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☆ Oracle lays off hundreds, rescinds job offers, and cuts open positions in its $28 billion Cerner health unit after troubles with a massive government contract
▼ + stars: | 2023-06-15 | by ( Ashley Stewart | Blake Dodge | ) www.businessinsider.com time to read: +2 min

Oracle laid off hundreds of employees in its health unit on Thursday, insiders said. Oracle Health includes health IT giant Cerner, which it acquired last year for about $28 billion. Cerner is Larry Ellison's primary focus as he bets on it to prove Oracle's cloud to the world. Oracle on Thursday laid off hundreds of employees, rescinded job offers, and cut back open positions within its health unit, three people familiar with the matter told Insider. Oracle Health includes health IT giant Cerner, which it acquired last year for about $28 billion.

Persons: Oracle, Larry Ellison's, Cerner's, Cerner, Larry Ellison, Ashley Stewart, Blake Dodge Organizations: Oracle Health, Oracle, US Department of Veterans Affairs

REUTERS/Mike Blake/File Photo/File PhotoJune 14 (Reuters) - Health insurer stocks dropped sharply on Wednesday after UnitedHealth Group (UNH.N) said costs were on the rise for the largest U.S. healthcare provider by market value due to an increase in surgeries among older adults. Shares of industry bellwether UnitedHealth fell 7.3% to $455.11, wiping out roughly $42 billion from the company's market capitalization in the current trading session. Meanwhile, stocks of medical device makers and hospital operators rose, as increased frequency of surgeries mean more revenue for them. The company highlighted strong demand for hip and knee procedures at outpatient centers, as well as for home health services and behavioral services. Elevance Health (ELV.N), CVS Health Corp (CVS.N), Centene Corp (CNC.N) and Cigna Group (CI.N) fell between 6% and 7.5%.

Persons: Mike Blake, bellwether, UnitedHealth, Jefferies, Brian Tanquilut, Zimmer Biomet, Leroy Leo, Bhanvi, Manas Mishra, Shinjini Organizations: REUTERS, UnitedHealth, Medicare, Humana Inc, Reuters Graphics, Elevance, CVS Health Corp, Centene Corp, Cigna, Elevance Health Inc, CVS, Healthcare, Tenet Healthcare, Stryker, Thomson Locations: Santa Ana , California, U.S, Bengaluru

☆ UnitedHealth offers over $3 bln for home health firm Amedisys
▼ + stars: | 2023-06-05 | by ( Leroy Leo | ) www.reuters.com time to read: +2 min

June 5 (Reuters) - UnitedHealth Group (UNH.N) on Monday made a surprise $3.26 billion all-cash offer to acquire Amedisys Inc (AMED.O), pitting itself against another healthcare company set to buy the home health and hospice care firm. UnitedHealth, through its Optum unit, offered to pay $100 per share in cash, just a month after Amedisys agreed to be bought by Option Care Health Inc (OPCH.O) for $97.38 per share in an all-stock deal. If Optum's offer is accepted by Amedisys, the deal will expand UnitedHealth's presence in home healthcare that it bolstered this year through a $5.4 billion deal to buy Amedisys' rival, LHC Group. Several analysts raised concerns that a UnitedHealth deal would likely face scrutiny from the Federal Trade Commission, given UnitedHealth's home health presence. Amedisys' board has not yet determined whether Optum's offer is superior to Option Health's and is currently in exploratory discussions with the UnitedHealth unit.

Persons: Amedisys, Jefferies, Brian Tanquilut, Oppenheimer, Michael Wiederhorn, Leroy Leo, Shounak Dasgupta, Shinjini Organizations: UnitedHealth, Amedisys Inc, Care Health Inc, LHC, Federal Trade Commission, FTC, Care, Thomson Locations: Bengaluru

☆ Transgender adults in Florida were 'blindsided' that the new law also limits their access to healthcare, and now have to decide whether to uproot their lives and leave
▼ + stars: | 2023-06-05 | by ( Thalia Beaty | Brendan Farrington | Hannah Schoenbaum | ) www.businessinsider.com time to read: +8 min

An expert estimated 80% of trans adults in the state lost access to healthcare because of a new law. Ron DeSantis signed last month also made it difficult — even impossible — for many transgender adults to get treatment. AP Photo/Laura Bargfeld"For trans adults, it's devastating," said Kate Steinle, chief clinical officer at FOLX Health, which provides gender-affirming care to trans adults through telemedicine. Dunn estimates that 80% of trans adults in the state were getting their healthcare from a nurse practitioner and now have lost access. AP Photo/Laura BargfeldLucas, who transitioned eight years ago when he was 18, anticipates running out of hormone treatments in June.

Persons: —, Ron DeSantis, Eli, Lucas, Laura Bargfeld, I'm, Kate Steinle, Lana Dunn, SPEKTRUM, haven't, Dunn, Eli cuddles, That's, Laura Bargfeld Lucas, It's, ___ Beaty Organizations: Service, Republican, Gov, AP, Associated Press, Inc, Williams Institute, University of California, Los Angeles School of Law Locations: Florida, TALLAHASSEE, Fla, Casselberry , Florida, Orlando, telemedicine, Minnesota, New York City, Raleigh , North Carolina

☆ Investment consortium to buy Syneos Health in $7.1 bln deal
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to buy Syneos Health Inc (SYNH.O), in a deal valued at $7.1 billion, including debt, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The deal comes at a time when Syneos faces challenges in winning new business, as many of its clients, which includes medium-sized biotechs, have cut spending as they have found it difficult to raise funding in a post-COVID-19 market downturn. Deal comes days after a private-equity groups including Warburg Pincus and Advent International agreed to buy Baxter International (BAX.N) biopharma solutions unit for $4.25 billion. Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Investment consortium to take Syneos private for $4.46 billion
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - An investment consortium, comprising of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to take Syneos Health Inc (SYNH.O) private for $4.46 billion, the contract research firm said on Wednesday. Syneos said the consortium will pay about $43 per share in cash, which represents a premium of about 12% to the company's last close of $38.45. The acquisition is valued at $7.1 billion including debt. Syneos, which helps pharmaceutical companies with clinical trials and marketing their drugs, currently carries a debt of nearly $3 billion. The company reported a total backlog of contracts of $9.83 billion, as of March 31, 2023, down from $11.63 billion at the end of the first quarter of 2022.

☆ Workplace discrimination linked to increased risk of high blood pressure, study finds
▼ + stars: | 2023-04-26 | by ( Kyla Russell | ) edition.cnn.com time to read: +4 min

High blood pressure damages arteries and makes them less elastic, according to the US Centers for Disease Control and Prevention. Each participant said they did not have high blood pressure at the start of the study, and most said they were not smokers and consumed little or no alcohol. According to the analysis, 319 of the participants reported developing high blood pressure by the end of the eight years. People who experienced intermediate levels of workplace discrimination at the beginning of the study were 22% more likely than those who reported low levels of workplace discrimination to report high blood pressure after eight years. Compared with participants who experienced low workplace discrimination at the beginning of the study, people with high levels of workplace discrimination were 54% more likely to report high blood pressure after eight years.

Major equity indexes have been largely stable during the early stages of a first-quarter earnings season that investors expect to show tepid results. The Dow Jones Industrial Average (.DJI) fell 79.62 points, or 0.23%, to 33,897.01; the S&P 500 (.SPX) lost 0.35 points, or 0.01%, at 4,154.52; and the Nasdaq Composite (.IXIC) added 3.81 points, or 0.03%, at 12,157.23. The defensive utilities group (.SPLRCU) gained most among S&P 500 sectors, rising 0.8%. S&P 500 companies overall are expected to post a 4.8% decline in first-quarter earnings from the year-earlier period, according to Refinitiv IBES. The S&P 500 posted 16 new 52-week highs and one new lows; the Nasdaq Composite recorded 59 new highs and 123 new lows.

Major equity indexes have been largely stable during the early stages of a first-quarter earnings season that investors expect to show tepid results. The defensive utilities group (.SPLRCU) gained most among S&P 500 sectors, rising 0.7%. S&P 500 companies overall are expected to post a 4.8% decline in first-quarter earnings from the year-earlier period, according to Refinitiv IBES. Shares of Western Alliance Bancorp (WAL.N) surged 23% after the company posted stronger-than-expected earnings, helping lift the SPDR S&P Regional Banking ETF (KRE.P) 4%. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 48 new highs and 111 new lows.

☆ Elevance Health Earnings Rise With Uptick in Premiums, Enrollment
▼ + stars: | 2023-04-19 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Elevance Health, which owns Blue Cross Blue Shield, is dealing with double-digit growth in costs. Photo: Michael Conroy/Associated PressElevance Health Inc. reported stronger revenue and earnings in the first quarter as growing premiums continued to outpace rising costs. The health insurer and Blue Cross Blue Shield owner, formerly known as Anthem Inc., said operating revenue grew more than 10% to $41.9 billion. Analysts had been expecting $40.92 billion, according to FactSet.

WASHINGTON, March 31 (Reuters) - The U.S. government announced on Friday a lower than expected 1.1% average cut of 2024 reimbursement rates for health insurers that offer coverage through the Medicare Advantage program, boosting shares of the market's largest players. Health insurers who operate Medicare Advantage plans have come under pressure after the government last month proposed new rules for an audit program to avoid overpaying them. The companies are among the largest players in the Medicare Advantage market in which private insurers are paid a set rate by the government to manage member healthcare. Medicare Advantage covers nearly half of the 65 million people enrolled in the government's Medicare program for people aged 65 and older or disabled. The agency pegged the spending increase in the traditional Medicare program, which in previous years was the main factor determining how much the agency pays Medicare Advantage insurers, at 2.3%, up from 2.1% in its initial proposal.

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

☆ The former CEO of Aetna shares how he plans to turn around the struggling health insurer Oscar
▼ + stars: | 2023-03-30 | by ( ) www.businessinsider.com time to read: +6 min

Oscar Health struggled to upend the entrenched health insurance industry. Oscar Health has been trying and struggling to upend the US health-insurance industry and the entrenched giants that dominate it for the past 10 years. Oscar Health incoming CEO Mark Bertolini Bridgewater AssociatesLast year, Oscar lost a $60 million contract with its first client, Health First Health Plans. Bertolini wants Oscar to disrupt health-insurance giantsMario Schlosser, founding CEO of Oscar Health Eduardo Munoz/ReutersDespite losing the Health First deal, Bertolini is betting that Oscar will disrupt the insurance industry through partnerships. Oscar has developed health plans with health systems in the past.

☆ Former Aetna CEO to Take Helm of Health Insurer Oscar
▼ + stars: | 2023-03-28 | by ( Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

Mark Bertolini said he would initially focus on ensuring Oscar meets its goal of having profitable insurance business this year. Mark Bertolini , former chief executive of health insurance giant Aetna Inc. and hedge fund Bridgewater Associates, will take the helm of Oscar Health Inc. as it seeks to turn a profit and carve out a role as a technology supplier in the healthcare industry. Mr. Bertolini, 66 years old, will take the post effective next Monday, the company said. He will succeed Mario Schlosser , 44, who co-founded Oscar in 2012 with Joshua Kushner and will take the new title of president of technology, reporting to Mr. Bertolini.

☆ Telehealth Apps Sharing Consumer Data Draw FTC Crackdown
▼ + stars: | 2023-03-26 | by ( Patience Haggin | ) www.wsj.com time to read: 1 min

The Federal Trade Commission is expected to look at more apps as it focuses on health data. The Federal Trade Commission is cracking down on the data-sharing practices of telehealth companies, focusing on widespread uses of data that many companies in the industry have failed to disclose to users. The FTC earlier this month reached a proposed settlement with BetterHelp, a subsidiary of Teladoc Health Inc., over allegations that the therapy-focused telemedicine company promised to keep users’ health data private but shared it with advertising partners.

☆ Factbox: Which companies are affected by SVB collapse?
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +6 min

ROKU (ROKU.O)Streaming devices maker says it has about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB. CIRCLEUS cryptocurrency firm Circle says $3.3 billion of its $40 billion of USD Coin reserves are at SVB. BLOCKFIBankrupt crypto lender BlockFi Inc has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday. VIR BIOTECHNOLOGY (VIR.O)Biotech firm says it maintains operating accounts at SVB with about $220 million as of Friday. EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States.

☆ The US military has been testing pulsed energy on animals trying to recreate the mysterious 'Havana Syndrome' symptoms: report
▼ + stars: | 2023-03-10 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The US military has been carrying out and funding testing on various animals. The testing is aimed at seeing if radio frequency waves cause the mysterious sickness known as "Havana Syndrome." US intelligence determined last week that the ailment is likely not caused by a foreign adversary or weapon. A defense official told Insider that the Department of Defense, in accordance with congressional requirements, "continues to address the challenges posed by" anomalous health incidents, "including the causation, attribution, mitigation, identification, and treatment for such incidents. The official did not comment on the reported testing on primates but said that the testing at Wayne State University is aimed at alleviating "the deficits associated with traumatic brain injury."

☆ Opko Health soars after deal with Merck for experimental Epstein-Barr vaccine
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Opko Health Inc (OPK.O) said on Wednesday it signed a deal with Merck & Co Inc (MRK.N) potentially worth up to $922.5 million for its experimental Epstein-Barr virus vaccine. Merck will take over the clinical and regulatory activities related to the vaccine, as well its commercialization once the drugmaker files a joint application with Opko unit ModeX Therapeutics to test it in humans, the company said. Opko will receive an upfront payment of $50 million and is eligible for milestone payments of up to $872.5 million, plus royalties on global sales. There is currently no vaccine for the Epstein-Barr virus, which is the leading cause of mononucleosis, or mono, commonly called the "kissing disease". Reporting by Aditya Samal in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Palantir lands $99.6 mln deal with U.S. State Department
▼ + stars: | 2023-03-08 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Palantir Technologies Inc (PLTR.N) has won a contract to sell up to $99.6 million worth of software to the U.S. Department of State for monitoring the health of the diplomatic corps, the company told Reuters ahead of a Wednesday announcement. The bureau has sought software to record health incidents, predict risks, manage medical-evacuation missions and handle other tasks, according to a government document. Palantir told Reuters the State Department has already paid the company $10 million as part of the purchase agreement, and it will book the remaining value over the next five years. The Denver, Colorado-headquartered company said the deal continues a pilot dating back to 2021 and other State Department work since 2017. Reporting By Jeffrey Dastin in Palo Alto, Calif.; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Startup Offering Ozempic Surges With Controversial Ads, Fake Testimonials
▼ + stars: | 2023-03-04 | by ( Rolfe Winkler | ) www.wsj.com time to read: 1 min

In eight months, a startup called NextMed has emerged as a growing service among many trying to capitalize on the craze for drugs such as Ozempic, Wegovy and Mounjaro that are often prescribed for weight loss. Run by a founder who graduated from college 14 months ago, the service has web traffic that has surpassed companies like Calibrate Health Inc. and Found Health Inc. that have advertised weight-loss prescriptions for longer. NextMed, whose corporate parent is Helio Logistics Inc., operates with far fewer employees than competitors. Calibrate has hundreds of employees, and Found has around 200.

☆ Cuba blasts U.S. for years of disregarding evidence on 'Havana Syndrome'
▼ + stars: | 2023-03-03 | by ( Dave Sherwood | ) www.reuters.com time to read: +3 min

read more"This conclusion ... confirms what we already knew," Vice Foreign Minister Carlos Fernandez de Cossio told Reuters in an interview in Havana late on Thursday. "The unfortunate thing is, the U.S. government leveraged (Havana Syndrome) to derail bilateral relations ... and discredit Cuba." Cuba has for years labeled as "science fiction" the idea that ´Havana Syndrome´ resulted from an attack by a foreign agent, and its top scientists in 2021 found no evidence of such allegations. De Cossio told Reuters there had been no shortage of evidence and that the revelation this week cast fresh doubt on the credibility of other U.S. policies towards Cuba. ´Havana Syndrome,´ referred to by the U.S. government as "anomalous health incidents," first came to light in 2016 after dozens of diplomats at the U.S. Embassy in Havana complained of intense headaches, nausea, memory lapses and dizziness.

☆ 'Havana syndrome' not caused by foreign adversary, U.S. intel finds
▼ + stars: | 2023-03-01 | by ( Jonathan Landay | ) www.reuters.com time to read: +4 min

The mysterious syndrome, first reported by U.S. officials in the Cuban capital Havana in 2016, has afflicted U.S. diplomats, intelligence officers and other U.S. personnel worldwide. The investigation also did not find common medical explanations for all of the different symptoms reported or common circumstances, according to intelligence officials. The declassified assessment said the seven U.S intelligence agencies that conducted the investigation had varying levels of confidence in the judgments. "We cannot tie a foreign adversary to any incident," said one of two U.S. intelligence officials who briefed reporters on the investigation. U.S intelligence agencies found confusion among foreign foes over the issue, according to the briefing.

March 1 (Reuters) - Drug distributors Cardinal Health Inc (CAH.N), McKesson Corp (MCK.N) and JM Smith Corp on Wednesday prevailed at trial in Georgia in a case brought by families of opioid addicts accusing the companies of acting as drug dealers. It was the first trial of opioid claims brought by individual plaintiffs, rather than government entities. Plaintiffs said the distributors fueled illegal opioid use by filling illegitimate pharmacy orders and failing to report suspicious opioid purchases to law enforcement, as required by the federal Controlled Substances Act. Litigation by more than 3,300 state, local and tribal governments against opioid manufacturers, distributors and pharmacies has resulted in more than $50 billion in settlements. The agency has said opioid overdoses surged further during the COVID-19 pandemic, increasing 38% in 2020 over the previous year and another 15% in 2021.

Reuters reported in March 2020 that Syneos was working with investment bank Centerview Partners LLC to explore a sale. Syneos, which has a market capitalization of $3.9 billion and carries a $2.9 billion debt pile, was not immediately available for comment. Based in Morrisville, North Carolina, Syneos helps pharmaceutical companies with clinical trials and to market their drugs. There has been a wave of consolidation among contract research organizations in a bid to lower costs, amass more clinical trial data and win customers. Labcorp (LH.N), for example, said earlier this month that it will complete the spinoff of its contract research organization, called Fortrea, by the middle of this year.

☆ U.S. Republicans target transgender youth healthcare in legislative push
▼ + stars: | 2023-02-16 | by ( Daniel Trotta | ) www.reuters.com time to read: +4 min

The aggressive legislative push comes as battles over gender and sexuality increasingly are being fought in U.S. classrooms, courtrooms and political campaigns. Republicans including former President Donald Trump have embraced restricting trans rights ahead of the 2024 White House race, a push that trans advocates fear will harm transgender children. Gender-affirming care covers a variety of treatments, including puberty blockers, hormone therapy and, in exceedingly rare cases for trans people under 18, surgery. But many opponents of trans rights believe that the sex assigned at birth is immutable and distrust the prevailing opinions of medical associations with specialties in pediatrics, endocrinology and mental health. Governors in South Dakota and Utah have already signed into law gender-affirming care bans that state legislatures passed this year.

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