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Otonomy pulls plug on ear drug, shares nosedive

Otonomy Inc. suspended developing its drug for Meniere’s disease, a chronic disorder of the inner ear, after it failed a late-stage trial.

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Five Prime Terminates $460 Million Immuno-oncology Deal With SoCal Biotech Inhibrx

Two years after forging a collaborative and licensing agreement with Southern California-based Inhibrx LLC, Five Prime Therapeutics Inc. walked away from the deal that includes an early cancer drug candidate.

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Storm Harvey could financially hurt already strained Houston hospitals

Structural improvements over the last decade to Houston hospitals have helped them to avoid devastation like Hurricane Katrina in New Orleans in 2005, but the pounding it received from Tropical Storm Harvey is expected to financially hobble many already strained Texas medical centers.

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CSL Behring Scoops U.S. Biotech Calimmune

CSL Ltd. bought Tucson, Ariz.-based Calimmune for $91 million upfront and up to $325 million in performance-based milestones.

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Medtronic misses revenue estimates, shares dip

Medical device maker Medtronic Plc reported Q1 fiscal 2018 revenue fell short of analysts’ estimates, hurt by lower sales in its diabetes-related device business.

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Novo Nordisk’s semaglutide beats out Trulicity

Positive results were announced from Novo Nordisk’s SUSTAIN 7 Phase III trial comparing once-weekly semaglutide against Lilly’s Trulicity for type 2 diabetes.

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Bristol-Myers Kidney Cancer Drug Flunks Study

Bristol-Myers Squibb released mixed top-line results from its Phase III CheckMate-214 clinical trial of Opdivo in combination with Yervoy for advanced or metastatic RCC.

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Amazon’s Possible Strategy for Breaking Into the $560 Billion Pharma Market

Goldman Sachs published a 30-page report on how Amazon could break into the prescription drug market. Written by five analysts, the report points out that although Amazon has not explicitly stated it is interested in entering the prescription drug market, it has developed the secretive 1492 group, which is reportedly working on medical devices, and hired Missy Krasner, former vice president and managing director of Box’s healthcare and life sciences group to head up its pharmacy group. Box markets cloud management products and services.

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130 Jobs Affected as Merck KGaA Relocates Accounting, Book-Keeping Team to Cut Costs

Merck KGaA, based in Darmstadt, Germany, is relocating some of its accounting and bookkeeping operations to service centers in Poland and the Philippines. The company indicates the shift is to cut costs.

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Ophthotech’s Wet AMD Drug Fails to Meet Primary Endpoint in Phase III Study

Three times is not the charm. New York-based Ophthotech Corporation announced that its Fovista (pegpleranib) failed yet another Phase III clinical trial.

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