Ahead of Medicare drug price reform, pharma’s drug pricing has a Streisand effect

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Hello, everyone. Damian here with a look at some polarizing cancer data, a strange CEO transition, and the importance of New Year cheer.

The need-to-know this morning

• Sanofi is acquiring Inhibrx in a deal valued at up to $2.2 billion. The centerpiece of the transaction is an experimental drug, called INBRX-101, in mid-stage development for AATD, a disease that damages the liver and lungs. Inhibrx’s other drug candidates, including its line of cancer-targeting immunotherapies, will be spun out into a new company that will continue to be called Inhibrx.
• The FDA recommended the addition of new safety warnings to the prescribing labels of CAR-T cancer therapies, alerting physicians and patients to cases of secondary cancers that have occurred following treatment. The bolstered safety labels are being added to CAR-T treatments for blood cancer made by Gilead Sciences, Bristol Myers Squibb, Novartis, and Johnson & Johnson.
• Biopharma earnings season is here once again, beginning with J&J.

Is Wall Street overreacting to Gilead’s misfortune?

Shares of Gilead Sciences fell more than 10% yesterday after Trodelvy, the cornerstone of a $21 billion acquisition, missed the mark in a late-stage lung cancer study.

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