's Jakafi is its blockbuster drug used to treat blood cancers.
Read more about | INCYTE CORP | JAKAFI| LENALIDOMIDE|
Feb 9, 2024
CEOs from Johnson & Johnson, Merck, and Bristol Myers Squibb defended the prices of their drugs during a Senate health committee hearing. Lawmakers criticized the companies for charging higher prices in the US compared to other countries and accused them of profiting at the expense of patients. The executives acknowledged that drug prices in the US are often higher but stated that new medications arrive in the country faster. The hearing coincided with the implementation of a federal program allowing Medicare to negotiate drug prices.
Read more about | BRISTOL MYERS SQUIBB CO | MERCK |
Feb 9, 2024
Takeda Pharmaceutical’s drug candidate, TAK-861, has proven to be effective and safe in treating type 1 narcolepsy in a mid-stage study, moving it to the final stage of clinical trials. The drug showed significant improvement in patients without any serious adverse events reported. Takeda is relying on TAK-861 to help offset the potential sales decline expected when its ulcerative colitis drug, Entyvio, loses patent protection.
Feb 9, 2024
The CEOs of three major drugmakers, Bristol Myers Squibb, Johnson & Johnson, and Merck & Co., defended the prices of their drugs in a Senate committee hearing. They argued that Americans have earlier access to cutting-edge medicines compared to countries with lower drug prices. The executives declined to commit to price cuts, citing differences in healthcare systems and the need to support innovation. The CEOs expressed support for legislation to reduce patients' out-of-pocket spending and permit drugmakers to offer discount cards to Medicare enrollees. Senators criticized drugmakers for blocking price competition from generics and biosimilars.
Read more about | BRISTOL MYERS SQUIBB CO | MERCK |
Feb 9, 2024
Pharmaceutical companies Johnson & Johnson, Bristol Myers Squibb, and AbbVie have all exceeded expectations in their fourth-quarter 2023 earnings, reporting strong sales of key products. However, Sanofi and Novartis fell short of Wall Street's projections due to various factors, including high expenses and generic competition. Eli Lilly and Novo Nordisk continue to see success with their diabetes and weight-loss drugs, exceeding revenue expectations. Despite these positive results, stock prices have not seen significant increases.
Feb 9, 2024
China has implemented new rules and guidelines for the patent law, including the introduction of a pharmaceutical patent term compensation system. This system allows for the extension of patent terms for new drugs that have been approved for marketing in China. The compensation period can be up to five years, with a total effective patent term not exceeding 14 years after marketing approval. The scope of compensation includes patents for new drug products, methods of preparing drugs, and medical use, but does not cover veterinary drugs, pesticides, or medical devices.
Feb 8, 2024
The CEOs of Bristol Myers Squibb, Johnson & Johnson, and Merck were grilled by a Senate committee led by Sen. Bernie Sanders over the high prices of prescription drugs in the U.S. compared to other countries. The executives defended their drug pricing and spending, blaming drug-pricing middlemen for the increasing list prices. Sanders released a report earlier this week, stating that drug companies charged American patients and taxpayers more for prescription drugs than other wealthy nations, emphasizing their spending on non-research items like stock buybacks and executive compensation.
Read more about | BRISTOL MYERS SQUIBB CO | MERCK |
Feb 8, 2024
The blockbuster drug Abilify Maintena, developed by Otsuka Holdings, is expected to face a decline in sales with the loss of market exclusivity in Europe and the US in October 2024. The introduction of generic versions will likely lead to increased competition and lower prices, resulting in a projected decline in sales from $1.5bn in 2024 to $459m by the end of 2029. Otsuka is preparing for this market shift by focusing on the development of new and longer-acting versions of the drug.
Read more about | OTSUKA | ABILIFY|
Feb 8, 2024
Pharmaceutical CEOs testified before the U.S. Senate Committee on Health, Education Labor & Pensions, discussing high drug prices and patents. Senator Bernie Sanders challenged pharmaceutical companies on their spending priorities and questioned drug pricing disparities between the U.S. and other countries. The role of patents in maintaining high drug prices was also a focus of the hearing. The Leonard D. Schaeffer Center for Health Policy & Economics suggested that implementing European-style pricing policies could decrease Americans' life expectancy. The U.S. Chamber of Commerce criticized the hearing as political grandstanding.
Feb 8, 2024
China has become the first country to approve Roche's paroxysmal nocturnal hemoglobinuria (PNH) drug crovalimab, a subcutaneous competitor to AstraZeneca's infused treatments Soliris and Ultomiris. Crovalimab, which is self-administered every four weeks, has shown promising results in phase 2 and 3 trials. Roche has also submitted for approval in the U.S., Europe, and Japan. The approval presents a significant market opportunity, as Soliris generated $3.2 billion in sales in 2023.
Read more about | ASTRAZENECA AB |