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Friday, June 14, 2019

Lilly Taltz Superior in Head-to-Head with AbbVie Humira in Psoriatic Arthritis

Eli Lilly and Company plans to announce positive findings from its Phase IIIb/IV SPIRIT-Head-to-Head (H2H) clinical trial comparing its Taltz (ixekizumab) to AbbVie’s Humira (adalimumab) in active psoriatic arthritis (PsA) at the European Congress of Rheumatology (EULAR) being held in Madrid, Spain.
The primary endpoint of the study was to show that Taltz was superior to Humira in treating PsA.
Psoriatic arthritis is a type of arthritis that affects people with psoriasis, which is marked by red patches of skin with silvery scales. Usually people develop psoriasis first and then psoriatic arthritis later, but sometimes the joint issues begin first. The primary symptoms are joint pain, stiffness and swelling. They can affect any part of the body, including fingertips and the spine, and have a broad range of severity. The disease affects up to 50 million people worldwide.

The disease is an autoimmune disease, where the body’s immune system attacks healthy cells and tissues. This immune response stimulates inflammation in the joints in addition to overproduction of skin cells.
Topline data from the trial was announced in December 2018.
“In the SPIRIT-H2H trial, Taltz demonstrated effectiveness in improving the signs and symptoms of active psoriatic arthritis,” stated Philip Mease, with the Swedish Medical Center/Provide St. Joseph Health and University of Washington. “Head-to-head data like these are significant and help inform treatment decisions. This study underscores that Taltz is an important option for healthcare providers to consider for their patients.”
The SPIRIT-H2H trial enrolled 566 patients with active PsA. They were split up randomly to receive Taltz or Humira at the approved dose for a total of 52 weeks. Primary analysis was performed at 24 weeks. In addition, PsA patients who also met the same criteria for moderate- to severe plaque psoriasis also received Taltz or Humira at the approved dose for psoriasis.
At 24 weeks, the patients who achieved both a reduction in disease activity by at least 50%, were observed, and for the patients receiving Taltz, 36% hit that mark compared to 28% in the Humira cohort. Taltz also hit the key secondary endpoints, which included non-inferiority compared to Humira for proportion of patients achieving 50% disease activity (51% versus 47%), and superiority compared to Humira for proportion of patients showing complete skin clearance, PASI 100, with 60% of the Taltz group hitting the mark compared to 47% of the Humira group.
Earlier this week, Novartis presented data from its FUTURE 5 clinical trial of Cosentyx (secukinumab) in PsA at the EULAR meeting. In that trial, patients receiving Cosentyx showed no radiographic progression in almost 90% of PsA patients over two years. Of the patients receiving the drug at 150 mg, 66.3% had rapid and significant improvements in symptoms of the disease with axial manifestations at week 12.

Many companies are chasing AbbVie’s Humira, hoping to gain a piece of the company’s astonishing profits. In 2018, sales of Humira hit $19.9 billion, an increase of 8.2% from 2017. Although the results of this head-to-head study provide a compelling rationale for switching patients from Humira to Taltz, convincing doctors to do so may be hard, and Lilly is aware of this.
Lilly also presented Taltz data in plaque psoriasis earlier this week at the World Congress of Dermatology (WCD) meeting in Milan, Italy.
“Of the patients who continued to take Taltz through five years in the extension period of this study, more than 90% maintained significant skin clearance as measured by PASA 75 and almost half of patients maintained completely clear skin,” stated Craig Leonard, lead investigator and professor of dermatology at St. Louis University School of Medicine. “These results demonstrate that patients taking Taltz can achieve sustained skin clearance over the five-year treatment period.”

Change Healthcare Sets Terms For $750M IPO

Change Healthcare, an independent health care technology platform, announced terms for its proposed initial public offering Friday.

The IPO Terms

The Nashville, Tennessee-based company plans to offer 42.9 million shares in an estimated price range between $16 and $19 per share.
At the midpoint of the price range, the offering will generate gross proceeds of $750.75 million.
Change Healthcare is seeking to list its shares on the Nasdaq under the ticker symbol “CHNG.”
Barclays, Goldman Sachs and JPMorgan are the underwriters for the offering.

The Company

Change Healthcare was formed in 2017 as joint venture with McKesson Corporation MCK 1.26% by combining McKesson’s technology solutions segment and substantially all of Change Healthcare’s legacy business.
The company provides data- and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. health care system with the aim of driving improved results in the complex workflows of health care system payers and providers.
Its solutions are also aimed at improving clinical decision-making, simplifying billing, collection and payment processes and enabling a better patient experience.
Change Healthcare’s customer base includes about 2,200 government and commercial payer connections, 900,000 physicians, 118,000 dentists, 33,000 pharmacies, 5,500 hospitals and 600 laboratories.
“This network transacts clinical records for over 112 million unique patients, more than one-third of the estimated total U.S. population,” the company said in its S-1 filing.

GE Ventures selling stake in more than 100 startups: Vineti, Vitruvian, more

After experiencing a 23 percent drop in its stock price in the last 12 months and with an estimated $110 billion in debt as of the end of March, General Electric is reportedly looking to sell off its corporate venture arm’s portfolio, which includes multiple digital health and life sciences startups, according to CNBC.
GE Ventures was founded in 2013 and has since invested in more than 100 companies. Among these are Evidation Health, a digital medicine company GE launched with Stanford Health Care; Vitruvian Networks, a platform to advance cell and gene therapies built in collaboration with Mayo Clinic; and Vineti, an analytics platform for genomics research.
The company is reportedly hoping to sell its portfolio as a package deal, rather than as individual investments.
“During this time of transformation for GE, we are evaluating strategic options for GE Ventures to continue delivering returns for our shareholders and partners,” Megan Newhouse, a GE spokesperson, told CNBC in a statement. “While we can’t comment specifically on that process, we remain committed to supporting our portfolio companies, business units and partnering with the entrepreneurial ecosystem.”

Rough session for Myriad as bear gets more bearish

Barclays analyst Jack Meehan now sees a 35% chance (vs. 20% previously) that Myriad Genetics’ (MYGN -7.9%) GeneSight test could lose out on Medicare coverage.
He trims his price target to $18 from $20. With today’s decline, MYGN is trading just below $24. The average sell-side price target is roughly $35, and the average sell-side rating is Outperform.

AstraZeneca to invest $630M in South Korean health industry – Bloomberg

AstraZeneca (NYSE:AZN) plans to invest $630M in South Korea’s health-are sector over the next five years, Chairman Leif Johansson said in Stockholm at the Korea Sweden Business Summit.
via Bloomberg’s Amanda Billner.
AZN is also preparing to announce partnerships with health-care organizations in the country, he said.
The investment is intended to fund biomedical innovation, improve health-care access, and provide high-quality employment in South Korea.

Bristol-Myers, Genentech settle Tecentriq suit

Bristol-Myers Squibb (NYSE:BMY), in an agreement with Roche’s (OTCQX:RHHBY) Genentech, agrees to drop a lawsuit that accused Tecentriq of infringing its patent for PD-1 inhibitors, Bloomberg reports, citing court filings in Wilmington, DE.
Details of the agreement weren’t disclosed.
So-called PD-1 inhibitors are antibodies that program a person’s own immune cells to identify and attack cancer cells.
Tecentriq’s U.S. sales of CHF 469M ($469.4M) in 2018 made up 0.6% of Roche’s revenue, according to Bloomberg data.

Perdue Foods enters crowded plant-based alternative meat market

Perdue Foods, one of America’s largest chicken producers, said it will sell frozen chicken nuggets mixed with cauliflower, chickpeas and plant protein to address a growing demand for products combining meat and vegetables.

A company executive on Friday said more blended products were in the pipeline, with Perdue aiming for its vegetable-enhanced items to become a $100 million segment within five years, making up around 5% of the company’s overall business.
Perdue Foods, part of family-owned Perdue Farms, is not the only meat processor vying for health-conscious consumers and trying to reinvent itself as a protein company, raising the stakes as firms compete for precious supermarket real estate space.
U.S. meat processing giant Tyson Foods on Thursday announced it will begin selling mixed-protein products, including sausages and meatballs that combine chicken with plants including chickpeas, black beans and quinoa.
Canadian packaged meat producer Maple Leaf Foods Inc’s vegan “ground beef” and burger patties, sold under its LightLife brand, will be on U.S. store shelves this summer.
Nestle, the world’s biggest packaged foods group, is aiming to sell a pea-based veggie patty called Awesome Burger under its U.S. plant-based Sweet Earth brand in the fall.
“This is just the first wave and over time we expect our products to show up in a lot of different grocery store aisles,” Eric Christianson, Perdue’s chief marketing officer, said in an interview on Friday.
Perdue is also developing ground meat products mixed with vegetables and experimenting with different plant proteins, Christianson said. The company was still evaluating whether to offer wholly plant-based products down the line, he said.
Perdue’s frozen products will ship to restaurants this summer and be available at retailers by September. Christianson declined to provide details on partnerships, but said the nuggets would appear on kids’ menus at fast food chains and at school lunch programs.
“Consumers have told us the vegetarian lifestyle is too hard, but they’re looking for ways to introduce more vegetables into their diet,” Christianson said.