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Friday, July 10, 2020

Royalty Pharma Due for Wall Street Appraisal After 70% Surge

Royalty Pharma Plc could get another boost on Monday when analysts weigh in for the first time following a 70% rally since last month’s trading debut.
Underwriters of the hedge-fund darling’s initial public offering will be eligible to start coverage next week, including JPMorgan, Morgan Stanley, Bank of America, Goldman Sachs, Citigroup and UBS. Banks that help bring a company’s listing to market often have favorable reviews.
A string of buy recommendations and price targets above the current record might be enough to reignite a stalled rally after the stock closed at a peak of $52.11 on June 25, though there’s always a chance the Street views the valuation as too high.
Royalty Pharma makes its money from licensing deals with drugmakers in need of cash while a new medicine is still under development. The New York-based company gets a steady stream of royalties from a number of blockbuster drugs like Vertex Pharmaceuticals Inc.’s cystic fibrosis drug Trikafta and Gilead Sciences Inc.’s HIV medicine Truvada.


Kodiak Sciences lead drug continues benefit in early-stage eye disorder study

Kodiak Sciences (NASDAQ:KOD) announces updated data from a Phase 1b clinical trial evaluating lead candidate in KSI-301, an intravitreal anti-VEGF antibody biopolymer conjugate, in patients with treatment-naïve wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and retinal vein occlusion (RVO). The results were presented virtually at the American Society of Retina Specialists Annual Meeting.
82% of wet AMD eyes and 76% of DME eyes treated with KSI-301 were extended to four months or longer after the last loading dose before receiving their first retreatment. 68% of wet AMD eyes have achieved a six-month interval at least once during follow-up.
In February, the company reported that 84% of wet AMD eyes and 76% of DME eyes were extended at least four months before retreatment. 55% and 64%, respectively, were extended to six months.

Skin whitening creams remain online despite mercury findings

Skin-whitening creams identified as containing potentially dangerous levels of mercury continue to be sold online more than seven months after a watchdog group raised the alarm, including on platforms run by eBay, Amazon.com and Alibaba, a Reuters review of the sites shows.

The findings come at a time when skin lightening, a multi-billion dollar industry especially popular in Asia, Africa and the Caribbean, is under renewed criticism for promoting light skin as a beauty ideal. Many countries ban or restrict mercury in creams, which can damage the kidneys, brain and nervous system. An international ban on manufacturing products with mercury in them comes into effect at end-2020.
The Zero Mercury Working Group (ZMWG), an international coalition of non-governmental organizations, issued a report last November that found unacceptable levels of mercury in 95 skin-lightening creams out of 158 samples tested.
The tests looked for concentrations of mercury above 1 part per million, the level set in a 2017 global treaty, and found levels ranging from 1.9 to 131,000 ppm.
Reuters didn’t independently confirm the levels of mercury found in the brands cited by ZMWG.
The samples were sold under more than 20 brand names, mostly by smaller manufacturers in developing countries that had been flagged by governments or in previous testing.
Major global brands from the likes of Unilever, L’Oreal and Procter & Gamble were not flagged and were not included.
ZMWG bought more than two-thirds of the creams online, including on Flipkart, majority-owned by Walmart; South Africa’s Bidorbuy; Nigeria’s Jumia; and Lazada and Daraz, which are both part of the Alibaba Group and operate in Southeast and South Asia, respectively, as well as on Amazon and eBay, the coalition said. One month after its report came out, ZMWG said that eBay, Lazada and Daraz had pledged to remove its high-mercury product listings but had not done so, while Amazon removed products from its U.S. and EU platforms, but not in India. Reuters checks in late June showed at least 19 listings of the products on different country sites run by all seven e-commerce platforms, however.
After Reuters raised the issue, the platforms scrapped most of the specific listings or promised to do so. But as of July 10, brands cited by ZMWG continued to pop up, including on Daraz, Amazon, and eBay.
Goree Cosmetics in Pakistan and Bangkok-based Smilephan, two companies whose name brand products were available on several sites and showed high mercury levels, told Reuters they do not use mercury and warned about counterfeits. Smilephan shared with Reuters an ingredient list, test reports from 2019 and 2011 showing no mercury in samples, and copies of certifications it said attest to regular audits. “We strongly believe those are not our original products,” said Songkiat Kulwuthivilas, Smilephan’s assistant managing director. The company no longer sells its Pop Popular brand in Africa because of the excess of counterfeits, he said.
EBay said it would sweep its sites to remove listings and update surveillance filters imposed in December that had already blocked 250 listings. “We comply with local restrictions and also we have a long history of partnering with rights owners, industry groups and law enforcement,” eBay spokeswoman Ashley Settle said. Daraz told Reuters it would to take “necessary action” if the listings were found to violate its policies or harm customers. An Amazon spokeswoman in India said the company was investigating, but that on its ‘marketplace,’ responsibility rests solely with the seller.
A California judge in 2019 ruled that Amazon was immune from liability for third-party sellers in a case involving warnings about mercury in skin-lightening creams. “Most people buying on Amazon have no idea that Amazon isn’t anything like walking down to your grocery store,” said food safety lawyer Bill Marler.

Hologic launches cart-based ultrasound system

Hologic (HOLX -0.5%) announces the U.S. commercial launch of its SuperSonic MACH 40 cart-based ultrasound system.
The company says the device leverages its exclusive UltraFast imaging technology which is further enhanced with its B-mode imaging technology and its third-generation shear wave-based elastography technology ShearWave PLUS.
The system is part of a portfolio of ultrasound devices from French outfit SuperSonic Imagine which it recently acquired.

WHO’s Ryan says pneumonia in Kazakhstan ‘on our radar’

Mike Ryan, head of the World Health Organization’s emergencies programme, said on Friday that an outbreak of pneumonia in Kazakhstan, reported to be highly lethal, was “certainly on our radar”.
But he also said it was possible it might be COVID-19.
“The upward trajectory of COVID-19 in the country would suggest that many of these cases are in fact undiagnosed cases of COVID-19,” he told an online briefing from Geneva.

WHO says airborne COVID transmission a concern but droplets appear dominant

Maria Van Kerkhove, technical lead on the COVID-19 pandemic at the WHO, said on Friday that airborne transmission of the new coronavirus had always been a concern but that droplets appeared to be the most common infection route.
“Aerosol transmission is one of the modes of transmission that we have been concerned about since the beginning, particularly in healthcare settings … where we know these droplets can be aerosolised – which means can stay in the air longer,” she told an online briefing from Geneva.
The WHO released new guidelines on the transmission of the coronavirus on Thursday that acknowledged some reports of airborne transmission but stopped short of confirming that it spreads through the air, a route that cannot be blocked by the social distancing now common around the world.

Pfizer, BioNTech’s COVID-19 vaccine seen ready for approval by year end

BioNTech SE and Pfizer Inc’s COVID-19 vaccine candidate is expected to be ready to seek regulatory approval by the end of 2020, the Wall Street Journal reported on Friday, citing the German biotech firm’s chief executive officer.
The experimental vaccine, which showed promise against the fast-spreading respiratory illness in early stage human testing, is expected to move into a large trial involving 30,000 healthy participants later this month, pending regulatory nod.
If it receives marketing approval, the companies are preparing to make up to 100 million doses by the end of 2020 and another 1.2 billion doses by the end of 2021 at sites in Germany and the United States, Reuters reported last week.
Several hundred million doses could be produced even before the approval, according to the WSJ report.