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☆ Stocks making the biggest premarket moves: Boeing, Bristol-Myers Squibb, Chegg, Krispy Kreme and more
▼ + stars: | 2023-11-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading: Boeing — The aerospace stock added 1.5% following an upgrade to buy from hold by Deutsche Bank. PENN Entertainment — The gambling stock popped 4.4% on the back of a Bank of America upgrade to buy from neutral. The Food and Drug Administration won't be able to meet to make a decision by the target date of Dec. 16. Krispy Kreme — Shares of the doughnut chain slipped 1.8% following a downgrade by JPMorgan to neutral from overweight. Vale — U.S.-listed shares of the Brazil-based metal and mining company added 2.6% following an upgrade by Bank of America to buy from neutral.

Persons: Sam Altman, Cantor Fitzgerald, Bristol Myers, Krispy, Krispy Kreme, Goldman Sachs, Iovance, Morgan Stanley, Terri Kelly, Kelly, —, Sarah Min, Alex Harring, Michael Bloom Organizations: Boeing, Deutsche Bank, Microsoft, PENN Entertainment, Bank of America, ESPN Bet, Myers, Drug Administration, Bristol, JPMorgan, Bros, Rentals, United Rentals Locations: Bristol, Vale — U.S, Brazil

☆ Researchers return to Alzheimer's vaccines, buoyed by recent drug success
▼ + stars: | 2023-11-20 | by ( Julie Steenhuysen | ) www.reuters.com time to read: +6 min

The renewed interest in Alzheimer's vaccines follows a promising first attempt more than 20 years ago that was abandoned after 6% of study volunteers developed life-threatening brain inflammation known as meningoencephalitis. Dr. Reisa Sperling, an Alzheimer's researcher at Mass General Brigham in Boston, said she believes vaccines will play an important role as researchers look to prevent Alzheimer's. She is considering vaccines for her next study in asymptomatic people with Alzheimer's proteins in their blood, but not enough to register on brain scans. Alzheimer's vaccines are still in the early stages and will require large, years-long trials to show they work. Generating a strong immune response is critical for such vaccines, which would typically be given to older individuals with weaker immune systems, he said.

Persons: Brian Snyder, Eli Lilly's, Reisa Sperling, Brigham, “, ” Sperling, Walter Koroshetz, Mei Mei Hu, Vaxxinity, Hu, Michael Rafii, Rafii, Andrea Pfiefer, Johnson, Prothena, Gene Kinney, Julie Steenhuysen, Caroline Humer, Bill Berkrot Organizations: Alzheimer Research, Brigham, Women's, REUTERS, Rights, U.S . Food, Drug Administration, Mass, National Institutes of Health, UB, University of Southern, Johnson, Bristol Myers Squibb, Thomson Locations: Boston , Massachusetts, U.S, Boston, Taiwan, University of Southern California

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Microsoft's shares (MSFT.O) advanced 1.4%, notching a record high after CEO Satya Nadella said Altman is set to join the company to lead a new advanced AI research team. The Fed is expected to issue minutes of its November meeting on Tuesday, which will be parsed for clues on the direction of U.S. interest rates. Advancing issues outnumbered decliners by a 1.03-to-1 ratio on the NYSE and by a 1.39-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 32 new highs and 24 new lows.

Persons: Brendan McDermid, Bristol Myers, Sam Altman, Satya Nadella, Altman, Ken Polcari, Nvidia, Germany's Bayer, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Bristol, Dow, Nasdaq, Federal Reserve, Kace Capital Advisors, Traders, Dow Jones, Bristol Myers Squibb, Sunday, United Rentals, Ashtead, Boeing, Deutsche Bank, NYSE, Thomson Locations: New York City, U.S

☆ OpenAI Upheaval in Focus, Microsoft Stock Edges Higher: Stock Market News Today
▼ + stars: | 2023-11-20 | by ( ) www.wsj.com time to read: +1 min

Microsoft stock was gaining after the software giant said Sam Altman—OpenAI's fired chief executive—would lead its new advanced AI research team . Now more than 500 OpenAI employees have threatened to leave the company if the current board doesn't resign and reinstate Altman. The chip maker’s stock—which has been a big contributor to the S&P 500's gains this year—was also higher in recent trading. All three major stock indexes are coming off their third straight weekly advance, including a 2.2% gain for the S&P 500. Benchmarks in Asia mostly rose, with consumer and tech stocks helping push Hong Kong’s Hang Seng Index up 1.9%.

Persons: Sam Altman — OpenAI's, —, Altman, Javier Milei Organizations: Microsoft, Nvidia, Nasdaq, Bayer, Bristol Myers Squibb, U.S, Treasury, greenback, Global Locations: OpenAI, U.S, Europe, Asia

☆ Bristol Myers buys Orum's blood cancer therapy for up to $180 mln
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: 1 min

A sign stands outside a Bristol Myers Squibb facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsNov 6 (Reuters) - Bristol Myers Squibb (BMY.N) has acquired Orum Therapeutics' experimental therapy to treat a type of blood cancer for a total value of up to $180 million, the privately held company said on Monday. The therapy, ORM-6151, which helps degrade a specific protein hard to treat previously, has received the U.S. Food and Drug Administration's (FDA) clearance for an early stage study. The deal includes an upfront payment of $100 million and milestone payments, Orum said, without disclosing further details. Reporting by Khushi Mandowara in Bengaluru; Editing by Dhanya Ann Thoppil and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Snyder, Orum, Khushi, Dhanya Ann Thoppil Organizations: Bristol Myers Squibb, REUTERS, Orum Therapeutics, U.S . Food, Thomson Locations: Cambridge , Massachusetts, U.S, Bengaluru

☆ Bristol Myers Squibb earnings top estimates even as top-selling drug fights generic competition
▼ + stars: | 2023-10-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Bristol Myers Squibb on Thursday reported quarterly adjusted earnings that topped expectations and posted revenue in line with estimates, even as sales of the company's popular blood cancer drug Revlimid plummeted due to generic competition. Bristol Myers also reiterated its full-year revenue guidance of a low single-digit percentage decline. Bristol Myers said both older and new drug products helped offset the lower sales of Revlimid for the third quarter. Eliquis, which Bristol Myers shares with Pfizer , is among the first ten drugs selected to face price negotiations with the federal Medicare program. Bristol Myers will hold an earnings call with investors at 8 a.m. E.T.

Persons: Revlimid, Bristol Myers, –, Eliquis, FactSet, Opdualag Organizations: Bristol Myers Squibb, Bristol, LSEG, Pfizer, FactSet, Therapeutics Locations: Wednesday's

☆ Bristol Myers says it needs another year to hit target for new drugs
▼ + stars: | 2023-10-26 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

Bristol Myers reported that it earned $4.1 billion, or $2 per share, in the third quarter, down from $4.3 billion, or $1.99 a share, a year earlier. Analysts, on average, had expected earnings per share of $1.76. It now expects earnings per share in the range of $7.50 to $7.65, up from its previous target of $7.35 to $7.65. Chief Operating Officer Chris Boerner is expected to become chief executive of Bristol Myers next month, replacing current CEO Giovanni Caforio. Earlier in October, BMS agreed to buy cancer drugmaker Mirati Therapeutics (MRTX.O) for up to $5.8 billion, in an attempt to diversify its oncology business.

Persons: David Elkins, Bristol Myers, Chris Boerner, Giovanni Caforio, Michael Erman, Sriparna Roy, Leslie Adler Organizations: Bristol Myers Squibb, BMS, Bristol, Therapeutics, Thomson Locations: The New Jersey

☆ These stocks are trying to solve a major shortcoming of weight loss drugs: Shrinking muscle mass
▼ + stars: | 2023-10-22 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +9 min

One of the downsides of taking new anti-obesity medications is that patients tend to lose lean muscle mass along with body fat. "This is a major shortcoming in terms of not just quality of life for the patients who have to lose lean muscle mass, but there's actually room to improve on the weight loss and there [are] other metabolic benefits to improving your lean muscle mass ... [including] you might have better durability of weight loss." The drug is being tested in a phase 2b study alongside semaglutide to protect against loss of muscle mass. Until then, patients will need to watch what they eat and focus on exercise just as they would on any other weight loss regimen. When that occurs, muscle loss will be an even bigger issue than it is now.

Persons: Piper Sandler, Allison Bratzel, there's, Bratzel, Versanis, Eli Lilly, Eli Lilly's Mounjaro, they're, Lydia Alexander, Alexander, Sandler's Bratzel, incretins, Biohaven, Nestle, Ulf Mark Schneider, Jeff Jonas, Jonas, Stephens, Jim Salera, Atkins, Morgan Stanley, — CNBC's Michael Bloom Organizations: Wall, Nordisk's Ozempic, Obesity Medicine Association, Bristol Myers Squibb, Nestle, Gabelli, Quest, Foods Locations: Swiss

☆ Bladder cancer studies suggest new ways to treat the disease and improve survival
▼ + stars: | 2023-10-22 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +9 min

This is one of several new studies exploring ways to improve how bladder cancer is treated. “Ever since I was in med school, a metastatic bladder cancer treatment was gemcitabine and platinum. Urothelial cancer is a type of bladder cancer that begins in the urothelial cells, which line the inside of the bladder. The drug became the first therapy targeting a genetic alteration to be approved by the FDA to treat patients with the most common type of bladder cancer, metastatic urothelial cancer. “These results support nivolumab plus cisplatin-based chemo as a new standard approach for the treatment of metastatic urothelial cancer.”

Persons: vedotin, hadn’t, ”, Thomas Powles, ” Powles, we’ve, —, Powles, Toni Choueiri, Dana, “, enfortumab, ” Choueiri, drugmaker Janssen, Dr, Sanjay Gupta, nivolumab, Matthew Galsky Organizations: CNN, Society for Medical Oncology, University of London, Barts Cancer, US, Inc, Astellas Pharma, Merck, Co, Food and Drug Administration, FDA, EMA, Lank, Genitourinary Oncology, Farber Cancer Institute, ESMO, New England, of Medicine, University of Texas, Anderson Cancer Center, US Food and Drug Administration, National Library of Medicine, CNN Health, Bristol Myers Squibb, Ono Pharmaceutical Company, Cancer, The Tisch Cancer Institute Locations: Madrid, United Kingdom, United States, Europe, Mount Sinai

☆ Top Wall Street analysts favor these five dividend stocks during tumultuous times
▼ + stars: | 2023-10-22 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

The company paid a dividend of $1.74 per share in late September, which included a quarterly base dividend of 50 cents per share and a variable dividend of $1.24. The acquisition, anticipated to close in January 2024, is expected to boost CIVI's free cash flow per share by 5% in 2024. In September, the company announced a quarterly dividend of 57 cents per share, payable on Nov. 1. (See Chesapeake Insider Trading Activity on TipRanks)EOG ResourcesLet's look at another energy company: EOG Resources (EOG). Based on this quarterly dividend, the annual dividend rate comes to $3.30 per share, bringing the dividend yield to 2.5%.

Persons: Paresh Dave, Wall, Civitas, Lloyd Byrne, CIVI, Byrne, TipRanks, Bristol Myers, BMY, Goldman Sachs, Chris Shibutani, Shibutani, Umang Choudhary, Choudhary, EOG, Nitin Kumar, Eagle, Kumar Organizations: Cisco Systems Inc, Civitas, Civitas Resources, Vencer Energy, Jefferies, Midland, Bristol, Bristol Myers Squibb, Mirati Therapeutics, Chesapeake Energy, Management, Chesapeake, EOG, Eagle Ford, TipRanks, Cisco Locations: San Jose , California, Denver, Midland, West Texas

☆ Bristol Myers' injectable form of Opdivo meets main goal in kidney cancer trial
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Bristol Myers Squibb (BMY.N) said on Thursday the injectable form of its blockbuster cancer drug Opdivo met the main goal in trial that had patients with a type of kidney cancer. "We believe this new option, given as a single injection administered in less than five minutes, could transform the treatment experience for both patients and physicians," Gina Fusaro, an executive at Bristol Myers Squibb, said. The trial also showed a non-inferior response rate to the subcutaneous drug, compared to its intravenous form. Bristol Myers now plans to discuss with regulators the next steps for submission and approval of subcutaneous injections for multiple types of cancers.

Persons: Bristol Myers, Dado Ruvic, Opdivo, Gina Fusaro, Roche, Johnson, Helen Torley, Leroy Leo, Anil D'Silva, Shinjini, Shounak Organizations: Bristol, Bristol Myers Squibb, REUTERS, Therapeutics, U.S, Thomson Locations: Bengaluru

☆ Risky biotech M&A therapy will heal more fractures
▼ + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com time to read: +8 min

NEW YORK, Oct 19 (Reuters Breakingviews) - How can a suitor offering $1 billion see eye-to-eye with a seller asking for $2 billion? Such contingent value rights, or CVRs, are a way to get around the inherent uncertainty of an unproven drug. Its $74 billion takeover of Celgene in 2019 included a $6.4 billion payout dependent on a trio of drug approvals. There have been only 27 biotech market debuts this year, raising $2.2 billion, according to LSEG data. Given the nagging fissures in valuation perspectives, however, more dealmakers are apt to try this risky M&A therapy.

Persons: Schulman, Sidley, Bristol Myers, Myers, CVRs, Andrew Weisenfeld, IPOs, ”, Dan Lepanto, biopharma, Eli Lilly’s, Bristol Myers Squibb, Jeffrey Goldfarb, Sharon Lam, Streisand Neto Organizations: Reuters, Dow, Marion Laboratories, LyondellBasell Industries, Mirati Therapeutics, JPMorgan, Sanofi, Health Partners, Nasdaq Biotechnology, Reuters Graphics Reuters, Reuters Graphics, Leerink Partners, Therapeutics, Public, Bristol Myers, U.S . Food, Drug Administration, Thomson Locations: Celgene, Genzyme, U.S

☆ US FDA approves Pfizer's inflammatory bowel disease drug
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Johanna Geron/File Photo Acquire Licensing RightsOct 13 (Reuters) - The U.S. Food and Drug Administration has approved Pfizer's (PFE.N) drug to treat adults with an inflammatory bowel disease called ulcerative colitis, the company said on Friday. The decision was based on data from a late-stage study that showed a reduction in disease symptoms for some patients who took the drug, when compared with the placebo. Globally, the market for inflammatory bowel diseases is about $20 billion, making it a lucrative target for drugmakers. Analysts last year estimated that peak sales for the Pfizer drug could top $3 billion a year. Reporting by Khushi Mandowara in Bengaluru; Editing by Arun Koyyur and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Johanna Geron, Velsipity, Bristol Myers, Khushi, Arun Koyyur Organizations: Pfizer, REUTERS, U.S . Food, Drug Administration, Arena Pharmaceuticals, Bristol, drugmakers, Thomson Locations: Puurs, Belgium, U.S, United States, Bengaluru

☆ Bristol Myers Squibb to Acquire Mirati Therapeutics in Deal Worth Up to $5.8 Billion
▼ + stars: | 2023-10-09 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/health/pharma/bristol-myers-squibb-to-acquire-mirati-therapeutics-in-deal-worth-up-to-5-8-billion-7d83106

Persons: Dow Jones Organizations: bristol, myers, squibb

☆ Bristol-Myers Squibb to acquire Mirati in up to $5.8 billion deal
▼ + stars: | 2023-10-09 | by ( Michael Erman | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 8 (Reuters) - Bristol-Myers Squibb (BMY.N) on Sunday said it will acquire cancer drugmaker Mirati Therapeutics (MRTX.O) for up to $5.8 billion, diversifying its oncology business and adding drugs it hopes can help offset expected lost revenue from patent expirations later this decade. Bristol will pick up Mirati's portfolio drugs that target the genetic drivers of specific cancers including its lung cancer drug, Krazati, which was approved in December. The company said that it will buy Mirati for $58 per share in cash, or around $4.8 billion. Mirati has around $1.1 billion in cash on hand, so "we're paying essentially $3.7 billion enterprise value...we think with that we've gotten a very attractive deal," Lenkowsky said. Last year, Bristol acquired drug developer Turning Point Therapeutics for $4.1 billion in cash to help bolster its arsenal of cancer drugs.

Persons: Bristol Myers, Dado Ruvic, Adam Lenkowsky, Mirati, we've, Lenkowsky, Chris Boerner, Giovanni Caforio, Boerner, Lavanya Ahire, Lisa Shumaker, Diane Craft, Andrea Ricci, Michael Perry Organizations: Bristol, Bristol Myers Squibb, REUTERS, Myers Squibb, Therapeutics, U.S . Food, Drug Administration, Bristol Myers, Thomson Locations: Bristol, U.S, New York

☆ Stocks making the biggest moves premarket: Exxon Mobil, Lockheed Martin, Walt Disney and more
▼ + stars: | 2023-10-09 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

An Exxon gas station sign is seen on October 06, 2023 in the Brooklyn borough of New York City. The Wall Street firm said the software stock is at an attractive entry point after its recent pullback. Exxon Mobil , Chevron , Occidental Petroleum — Energy stocks popped as oil prices rallied following the Hamas attack on Israel over the weekend. Blue Owl Capital — Shares of the investment company dropped 2.6% after Oppenheimer downgraded Blue Owl Capital to perform from outperform. Lockheed Martin — The aerospace and defense company saw shares rise about 4.5% in premarket trading following the surprise attack on Israel by Palestinian militant group Hamas over the weekend.

Persons: Walt, Nelson Peltz's, Trian's, Trian, Saket Kalia, Oppenheimer, Bristol Myers, Tesla, Lockheed Martin, — CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Li, Tanaya Macheel, Pia Singh Organizations: Exxon, Walt Disney —, Street Journal, Management, JPMorgan, Spotify Technology, Barclays, Oracle, ISI, Exxon Mobil, Occidental Petroleum — Energy, Chevron, Occidental, Owl, Mirati Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Lockheed, Hamas Locations: Brooklyn, New York City, Chevron, Israel, China, Palestinian

☆ Stocks making the biggest moves midday: General Dynamics, United Airlines, Spotify and more
▼ + stars: | 2023-10-09 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Spotify — Shares of the music streaming service company fell 2.5% after Redburn Atlantic downgraded the streaming giant to neutral from buy. Tesla — The automaker's stock fell 2.3% in Monday trading upon news that the company's year-over-year sales declined 10.9% in China last month, according to data from the China Passenger Car Association. Oil stocks — Energy stocks soared following the escalation of the Israel-Hamas conflict over the weekend. Airline stocks — On a broader level, airline names were down after several major airlines suspended service to Israel following this weekend's attacks. United Airlines slid 5.3%, while Delta Air Lines and American Airlines shed 4.5% and 5.3%, respectively.

Persons: Elizabeth, Saket Kalia, Bristol Myers, Tesla, Baird, — Datadog, Hess, Northrop Grumman, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound Organizations: General Dynamics Corp, Spotify, Atlantic, Amazon, Barclays, Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Motorola Solutions, Motorola, Bank of America, — Energy, Halliburton, CF Industries, Defense, L3Harris Technologies, General Dynamics, Airline, United Airlines, Delta Air Lines, American Airlines Locations: NASSCO, Norfolk , Virginia, China, Israel, Palestine

☆ Bristol-Myers Squibb to acquire Mirati in $5.8 billion deal
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 8 (Reuters) - Bristol-Myers Squibb (BMY.N) on Sunday said it will acquire Mirati Therapeutics (MRTX.O) in a transaction that values the cancer drugmaker at up to $5.8 billion. The company said that it will buy Mirati for $58 per share in cash. Mirati stockholders will receive one non-tradeable contingent value right for each Mirati share held, potentially worth $12.00 per share in cash, representing an additional $1 billion of value opportunity, the company added. Bristol-Myers Squibb will finance the transaction with a combination of cash and debt, the company said in a statement. Last year, Bristol-Myers acquired drug developer Turning Point Therapeutics for $4.1 billion in cash to help bolster its arsenal of cancer drugs.

Persons: Bristol Myers, Dado Ruvic, Myers, Chris Boerner, Giovanni Caforio, Boerner, Lavanya Ahire, Lisa Shumaker, Diane Craft, Andrea Ricci Organizations: Bristol, Bristol Myers Squibb, REUTERS, Myers Squibb, Mirati Therapeutics, Bristol Myers, Therapeutics, Thomson Locations: Bristol, U.S, New York

☆ Evercore ISI says this biotech stock is a high risk, high reward play, with more than 200% upside
▼ + stars: | 2023-10-03 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +2 min

Evercore ISI initiated coverage of Aclaris Therapeutics , a clinical stage biotech working on immunology and inflammation drugs, at an outperform, saying the market is underpricing its odds for success heading into the release of clinical trial data. Admittedly, the upcoming trial results may not be successful, which makes the bet a risky one, he said. If Aclaris is successful with zunsemetinib, it will be the only MK2 inhibitor on the market for rheumatoid arthritis, which Evercore ISI sees as an advantage. A similar drug from Bristol Myers Squibb wasn't successful in a different form of arthritis. Evercore ISI expects investors are only pricing in a 20% chance of positive data from the clinical trial, whereas the firm expects the odds are closer to 50%.

Persons: Gavin Clark, Clark, Gartner, zunsemetinib, Aclaris, Bristol Myers Squibb wasn't, — CNBC's Michael Bloom Organizations: Evercore ISI, Aclaris Therapeutics, Gartner, Clark, Bristol Myers Squibb

☆ Drugmakers opt in to Medicare drug price negotiations – here's what happens next
▼ + stars: | 2023-10-02 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, January 9, 2020. All drugmakers of the first 10 medicines selected for Medicare drug price negotiations have agreed to participate in the talks, even after many of them sued to halt the process last month. The Centers for Medicare & Medicaid Services did not immediately respond to a request to confirm that all drugmakers agreed to the talks. President Joe Biden's Inflation Reduction Act, which passed last year, empowered Medicare to negotiate drug prices for the first time in the program's six-decade history. The pharmaceutical industry also argues that the process will threaten revenue growth, profits and drug innovation.

Persons: Joe Biden's, Boehringer Ingelheim, Johnson Januvia, Merck Farxiga, Novartis Enbrel, Amgen Imbruvica, AbbVie Stelara, Janssen, Bristol Myers, Biden Organizations: Pfizer Pharmaceuticals, CNBC, Medicare, Services, Sunday, Bristol Myers Squibb Jardiance, Johnson, Merck, AstraZeneca Entresto, Novartis, Novo Nordisk, U.S, CMS, Bristol, Bristol Myers Squibb Locations: Provo , Utah

U.S. President Joe Biden delivers remarks on Social Security and Medicare at the University of Tampa in Tampa, Florida, U.S. February 9, 2023. The ruling is the first to come from multiple lawsuits by drug companies and industry groups challenging the program. The drug price negotiation program is part of the Inflation Reduction Act, which Biden, a Democrat, signed last year. The Biden administration has repeatedly said there is nothing in the Constitution that prohibits drug price negotiations. Many other countries already negotiate drug prices.

Persons: Joe Biden, Jonathan Ernst, vindicating, Joe Biden's, Michael Newman, Biden, drugmakers, Newman, Karine Jean, Pierre, Donald Trump, Johnson, Januvia, Bristol Myers, Boehringer, Brendan Pierson, Nate Raymond, Costas Pitas, Alexia Garamfalvi, Bill Berkrot, Chris Reese, Leslie Adler Organizations: Social Security, University of Tampa, REUTERS, U.S, District, U.S . Chamber of Commerce, Medicare, Commerce, U.S . Justice, Republicans, Big Pharma, Republican, U.S . Centers, Medicaid Service, CMS, Bristol Myers Squibb, Pfizer, Johnson, Merck, Co's, Pharmaceutical Research, Manufacturers of America, Companies, Thomson Locations: Tampa , Florida, U.S, Dayton , Ohio, New York, Boston

☆ AstraZeneca, Boehringer Ingelheim to participate in Medicare drug price negotiations
▼ + stars: | 2023-09-27 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

AstraZeneca and Boehringer Ingelheim on Wednesday told CNBC they will agree to participate in the first round of Medicare drug price negotiations, even after both pharmaceutical companies sued to halt the process last month. AstraZeneca's Type 2 diabetes drug Farxiga and Boehringer Ingelheim's own diabetes drug Jardiance are among the first 10 drugs selected for price talks with Medicare. Manufacturers of the other eight drugs selected have until Oct. 1 to sign an agreement to participate in the process. The Inflation Reduction Act, which passed Congress last year in narrow party-line votes, empowered Medicare to negotiate drug prices for the first time in the program's six-decade history. The law is the central pillar in the Biden administration's efforts to control rising drug prices and was a major victory for the Democratic Party.

Persons: Farxiga, Boehringer Ingelheim, Boehringer, AstraZeneca, Biden Organizations: New, Halsted Pharmacy, AstraZeneca, Boehringer, Wednesday, CNBC, Medicare, Manufacturers, CMS, Centers, Services, Bristol Myers Squibb, Johnson, Merck, Chamber of Commerce, Democratic Party Locations: Chicago , Illinois

☆ 2seventy bio to lay off 40% of workforce; CEO to step down
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Nick Leschly, CEO of bluebird, speaks at the opening of Lonza Houston, the world’s largest dedicated cell and gene therapy facility, in Houston, Texas, U.S., April 10, 2018. REUTERS/Daniel Kramer Acquire Licensing RightsSept 12 (Reuters) - 2seventy bio (TSVT.O) said on Tuesday it plans to lay off about 40% of its workforce to lower costs and focus on the biotech firm's cancer cell therapy Abecma, lifting the company's shares more than 8% in premarket trade. The company added that CEO Nick Leschly will step down and transition to the role of chairman. Leschly was earlier the CEO of bluebird bio (BLUE.O) for 11 years, but changed role after the gene therapy maker's oncology portfolio was spun off from it as 2seventy. The company will now focus on another type of multiple myeloma patients, for which it expects approval from the U.S. Food and Drug Administration in mid-December.

Persons: Nick Leschly, Lonza, Daniel Kramer, Leschly, 2seventy, Abecma, Johnson, Bristol Myers, William Baird, Pratik Jain, Shounak Dasgupta, Maju Samuel Organizations: bluebird, REUTERS, Johnson, Legend Biotech, Bristol, Bristol Myers Squibb, U.S . Food, Drug Administration, Thomson Locations: Lonza Houston, Houston , Texas, U.S, Abecma, Bengaluru

Sept 6 (Reuters) - Bristol Myers Squibb (BMY.N) has been accused in a new lawsuit of using fraudulent patents and other illegal tactics to maintain its monopoly on blockbuster blood cancer drug Pomalyst for years after it should have faced generic competition. A spokesperson for Bristol Myers did not immediately respond to a request for comment. Pomalyst is a top seller for Bristol Myers, bringing in nearly $3.5 billion out of $46.16 billion of its total revenue last year. The drug was developed by Celgene, a company acquired by Bristol Myers in 2019. The generic companies, which are also named as defendants in the lawsuit, did not immediately respond to requests for comment.

Persons: Pomalyst, Bristol Myers, Celgene, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: Bristol Myers Squibb, Louisiana, Pomalyst, Bristol, Celgene, U.S . Patent, Teva Pharmaceutical Industries, Aurobindo Pharma, Breckeridge Pharmaceutical, Natco Pharma, Thomson Locations: Manhattan, New York

☆ Analysis: US healthcare stocks roiled by investor tug of war over economy
▼ + stars: | 2023-09-05 | by ( David Randall | ) www.reuters.com time to read: +5 min

Many view healthcare as a defensive sector because it has constant demand and is somewhat insulated from the economy. In the latest week, investors pulled a net $1.4 billion from the sector, the biggest weekly outflow since May 2022. Overall, the healthcare sector - which ranges from health insurers like UnitedHealth to pharmaceutical companies like Pfizer to small biotechs - has received the third largest inflows of any sector year to date, BofA's data showed. This would weaken the case for loading up on healthcare stocks. Overall, healthcare sector earnings are expected to lag this year as COVID-related revenues decline 13% versus a 1.8% rise for the overall S&P 500.

Persons: Brendan McDermid, Bob Kalman, Emily Roland, Dan Lyons, Janus Henderson, you've, Lyons, Kalman, Joe Biden's, Margie Patel, Patel, David Randall, Ira Iosebashvili, Megan Davies, David Gregorio, Richard Chang Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, BofA Global Research, Pfizer, Miramar Capital, Healthcare, John Hancock Investment Management, Janus Henderson Investors, U.S, Bristol Myers Squibb, Allspring Global Investments, Thomson Locations: New York City, U.S

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