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But a person who worked closely with Ramaswamy said, "He thinks people are put on this earth to serve him." Roivant attracted investors including Masayoshi Son's SoftBank Vision Fund, Peter Thiel's Founders Fund, and the hedge fund Viking Global Investors. Former Roivant employees said Ramaswamy worked hard and expected the same of others. McLaughlin called the employee's recollection "inaccurate," adding that Ramaswamy "has never once raised his voice or used bad language with employees." At Roivant, Ramaswamy kept his politics largely to himself, former employees said.

Persons: Vivek Ramaswamy, Ramaswamy, He's, Donald Trump, Mike Pence, Nikki Haley, Ron DeSantis, Trump, George Soros, didn't, Taco Bell, he's, —, Vivek, Tricia McLaughlin, he'd, McLaughlin, takeout, Forbes, Vivek doesn't, they've, Roivant, Masayoshi, Peter Thiel's, Thiel, JD Vance, Bill Ackman, who'd, . Ramaswamy, Erik Gordon, Vance, John Phillips, Joyce Rosely, Phillips, Anson Frericks, they'd, Rosely, Frericks, They're, they're, Eric Balchunas, Todd Rosenbluth, Rosenbluth, Christopher Lenzo, Brandon Bell, Vivek Ramaswamy's, Katherine Long, Jack Newsham, Meghan Morris Organizations: pharma, Army Rangers, Biotech, Republican, nab, GOP, of Education, FBI, Nuclear Regulatory Commission, Federal Reserve, Florida, Roivant Sciences, General Electric, Yale Law School, Army, Rangers, Harvard, Yale, Fund, Viking Global, Leerink Partners, GlaxoSmithKline, Forbes, Big Pharma, Japan's Sumitomo Pharma Co, ., University of Michigan, FDA, US, Yale Law, ESG, The, Texas, Indiana, BlackRock, Vanguard, Bloomberg Intelligence, Fair, SEC Locations: Mexico, FiveThirtyEight, Roivant, Patagonia, Iowa, New York, Ohio, The Lever

☆ AstraZeneca succession sickness demands urgent fix
▼ + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.

Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish

☆ Rock ’n’ Roll According to the Chinese Communist Party
▼ + stars: | 2023-08-13 | by ( Vivian Wang | Weiyi Cai | ) www.nytimes.com time to read: +7 min

Rock ’n’ Roll According to the Chinese Communist PartyA man spends decades working a monotonous factory job. Then a local Communist Party group decided to rewrite it. Changed lyrics ORIGINAL REWRITE TITLE VERSE 1 VERSE 2 VERSE 3 CHORUS ORIGINAL TITLE VERSE 1 Changed lyrics VERSE 2 VERSE 3 CHORUS REWRITE TITLE VERSE 1 VERSE 2 VERSE 3 CHORUSChina’s government has long used censorship to control expression. As the Communist Party embraced market reforms in the 1990s, workers at state-run companies in Shijiazhuang, in northern China, faced mass layoffs. 日新月异二十年初心指向航向 Original aspiration: A common phrase in Chinese Communist Party propaganda about the party sticking to its founding principlesIt’s little surprise, then, that the two versions end in completely different places.

Persons: Ji Geng, ”, 用, 锈, 河北, worldviews, 如此, 翻天覆地, 日新月异, It’s, 迎风 Organizations: Communist Party, Chinese Communist Party, Society, Communist Youth League, Pharmaceutical, Hebei Normal University Locations: Shijiazhuang, Beijing, Shijiazhuang 杀死, Shijiazhuang 杀, China, Hebei Province, Hebei

☆ Trick That Helps Big Pharma Companies Avoid Paying Billons in US Taxes
▼ + stars: | 2023-08-03 | by ( Brad Setser | Tess Turner | ) www.businessinsider.com time to read: +11 min

But take a look at the corporate disclosures of America's largest pharmaceutical companies, and a puzzling hole opens. Large legal loopholesThe offshore migration of these pharmaceutical companies' profits may seem egregious, but the tax gymnastics are generally legal. On paper, America's corporate-tax rate is 21%, but the country's largest and most profitable pharmaceutical companies don't pay anything close to that. What's more, the superlow rate enjoyed by American pharmaceutical companies isn't necessary for these firms to be internationally competitive. A spoonful of medicine to make the taxes go downAmerica's pharmaceutical companies have made great contributions to medicine.

Persons: Democratic Sen, Ron Wyden, AbbVie, it's, Keytruda, Gilead, Eli Lilly, they've, Brad W, Whitney, Tess Turner Organizations: Merck, National Institutes of Health . Pharmaceutical, Democratic, Pfizer, US pharma, US Treasury, Trump, Treasury, US, Denmark's, Nordisk, Novartis, National Institutes of Health, Whitney Shepardson, Council, Foreign Relations Locations: Oregon, America, Caribbean, Europe, Bermuda, Puerto Rico, Germany, Ireland, Singapore, Switzerland, Belgium, Denmark

☆ Credit Suisse downgrades Pfizer, says pharma giant will struggle to keep up with competitors
▼ + stars: | 2023-06-29 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Pfizer 's underperformance could be here to stay, Credit Suisse warned. Analyst Trung Huynh downgraded the pharmaceutical stock to neutral from outperform and cut his price target by $7 to $40. Pfizer said it still has other plans for focusing on obesity, which has been a closely followed area in the pharmaceutical development world. Pfizer has been his worst performing call since the outperform rating at the end of November, with shares underperforming major pharmaceutical peers in the U.S. by 26%. He said concerns that have weighed on the stock include over-optimism on Covid vaccination and booster rates, "ambiguous" guidance on the drug pipeline and negative events for projects in the drug pipeline.

Persons: Trung Huynh, Huynh, CNBC's Michael Bloom Organizations: Pfizer, Credit Suisse Locations: U.S, Covid

☆ California, other states join FTC bid to block Amgen deal
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 22 (Reuters) - The states of California, New York, Illinois, Minnesota, Washington and Wisconsin have joined a Federal Trade Commission (FTC) lawsuit to stop Amgen's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics (HZNP.O), according to a court filing on Thursday. Washington Attorney General Bob Ferguson said his state had joined the lawsuit because "monopolies harm consumers" and the merger could allow Amgen to "dominate" prescription drug markets. The FTC acquisition marks a change for the agency, which previously had typically flagged therapeutic overlaps in companies and waved deals through after requiring one of the medicines to be divested. Amgen said in a statement last month it was disappointed by the FTC decision and it believed it had "overwhelmingly demonstrated" that the deal had no legitimate competitive issues. The last major pharmaceutical deal approved by the FTC was AstraZeneca's (AZN.L) $39 billion acquisition of Alexion Pharma in April 2021, about two months before FTC Chair Lina Khan was appointed by the Biden administration.

Persons: Bob Ferguson, Rob Bonta, Amgen, Lina Khan, Biden, David Shepardson, Jamie Freed Organizations: Federal Trade Commission, Horizon Therapeutics, . Washington, FTC, Horizon, Alexion Pharma, Thomson Locations: California , New York , Illinois, Minnesota, Washington, Wisconsin, California

☆ Catalent cuts annual forecast hurt by operational challenges
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Catalent Inc (CTLT.N) cut its full-year net revenue and profit forecast on Friday, reflecting operational challenges and higher-than-expected costs after it flagged an over $400 million hit to both its annual sales and core profit forecasts earlier this month. The contract drug manufacturer now sees its full-year revenue in the range of $4.25 billion to $4.35 billion compared with its prior forecast of $4.63 billion to $4.88 billion. Catalent said it now sees adjusted net income for the year in the range of $187 million to $228 million, compared with the previous forecast of $567 million to $648 million. Shares of Catalent reversed losses to be up 7.7% at $34.63 before the bell. Reporting by Bhanvi Satija, Sriparna Roy and Pratik Jain in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Eli Lilly, Novo Nordisk and Sanofi CEOs to testify before Senate on lowering insulin prices
▼ + stars: | 2023-04-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

In this photo illustration, an insulin pen manufactured by the Novo Nordisk company is displayed on March 14, 2023 in Miami, Florida. Those companies — Eli Lilly, Novo Nordisk and Sanofi — had announced in March that they will slash prices of their most widely used insulin products by 70% or more. The companies' versions of insulin cost at least $275 before the announced price slashes, Sanders noted. Novo Nordisk said its CEO looks forward to "a productive and collaborative discussion about this important issue." PBMs have come under criticism for inflating drug prices and not passing on all the discounts they negotiate to consumers.

[1/4] A pack of birth control pills is displayed in this illustration picture taken in Philadelphia, Pennsylvania, U.S., July 11, 2022. REUTERS/Hannah Beier/IllustrationApril 10 (Reuters) - Over 300 biotech and pharmaceutical industry executives, including Pfizer Inc (PFE.N) CEO Albert Bourla, signed an open letter on Monday calling for reversal of a federal judge's decision to suspend sales of the abortion pill mifepristone. Last week's ruling by Judge Matthew Kacsmaryk undermines the FDA's authority, the letter's authors wrote, adding that it ignores decades of scientific evidence and legal precedent. The ruling could open the possibility to the banning of vaccines and contraception for women, said Levin. "It's the single worst threat to the industry in over 50 years."

☆ Pfizer CEO signs letter in support of FDA after federal judge suspends approval of abortion pill
▼ + stars: | 2023-04-10 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer 's CEO signed on to an industry letter in support of the Food and Drug Administration's authority to regulate drugs after a federal judge in Texas suspended the agency's approval of the abortion pill mifepristone. Albert Bourla was among the more than 200 pharmaceutical company executives who signed the letter after U.S. Judge Matthew Kacsmaryk's controversial ruling on Friday. Kacsmaryk sided with an anti-abortion group, arguing that the FDA rushed its approval process and violated federal standards. Kacsmaryk's decision conflicts with a ruling by a federal judge in Washington state. The dueling orders by two federal judges create a complicated legal standoff that could potentially escalate to the Supreme Court.

In one, generic mifepristone maker GenBioPro is asking a federal judge to block West Virginia, which has a near-total abortion ban, from prohibiting sales of the pills. The state is one of 16 that allow abortion under some circumstances, but impose additional restrictions on mifepristone that make it harder to access. WHAT WOULD HAPPEN IF THE TEXAS PLAINTIFFS WIN? IS A WIN BY TEXAS PLAINTIFFS LIKELY? The West Virginia lawsuit makes a more novel legal argument, since West Virginia's abortion ban applies to all abortions and does not specifically regulate mifepristone.

☆ CVS digs into primary care with $9.5 bln Oak Street Health deal
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Feb 8 (Reuters) - CVS Health Corp (CVS.N) said on Wednesday it would buy Oak Street Health Inc (OSH.N) for about $9.5 billion in cash, expanding its healthcare services by adding hundreds of primary care clinics mostly for older people. Shares of the primary care firm rose 5% before the bell. The Oak Street deal echoes similar moves by rivals into primary care. Walgreens Boots Alliance (WBA.O) and Cigna (CI.N) have made investments in primary care provider VillageMD, and Amazon (AMZN.O) announced a $3.49 billion deal last year to buy One Medical (ONEM.O) to expand into the space. UnitedHealth Group Inc (UNH.N) also runs urgent care, primary care and surgical care centers.

☆ Kamala Harris swipes at DeSantis using his 'vanguard of freedom' inauguration quote, on the governor's home turf, as she announces new moves on abortion pill
▼ + stars: | 2023-01-22 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +10 min

said Harris, who didn't use DeSantis' name but was quoting directly from his January 3 inauguration speech. The vice president, who has been at the forefront voice for the administration's on abortion rights, announced that President Joe Biden would be signing a memorandum to make abortion pills easier to access. Sunday would have marked the 50th anniversary of Roe v. Wade, the Supreme Court ruling that guaranteed a national right to abortion. Wilfredo Lee/AP PhotoFlorida has other ways of expanding abortion rightsAbortion rights proved to be a liability for Republicans in the November midterms. Reproductive rights groups are working to put the issue of abortion before Florida voters through a 2024 ballot measure.

☆ Kamala Harris swipes at DeSantis using his 'vanguard of freedom' quote, on the governor's home turf, as she announces new moves on abortion pill
▼ + stars: | 2023-01-22 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +11 min

said Harris, who didn't use DeSantis' name but was quoting directly from his 2022 State of the State address. The vice president, who has been at the forefront voice for the administration's on abortion rights, announced that President Joe Biden would be signing a memorandum to make abortion pills easier to access. Sunday would have marked the 50th anniversary of Roe v. Wade, the Supreme Court ruling that guaranteed a national right to abortion. Wilfredo Lee/AP PhotoFlorida has other ways of expanding abortion rightsAbortion rights proved to be a liability for Republicans in the November midterms. Reproductive rights groups are working to put the issue of abortion before Florida voters through a 2024 ballot measure.

☆ Why Mark Cuban called 'B.S.' on a 'Shark Tank' company that was on track to bring in $14 million last year
▼ + stars: | 2023-01-18 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

Like Cabinet Health, Cuban's company Cost Plus Drugs offers generic drugs at a fraction of the cost charged by major pharmaceutical companies. Cuban put those instincts to work on Friday's episode of ABC's " Shark Tank ," when the billionaire told sustainable wellness company Cabinet Health's founders he was suspicious of their lack of profit. Cabinet Health, which launched in October 2019, wants to reduce and eventually eliminate single-use plastics in medicine. The co-founders entered negotiations seeking $500,000 for a 2.5% stake in Cabinet Health, which would value the company at $20 million. He offered $500,000 for 10% of Cabinet Health, which would value the company at $5 million.

☆ Tech Spending Pressures Fuel Demand for Specialized Industry Clouds
▼ + stars: | 2022-12-20 | by ( Angus Loten | ) www.wsj.com time to read: +6 min

Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. PREVIEWMost industry clouds began to hit the market early last year, in part sparked by demand for better healthcare data systems during the Covid-19 outbreak in 2020. Though Oracle doesn’t break out revenue from industry cloud sales, its industry cloud offerings are a “multibillion-dollar business,” Mr. Sicilia said. Microsoft last year rolled out industry clouds for retail, financial services, manufacturing, sustainability and nonprofit businesses, according to Kees Hertogh, Microsoft’s general manager for global industry product marketing. A Microsoft-developed industry cloud helped Tarrytown, N.Y.-based MVP Health Care implement a system to streamline its healthcare data, according to CIO Michael Della Villa.

☆ Horizon Therapeutics in preliminary sale talks with Amgen, Sanofi, J&J
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHorizon Therapeutics in preliminary sale talks with Amgen, Sanofi, J&JCNBC's Jim Cramer and the 'Squawk on the Street' team discuss a new report that Horizon Therapeutics is in preliminary talks with major pharmaceutical companies over a potential takeover.

☆ This 31-year-old CEO says staying focused on one disease was the key to helping his company raise $120 million in a frozen biotech market
▼ + stars: | 2022-11-18 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +6 min

Arthur Kuan is the 31-year-old CEO of CG Oncology, a startup focused on treating bladder cancer. CG announced earlier this week that it has raised $120 million, despite a difficult biotech market. Since 2016, the year that Kuan became the CEO of CG Oncology, the Irvine, California-based cancer startup has raised big rounds from investors. "I think I've seen a lot of successful stories where you've stayed very focused on just one thing and you just see things that others don't by being very deep," Kuan told Insider. But when his father died that same year from pancreatic cancer, Kuan said he decided to focus on bladder cancer.

☆ CVS Health agrees to $5B settlement of opioid lawsuits
▼ + stars: | 2022-11-02 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

The proposed settlement brings a nationwide tally of finalized and completed settlements between companies and governments to more than $45 billion. In recent years, opioid deaths have soared to record levels around 80,000 a year. The settlement was announced as litigation over the role of pharmacies in the opioid crisis has ramped up. Only a handful of opioid settlements have had bigger dollar figures attached than the CVS plan. Distributors AmerisourceBergen, Cardinal Health and McKesson this year finalized a combined settlement worth $21 billion and drugmaker Johnson & Johnson finalized a $5 billion deal.

For years, pharmacists and pharmacy technicians around the country have been sounding the alarm about working conditions and understaffing, which they say increases the potential for mistakes in filling customer prescriptions. It invested more than $190 million in pharmacy staff this year, and plans to invest even more in 2023, according to a press release. Its move to no longer evaluate pharmacy workers on “task-based metrics” builds on that investment, the company said. The pandemic — and the issues it presented — prompted a number of state pharmacy boards to take action to improve working conditions. Last year, California passed a bill co-sponsored by its pharmacy board that “prohibited the practice of imposing quotas intended to increase corporate profit margins on the backs of pharmacists and pharmacy technicians,” according to the state board.

☆ Jim Cramer breaks down his thoughts on 3 big pharma spin-offs
▼ + stars: | 2022-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer breaks down his thoughts on 3 big pharma spin-offsCramer gave investors the lowdown on three spin-offs from major pharmaceutical companies.

☆ Here are the top defensive plays from heavy-hitter investors as recession fears grow
▼ + stars: | 2022-07-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Fears of a recession intensified even more after data showed the economy shrank for a second straight quarter, making a strong case for defensive stocks for investors worried about slowing growth. Defensive stocks tend to provide stable earnings and consistent dividends regardless of the state of the overall stock market and the economy. They are often well-established companies in sectors like consumer staples, health care and utilities, such as Procter & Gamble , Johnson & Johnson and Coca-Cola . Berkshire also owns relatively small stakes in Procter & Gamble, Johnson & Johnson at the end of March. Major pharmaceutical companies and insurance companies are also considered defensive stocks.

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