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The U.S. Food and Drug Administration approved nearly 50% more novel drugs in 2023 than in 2022, putting it back on pace with historical levels, an improvement analysts and investors said could lead to increased investment in biotech firms.
Retail flows into Eli Lilly spiked to a more than two-year high in November, as small investors rushed to buy the stock after the U.S. pharma major received a highly anticipated approval for its weight-loss drug Zepbound.
Sandoz plans to launch at least five additional biologic drugs, its CEO Richard Saynor said, as the generics drugs business of Switzerland’s Novartis works to enhance its investor appeal ahead of its market debut next month.
A downward spiral has continued into 2023, with many good companies laying off employees and shuttering promising clinical programs as they’ve tried to keep the lights on until the dark times are behind us and they again have access to capital. In the midst of such hardships, few companies have chosen to go public.
For Novartis CEO Vas Narasimhan, who previously led a push to slash jobs and to focus on fewer therapeutic areas and geographic markets, the spin-off means greater reliance on innovation at the core business.
Incoming Bayer chief executive Bill Anderson says he is keeping an open mind on whether to break up the company into smaller pieces, as some fidgety investors want.
Billionaire investor Icahn, who owns 1.4% of Illumina, launched a proxy battle against the company earlier this month seeking divestment of cancer test developer Grail as the $7.1 billion acquisition cost investors billions of dollars.
A California judge’s decision to allow expert testimony linking GSK’s heartburn drug Zantac to cancer wasn’t a surprise, analysts said, though the litigation will likely weigh on the drugmaker’s share price until a trial in the summer.
In a complaint filed on Monday night in Manhattan federal court, a Detroit-based pension fund said Amgen artificially inflated its stock price by concealing the dispute over its international tax strategy between July 2020 and April 2022.
