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Friday, October 11, 2019

Judge sees benefit in pausing lawsuits against OxyContin maker Purdue

A U.S. Bankruptcy Judge signaled support on Friday for a six-month pause to litigation led by 24 states against OxyContin maker Purdue Pharma LP to give the company time to settle thousands of lawsuits alleging it fueled a deadly nationwide opioid crisis.
U.S. Bankruptcy Judge Robert Drain in White Plains, New York, said there was little benefit from numerous states trying to prove at trial the liability of Purdue and its controlling Sacker family for improper marketing of opioids.
“A trial is at best a limited way to get to the truth,” said Drain, adding that verdicts often result in debates about the meaning of the outcome.
“There are trials where people stand up and say ‘I did it.’ But that mostly happens on Perry Mason,” he said, referring to the popular TV show from the 1950s and ‘60s featuring a lawyer who won virtually every case.
Drain was asked to pause for about six months more than 2,600 lawsuits against the privately-held company and controlling Sackler family for their part in the opioid crisis, which has led to some 400,000 deaths from 1999 to 2017, according to U.S. statistics.
The company filed for bankruptcy last month to build support for a proposed settlement that it values at more than $10 billion, and said the pause in litigation will preserve money spent on legal fees.

Most of the lawsuits were brought by local governments, and most back the deal, but at least 24 states oppose it.
Drain said the public deserves an accounting of the company’s role in the crisis, but he feared a “trial becomes an autopsy” that destroys the value of Purdue.
He suggested a court-ordered examiner could investigate the company and Sacklers, as was done in the bankruptcies of Enron Corp and Lehman Brothers.
The settlement proposes to transfer Purdue’s ownership from the Sacklers to a public trust owned by the plaintiffs. In addition, the family has also pledged to contribute at least $3 billion to the settlement.
Purdue’s lawyer Marshall Huebner spelled out an agreement struck on Friday morning between the company, the Sacklers and the official committee of unsecured creditors.
The creditors committee would be charged with vetting the proposed settlement and Purdue would provide millions of pages of documents. The Sacklers would provide an accounting of their wealth and would agree to refrain from taking any material action with their property.

The agreement does not bind the hold-out states, but Drain urged them to join the negotiations.
The hearing was still underway on Friday afternoon.
https://www.reuters.com/article/us-purdue-pharma-bankruptcy/judge-sees-benefit-in-pausing-lawsuits-against-oxycontin-maker-purdue-idUSKBN1WQ1FV

Horizon Therapeutics’ Phase 3 trial finds ‘significant benefit’ of teprotumumab

Horizon Therapeutics (HZNP +3%) reports new data from Phase 3 OPTIC confirmatory clinical trial that shows teprotumumab provided significant benefit on several effects of active thyroid eye disease — such as double vision, quality of life, and clinical activity score — vs. placebo.
Provides data on three secondary endpoints:
Patients receiving teprotumumab had a mean change of 13.79 on the Graves’ Ophthalmopathy Quality of Life (GO-QoL) scale compared with a change of 4.43 for patients receiving placebo (p<0.001); scores indicate a statistical and clinically meaningful improvement over placebo in these QoL measures.
At week 24, 68% of patients receiving teprotumumab had an improvement from baseline of at least one grade in diplopia (double vision), compared to 29% of patients receiving placebo (p=0.001).
At week 24, more patients achieved a CAS value of 0 (which indicates no swelling or activity) or 1 with teprotumumab treatment (59% vs 21% of placebo participants) (p<0.001).
https://seekingalpha.com/news/3505317-horizon-therapeutics-phase-3-trial-finds-significant-benefit-teprotumumab

Walmart Adds Kidney Transplants At Mayo To Centers Of Excellence Program

Walmart is adding kidney transplants to the list of specialized medical procedures it will cover for its workers under its now 22-year-old Centers of Excellence Program for organ transplantation.
The world’s largest retailer in 1997 began its Centers of Excellence program as a way to get organ transplants to workers in need. In a conference call Wednesday with employers put on by the Catalyst for Payment Reform, Lisa Woods, Walmart’s senior director of U.S. healthcare, said centers of excellence would be performing kidney transplants as a covered benefit starting in 2020. The transplant locations are Mayo Clinic sites in Rochester, Minn.; Phoenix, Ariz. and Jacksonville, Fla. where Walmart already sends patients for other transplant procedures and certain other treatments in Walmart’s broader Centers of Excellence program.
“As one transplant center with three locations, we are in a unique position to serve Walmart’s beneficiaries,” said Dr. Carrie Schinstock, Mayo’s medical director of Kidney Transplantation. “All of our patients benefit from our innovative approaches which include kidney donor chains, maximizing use of all donated organs, and performing kidney transplants before patients go on dialysis – all of which lead to more transplants with better outcomes.”
Catalyst for Payment Reform is a nonprofit working with employers and other purchasers of medical care to coax the U.S. healthcare system into offering more value for the dollars they are spending. Walmart was discussing its various healthcare programs it is launching next year for its employees and large employers are watching these efforts closely, those on the call said.
Since 2012, the centers of excellence program has been greatly expanded beyond transplants and was given the more formal name “Walmart Centers of Excellence,” offering the retailer’s workers specialized treatments for cancer, organ transplantation, spine and heart surgeries at sites across the country. Walmart now has 16 Centers of Excellence health systems nationwide across all programs combined offering workers treatments for cancer, organ transplantation, joint replacement, spine and heart surgeries at sites that include the Mayo Clinic, Cleveland Clinic, Geisinger Health System and Johns Hopkins.
Under Walmart’s Centers of Excellence Program, the retailer sends employee patients to designated sites to better ensure they are getting treatment that is done right the first time to improve quality and keep the employee healthy and working. If they are sent to a Center of Excellence, “travel, lodging and a daily allowance will be provided for the recipient and a caregiver for all services covered under the Centers of Excellence program,” Walmart said.
“We are able to coordinate patient care and waiting list management across our three locations so that patients can receive a transplant sooner than would otherwise be possible,” said Dr. Charles Rosen, a transplant surgeon and Medical Director of Contracting and Payor Relations at Mayo Clinic.
Today, Walmart’s two-decade old transplantation program has been followed with 88% using some kind of Center of Excellence whether it be for transplantation, heart surgery, spinal or joint replacement, according to National Business Group on Health’s 2019 Large Employers’ Health Care Strategy and Plan Design Survey of about 170 large U.S. employers.
The addition of the transplant network to the Walmart Center of Excellence program is only the latest effort the retailer is gaining converts to among policymakers and employers.
“Quality of care in the U.S. varies significantly,” said Catalyst for Payment Reform executive director Suzanne Delbanco. “Walmart is setting the pace for employers by pioneering new ways of connecting employees to the highest quality providers to ensure they get the right care, delivered in the right way, and in the right setting.”
https://www.forbes.com/sites/brucejapsen/2019/10/10/walmart-adds-kidney-transplants-at-mayo-to-centers-of-excellence-program/#274c38eb4143

HBO Adds Mental Health Advisories To 14 Shows, Including ‘Euphoria,’ ‘Girls’


Topline: Amid increased concern over entertainment’s psychological influence, HBO announced Thursday—on World Mental Health Day—it would add mental health advisories to run before many of its shows, old and new, and will release short videos analyzing characters’ issues like depression and obsessive-compulsive disorder.
  • The alerts are scheduled to start running Thursday. At least 14 of HBO’s shows will carry them, including hits Euphoria, The Sopranos, Barry and Girls.
  • Euphoria, which stars Zendaya as a high-schooler and recovering drug addict, already had a dedicated mental health resource section on HBO’s website.
  • Each advisory will tell viewers which mental health issues are depicted in the show they’re about to watch and will provide contact info for the National Alliance on Mental Illness.
  • The network emphasized that the advisories are intended to get viewers talking about mental illness, not to discourage them from watching.
  • HBO is also creating short videos in which a psychologist discusses mental illnesses portrayed in its shows. The first features Girls and Hannah Horvath’s obsessive-compulsive disorder.
Key background: HBO isn’t the first network to include mental health warnings with its shows. The first season of Netflix’s 13 Reasons Why sparked controversy over its graphic depiction of suicide, prompting the streamer to add warnings before episodes. In July, Netflix cut the suicide scene under the advice of medical experts. Mental health professionals, along with teachers and parents, had previously raised concerns that watching the show could trigger young people into committing self-harm, known as a “contagion effect.” A study supported by the National Institutes of Health found that 13 Reasons Why was associated with a nearly 30% rise in suicide rates among young people ages 10 to 17 in the month following the show’s release.
https://www.forbes.com/sites/lisettevoytko/2019/10/10/hbo-adds-mental-health-advisories-before-14-shows-including-euphoria-girls/#6f87127c6b04

Solid Biosciences started at Outperform by Evercore ISI

Target $22
https://www.benzinga.com/stock/SLDB/ratings

uniQure started at Buy by Stifel

Target $79
https://www.benzinga.com/stock/QURE/ratings

Perrigo upped to Buy from Hold by Argus

https://www.benzinga.com/stock/PRGO/ratings