Contineum Therapeutics joined the 2024 initial public offering class on Friday with an SEC filing. The biotech will use the IPO proceeds to complete a Phase II trial for its most mature candidate targeting multiple sclerosis.

Capitol

In a change of position as congressional scrutiny of WuXi AppTec grows, the Biotechnology Innovation Organization announced it is taking steps to separate from the China-based biotech.

The U.S. Court of Appeals for the Eighth Circuit on Tuesday ruled against industry group Pharmaceutical Research and Manufacturers of America, upholding an Arkansas law that enables healthcare providers to dispense drugs—obtained at a discounted price via a federal program—through certain pharmacies. The ruling would also allow Arkansas to prohibit drugmakers from limiting the availability of their products on contract pharmacies and could potentially embolden other states to enact similar laws.

AstraZeneca

Revenue from AstraZeneca’s rare diseases portfolio, boosted by the $39 billion acquisition of Alexion in 2021, has swelled in recent years, to nearly $7.8 billion in 2023.

Eli Lilly has partnered with Amazon Pharmacy to help fill online orders of its obesity drug Zepbound—as well as migraine and diabetes medicines—placed through the pharma’s online portal LillyDirect.

Since its Change Healthcare unit was breached on Feb. 21 by a hacking group called ALPHV, also known as “BlackCat”, UnitedHealth has said it is working to restore impacted channels, and that some of its systems are returning to normal. While it has not provided a timeline for full recovery, cybersecurity analysts say that is likely quite far off.

Grifols last week published its 2023 results, pending an audit, which analysts said contributed to the share price’s tumbling along with doubts about its cash flow for 2024.

Bayer

Top three Bayer shareholder Harris Associates on Thursday came out in strong support of the drugmaker’s CEO for suspending work on a separation of the diversified group and to focus on improving the company’s operating performance.

White House

President Joe Biden has proposed expansions to the Inflation Reduction Act, including an increase in the annual number of prescription drugs that would be subject to price negotiations to 50, up from 20.

Money

The early-stage oncology startup filed for an initial public offering on Wednesday, seeking funds to help develop its novel cancer therapies targeting extrachromosomal DNA.