Here are the latest stories being discussed in biopharma today:
CEO Anne Wojcicki Discusses 23andMe’s Dual Identity
23andMe CEO Anne Wojcicki says she’s “open to all ideas” about addressing investor confusion and turning around the company’s disappointing start as a public entity. She notes that the mixed structure of 23andMe as both a revenue-generating consumer business and a cash-burning drug development entity presents challenges. The company has lost over 90% of its stock value since going public in June 2021.
Sun Pharma to Acquire Full Ownership of Taro
Sun Pharma, the largest pharma company in India, is set to fully take over Israel’s Taro Pharmaceutical Industries. Sun Pharma will buy up the remaining shares of Taro that it does not currently own for $43 per share. This acquisition is expected to be completed in the first half of this year.
GSK Sells Partial Stake in Haleon for $1.2B
Pharma giant GSK is selling off more of its stake in consumer health spinoff Haleon for approximately $1.2 billion. The sale represents GSK’s third divestiture from Haleon, reducing its stake from about 13% in 2022 to 4.2% currently.
Supreme Court Could Overturn Chevron Doctrine
The Supreme Court is considering the future of the Chevron doctrine, a 40-year-old legal principle that grants federal agencies latitude in interpreting ambiguous laws. Regulatory experts warn that overturning this doctrine could cause uncertainty and risk for the FDA and the industry.
Senate Committee to Vote on Subpoenas for Pharma CEOs
The Senate Health, Education, Labor, and Pensions Committee will hold a vote on whether to issue subpoenas for the CEOs of Johnson & Johnson and Merck. Both CEOs have refused to provide testimony about high drug pricing in the U.S. compared to other countries.
Senator Questions CVS, Walgreens on 340B Participation
Senator Bill Cassidy has questioned CVS Health and Walgreens about their role and potential profits in the federal government’s 340B program, which provides discounted outpatient drugs to low-income patients. CVS and Walgreens are currently the largest pharmacy participants in the program.
