Here are the latest stories being discussed in biopharma today:

Pharma CEOs Walk Away from Drug Pricing Senate Hearing Unscathed

CEOs from Merck, Bristol Myers Squibb, and Johnson & Johnson fielded questions about US drug pricing in a three-hour Senate hearing, blaming the high costs on Pharmacy Benefit Managers (PBMs) and the expense of innovation. The CEOs used the opportunity to point fingers at the PBMs, stating that drug list prices are far less significant than the rebates and discounts these middlemen enjoy. Critics argue PBMs, targeted by various bills for greater transparency or changes in business practices, are a larger part of the pricing problem.

AstraZeneca CEO Affirms Government’s Initial IRA Drug Price Offer

Pascal Soriot, CEO of AstraZeneca, described the government’s first offer under the IRA’s drug price negotiations as ‘relatively encouraging.’ Soriot refrained from giving details of the initial offer, as the pharmaceutical industry has largely avoided public discussion on these negotiations. The drug in focus is Farxiga, which generated $1.45 billion in US sales last year.

House Bans QALY Use in Federal Health Programs

The US House of Representatives passed a bill that bans federal health programs from using Quality-Adjusted-Life-Years (QALY) as a measure of a drug’s value. Critics argue that QALYs can discriminate against individuals with disabilities, while supporters claim banning QALYs will inhibit comparative effectiveness research, leading to higher drug prices.

Ogilvy Health Appoints WPP’s Renata Maia as Chief Creative Officer

Renata Maia, a WPP veteran, has been appointed as the new Chief Creative Officer at Ogilvy Health. Maia’s experience with several WPP agencies and her work in consumer advertising is expected to bring consumer brand creativity to the pharmaceutical and healthcare sectors.

Kyverna Thrives Post-IPO while Focusing on Cell Therapy for Immune Diseases

Kyverna Therapeutics, the Gilead-backed biotech company, has gone public and raised $319 million. The firm is a leader in the CAR-T autoimmune disease space. More information on the company’s pivotal study strategy is expected by 2025.

Eli Lilly’s Gains are Competitors’ Losses, Wall Street Notes

Eli Lilly’s shares rose, following lackluster data from Amgen’s potential GLP-1 competitor, reinforcing tirzepatide’s dominant position. The stock hike highlighted how far ahead Eli Lilly’s diabetes drug is compared to its competitors and also illustrated how sensitive investor expectations have become to changes in the obesity drug market.

BioNTech and Autolus Sign Licensing and Manufacturing Agreement for CAR-T Therapies

BioNTech and Autolus have entered into a wide-ranging licensing and manufacturing collaboration that covers CAR-T therapies. Details of the agreement have not been shared yet.