Bayer close to Roundup settlement: Mediator

Bayer is close to settling more than 75,000 cancer claims related to its Roundup herbicide, mediator Ken Feinberg told Bloomberg in an interview, saying he was “cautiously optimistic” a deal could be reached in about a month.

Feinberg was quoted as saying that the number of cases had grown to between 75,000 and 85,000 and “maybe more”. Bayer in October said it was now facing 42,700 U.S. plaintiffs blaming its glyphosate-based weedkillers for their cancer.

Feinberg declined to discuss terms of the possible settlement.

Bayer has ruled out withdrawing from the market in the U.S., saying regulators and extensive research have found glyphosate to be safe.

A spokesman for Bayer said: “The number reported by Bloomberg includes potential plaintiffs with unserved cases and is a speculative estimate about the numbers of plaintiffs who might be included in a potential settlement.”

He added: “The number of served cases as reported on a quarterly basis remains significantly below 50,000.  Bayer does not report or speculate about potential plaintiffs with unserved cases.”

https://www.marketscreener.com/BAYER-AG-436063/news/Bayer-close-to-Roundup-settlement-mediator-tells-Bloomberg-29851727/?countview=0

Court OKs Insys bankruptcy plan

A Delaware court has approved a bankruptcy plan for Insys Therapeutics (OTCPK:INSYQ), the first company to file for Chapter 11 protection over opioid epidemic-related legal exposure.

Unsurprisingly, shareholders will be wiped out. Most creditors will only receive only about eight cents on the dollar.

https://seekingalpha.com/news/3532577-court-oks-insys-bankruptcy-plan

I-MAB prices IPO at $14

I-Mab (IMAB) has priced its initial public offering of 7,407,400 American Depositary Shares (“ADSs”), every 10 ADSs representing 23 ordinary shares of the Company, at $14.00 per ADS, for expected gross proceeds of ~103.7M.

Underwriters’ over-allotment is an additional 1,111,110 ADSs.

The ADSs will begin trading today on Nasdaq under the symbol “IMAB”.

https://seekingalpha.com/news/3532626-i-mab-prices-ipo-14

Novo Nordisk: FDA Approves New Indication for Ozempic

Novo Nordisk AS (NVO) on Thursday said the U.S. Food and Drug Administration approved a new indication for Ozempic, or semaglutide, to “reduce the risk of major adverse cardiovascular events such as heart attack, stroke, or death in adults with type 2 diabetes and known heart disease.”

Novo Nordisk said the FDA’s decision was based on results from the SUSTAIN 6 trial, a two-year study examining “the cardiovascular safety of adding Ozempic or placebo to standard of care in adults with type 2 diabetes and established cardiovascular disease.”

“There is a well-established link between cardiovascular disease and type 2 diabetes. It’s one of our biggest concerns with type 2 diabetes because even when patients reach their blood sugar targets, the risk of a major adverse CV event remains,” said Todd Hobbs, vice president and U.S. chief medical officer of Novo Nordisk. “Today’s milestone establishes Ozempic as an option for patients to help address two critical aspects of managing type 2 diabetes, blood sugar control and cardiovascular risk reduction, in those with known heart disease.”

Ozempic is already indicated for use by certain patients to improve blood sugar and reduce the risk of major cardiovascular events such as heart attack, stroke or death in adults with type 2 diabetes mellitus with known heart disease, the company said.

https://www.marketscreener.com/NOVO-NORDISK-AS-1412980/news/Novo-Nordisk-Says-FDA-Approves-New-Indication-for-Ozempic-29850639/

Eli Lilly targets quarterly deals of $1 billion-$5 billion in 2020 – CFO

Eli Lilly and Co aims to announce roughly one $1 billion (765 million pounds) to $5 billion (3.8 billion pounds) deal every quarter in 2020, its chief financial officer told Reuters, as the U.S. drugmaker looks to build up its pipeline of future products.

It will focus largely on earlier stage opportunities across key therapeutic areas including oncology, pain, immunology, and neurology, CFO John Smiley told Reuters in an interview at the JP Morgan Healthcare conference in San Francisco earlier this week.

Eli Lilly has been on a deal-making spree in recent years in a bid to increase products and sales in core franchises as older blockbuster medicines, such as diabetes treatment Humalog, face generic competition and pressure to lower prices.

Last week, it announced a $1.1 billion deal to buy dermatology products maker Dermira Inc. With the purchase, Lilly will acquire Dermira’s experimental treatment for atopic dermatitis, a serious form of eczema, which is in late-stage testing, as well as an approved medicated cloth to treat excessive armpit sweating.

“We are looking at Dermira-like opportunities targeting assets in the $1 billion to $5 billion range,” Smiley said. “We’d like to be doing something in the range of one per quarter or so.”

In 2018 and 2019, it announced several deals for cancer companies, including an $8 billion acquisition of Loxo Oncology. U.S. regulators in 2018 approved Vitrakvi, Loxo’s first commercial medicine, which treats a wide variety of cancers triggered by a rare genetic mutation.

In a presentation to investors this week, Lilly Chief Executive David Ricks said most of its deals will be in the cancer space, but that other therapeutic areas remain of strong interest as well.

While the company is still looking at late-stage assets, Smiley said the most opportunity for shareholders is in drugs in earlier stages of development.

Deals could include licensing agreements, outright acquisitions, or other structures, he added.

In its most recent earnings call, Lilly forecast a higher-than-expected profit for 2020, citing growing demand for its newer medicines including diabetes drug Trulicity and Taltz for psoriasis and other related autoimmune diseases.

However, sales of Trulicity and other newer medicines have been crimped by high rebates and discounts drugmakers pay to middlemen, such as pharmacy benefit managers, in order to make sure patients have access to their products.

https://www.marketscreener.com/DERMIRA-INC-18138387/news/Dermira-Eli-Lilly-targets-quarterly-deals-of-1-billion-5-billion-in-2020-CFO-29850571/

Best Buy’s healthcare strategy: Get insurers to pay

Best Buy is known as the largest specialty electronics retailer in the U.S., and a key part of its growth strategy is centered on digital health initiatives.

In the past year, Best Buy has spent roughly $1 billion on acquisitions to expand its healthcare services, according to Forbes. The company’s expansion into healthcare has helped it overcome broader declines in consumer electronic sales, according to Bloomberg.

Senior care is Best Buy’s niche in the healthcare services market. One million seniors are using the company’s health offerings, and Best Buy’s goal is to expand its services to 5 million seniors by fiscal 2025, according to MarketWatch.

“Today, most of the seniors we serve are utilizing easy-to-use mobile phone products and connected devices that are tailored for seniors and come with a range of relevant services,” Best Buy CEO Corie Barry said during an earnings call Nov. 26, according to a transcript from Seeking Alpha.

Ms. Barry also shed light on how Best Buy plans to expand its healthcare business. She said the company plans to scale its “five-star service” that connects seniors with caregivers, dispatches emergency personnel and more.

“We also expect to advance our commercial business where the services we provide for seniors are paid for by insurance providers. This includes services such as remote monitoring based solutions that provide meaningful insights to improve timely care and reduce the cost to serve frail seniors,” she said.

The company could generate as much as $46 billion in revenue from its commercial health business over the next 10 to 20 years, according to Bloomberg, which cited Morgan Stanley estimates.

https://www.beckershospitalreview.com/strategy/best-buy-s-healthcare-strategy-get-insurers-to-pay.html

Walmart expands standalone health center model

Walmart has moved deeper into the primary care market by opening its second freestanding health center.

The retail giant opened its first standalone clinic, called Walmart Health, Sept. 13 in Dallas, Ga., and the company recently opened a second clinic in Calhoun, Ga.

The freestanding clinics provide a variety of services, ranging from primary care to labs to dental, in one facility. Patients can schedule appointments and view prices on Walmart Health’s website, which says the clinics offer “quality medical care at low prices you’ll love – no insurance required.”

The two health centers in Georgia are the first of many Walmart plans to open. In management’s commentary accompanying Walmart’s third-quarter results, President and CEO Doug McMillon said the company will open “several more” standalone health centers.

https://www.beckershospitalreview.com/strategy/walmart-expands-standalone-health-center-model.html?origin=bhre&utm_source=bhre&oly_enc_id=