Here are the latest stories being discussed in biopharma today:
Genmab Makes First Acquisition in its 25-year History
Genmab, with 44 Investigational New Drugs (IND) applications and eight marketed medicines under its belt, has sealed its first-ever acquisition. The company bought the antibody-drug conjugate maker ProfoundBio for $1.8 billion. Next on the company’s agenda is securing all required regulatory approvals for the ProfoundBio takeover and deciding which programs to progress.
WuXi AppTec Strengthens Lobbying Amid Blacklisting Efforts
Facing legislation to limit their US operations, China-based WuXi AppTec is bolstering their lobbying representation in Congress. The company recently hired former aides to Sen. Debbie Stabenow and Dennis Hastert to lobby on behalf of the firm regarding biotechnology matters.
Biden Calls for Expanded Medicare Negotiations
President Joe Biden has called for more aggressive drug price negotiations under the Inflation Reduction Act (IRA). During a White House speech, Biden hailed the IRA as a triumph over big pharma and Republican opposition and highlighted ongoing FTC scrutiny of patent listings for common drugs such as inhalers and EpiPens.
Hospital Group Criticizes Biden’s Drug Shortage Solution
A major hospital group has disagreed with President Biden’s proposal for hospitals to pay more for drugs to resolve shortages. Proposed incentives include receiving Medicare payments for hospitals prioritizing supply chain resilience, something the American Hospital Association has called ‘misguided’.
Pharma Reputation Boosted by GLP-1 Drugs
A Harris Poll reveals that the reputation of the pharma industry among Americans is improving thanks to GLP-1 medications. Specifically, 55% of people taking a GLP-1 drug, or who knew someone taking one, expressed a positive perception of the pharmaceutical industry.
Merck KGaA Expands South Korean Operations
Merck KGaA aims to increase its South Korean capacity as more biopharma companies look to regionalize production and tighten their supply chains in the Asia-Pacific region. Following recent tensions, the pharma industry is transitioning from a global network to a more regionalized model.
