| |   | Hello, all. Damian here with a reminder that STAT is on the lookout for the most impressive young minds in science for our annual Wunderkinds list. Nominate someone by July 29. | | | Who wants to be CEO of Biogen? Biogen CEO Michel Vounatsos said yesterday that the process of recruiting his replacement is going “as planned,” declining to provide further detail. But thanks to the company’s current state of limbo, the plan might have to wait until 2023, when Biogen's future in Alzheimer’s disease is clearer.
The issue is lecanemab, Biogen’s successor to the commercial disaster that was Aduhelm. The drug is currently in late-stage development with data expected in the fall. If the trial is positive, Biogen will seek a full FDA approval and try to succeed where Aduhelm failed. If it fails, every strategic option is on the table.
The problem, from a CEO recruitment standpoint, is that those are two very different jobs. On paper, taking over Biogen is an alluring proposition, in part because things have gotten so bad in recent years that even a marginal improvement would be greeted with acclaim. But is there a job candidate who would be just as enthusiastic about a do-over in Alzheimer’s as a hard corporate reset? If the answer is no, Biogen may have to wait on lecanemab before choosing its leader of the future. | Senate Democrat promises ‘plenty more’ pricing reforms after current bill After years of debate and delay, Senate Democrats are closer than ever to passing sweeping legislation on drug pricing. But Sen. Ron Wyden, who chairs the powerful finance committee, is already promising further reforms.
Speaking at a STAT event yesterday, Wyden called the current proposed legislation “a strong start,” as it would allow Medicare to negotiate over the price of drugs and would penalize drugmakers for hiking their prices faster than inflation. But “there’s plenty more to do,” Wyden said, including stricter regulations of drug middlemen and a policy designed to lower the cost of insulin for certain patients.
Read more. | Join us as we host silo-breaking discussions on the most important topics in health care. Over two days this November, you’ll hear from some of the leading minds in the industry. Don’t miss out, and enjoy early-bird pricing on your pass until July 22. | Biotech’s rally faces the test of earnings season Amid all the red numerals for biotech in 2022, June was the first positive month for the closely watched XBI index in nearly a year, and it has risen another 10% since the start of July. Now, with earnings season fully kicking off, biotech’s nascent rally will get its first test.
Analysts at Cowen expect the second quarter numbers to be mostly solid across the industry, owing largely to the benefit of early-year price increases and historical trends in health coverage. But there’s always a risk that a spate of disappointing results can sour sentiment, especially if they come from major companies perceived as bellwethers.
If biotech’s boomlet can endure earnings, its next test will come from the kind of binary events that make the industry volatile even in good times. Alnylam Pharmaceuticals will soon have make-or-break Phase 3 data in cardiovascular disease, and Kura Oncology is expecting pivotal results from an investigational cancer drug, each of which could have ripple effects for biotech at large. | Verve is looking outside the heart A week after starting a first human trial of its genome-editing heart treatment, Verve Therapeutics is expanding its work to liver disease, the company said yesterday.
In a deal with Vertex Pharmaceuticals, the two companies will discover and develop a genome-editing treatment for an undisclosed disease of the liver. Vertex is paying $60 million up front, including a $35 million equity investment, with another roughly $400 million tied to future milestones.
The agreement is the latest in a string of partnerships from Vertex, which has used the proceeds of its blockbuster treatments for cystic fibrosis to buy into novel technologies in biotech. Over the past few years, the company has signed deals in cell therapy, CRISPR, and mRNA to expand its pipeline. | More reads - Biogen agrees to pay $900 million to settle whistleblower case alleging kickbacks and sham speaking events. STAT
- EU drops nearly all of its order for Valneva Covid vaccine. Reuters
| Thanks for reading! Until tomorrow,  | | | |
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