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New Roche CEO Thomas Schinecker is keen to restore Roche's battered drug development record after major late-stage trial setbacks in the areas of Alzheimer's and cancer immunotherapy last year. The acquired drug, against inflammatory bowel disease such as ulcerative colitis and Crohn's disease, belongs to a class of new treatments known as anti-TL1A antibodies which has attracted major deal activity in the pharma industry. Merck & Co (MRK.N) in April agreed to buy anti-TL1A antibody developer Prometheus Biosciences for $10.8 billion. Inflammatory bowel disease is a group of chronic gastrointestinal disorders with almost 8 million people diagnosed worldwide and 80% of all individuals not experiencing lasting remission, Roche said. "We strongly believe this novel TL1A directed antibody has the transformational potential to make a significant difference for patients living with inflammatory bowel disease and potentially other diseases," said Roche CEO Schinecker.
Persons: drugmaker Roche, Arnd, New Roche, Thomas Schinecker, Schinecker, Roche, John Revill, Ludwig Burger, Friederike Heine, Jason Neely Organizations: REUTERS, Roivant Holdings, Pfizer Inc, pharma, Sanofi, Merck & Co, Prometheus Biosciences, Thomson Locations: Basel, Switzerland, ZURICH, FRANKFURT, Swiss, U.S, Japan, Zurich, Frankfurt
Mr. Ramaswamy has argued that such goals are a distraction from earning a profit, and that social objectives should be left to elected officials. Tricia McLaughlin, a senior adviser to Mr. Ramaswamy, said that he did not manage his own stock portfolio. “Vivek’s stock portfolio is independently managed by a third party. The filing reported that Mr. Ramaswamy owned up to a $25 million investment in Rumble, the video platform that styles itself a refuge for right-wing commentators shunned elsewhere. Mr. Ramaswamy, 37, is a Cincinnati native who holds degrees from Harvard and Yale.
Persons: Ramaswamy, Tricia McLaughlin, Vivek, ” Ms, McLaughlin, , Mr, Donald J, Trump Organizations: Republican, Harvard, Yale, Roivant Sciences Locations: cryptocurrency, Cincinnati
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