Walgreens started at Buy by Loop Capital

 Walgreens Boots:  Loop Capital Markets initiated coverage with a recommendation of buy. PT set to $45.

https://www.marketscreener.com/quote/stock/WALGREENS-BOOTS-ALLIANCE-19356230/

Centene cut to Neutral by JPMorgan

 Centene:  J.P. Morgan downgrades to neutral from overweight. PT up 25% to $90.

https://www.marketscreener.com/quote/stock/CENTENE-CORPORATION-55763517/

AbbVie, Capsida Expand Collaboration in Targeted Genetic Medicines for Eye Diseases

 

• Partnership Combines AbbVie's extensive capabilities with Capsida's novel adeno-associated virus (AAV) engineering platform
• Builds upon the neurodegenerative disease partnership announced in 2021

https://www.biospace.com/article/releases/abbvie-and-capsida-biotherapeutics-expand-strategic-collaboration-to-develop-targeted-genetic-medicines-for-eye-diseases-with-high-unmet-need/

Keymed, Lepu in Global Exclusive Licence Agreement with AstraZeneca

 Keymed Biosciences Inc., ("Keymed") (Stock Code: 02162 HK) and Lepu Biopharma Co., Ltd, (Stock Code: 02157.HK) today jointly announce a global exclusive licence agreement with AstraZeneca (LSE/STO/Nasdaq: AZN) for CMG901, a potential first-in-class Claudin 18.2 antibody drug conjugate (ADC). Under the licence agreement, AstraZeneca will be responsible for the research, development, manufacture and commercialisation of CMG901 globally.

CMG901 is currently in a Phase I clinical trial for the treatment of Claudin 18.2-positive solid tumors. Preliminary results from the Phase 1 trial indicated that CMG901 has a favorable safety and tolerability profile, and encouraging anti-tumor efficacy across the dose levels tested.

Financial Considerations

Under the terms of the agreement, KYM Biosciences, the joint venture established by Keymed and Lepu Biopharma, will receive an upfront payment of $63m on transaction closing and additional development and sales-related milestone payments of up to $1.1bn as well as tiered royalties up to low double-digits. The transaction is expected to close in the first half of 2023, subject to customary closing conditions and regulatory clearances.

https://www.biospace.com/article/releases/keymed-and-lepu-biopharma-jointly-announce-global-exclusive-licence-agreement-with-astrazeneca-for-cmg901/

China's COVID-19 epidemic has 'basically' ended, but not completely over

 Health authorities in China said on Thursday the country's COVID-19 epidemic has "basically" ended, but it is not completely over as it found seven imported cases of the highly-transmissible XBB.1.5 variant since Jan. 8.

Officials, speaking at a news event with several departments attending, said China's "major decisive victory" over COVID has set an example for populous nations in prevention and control.

Last week, China's top leaders declared a "decisive victory" over COVID, claiming the world's lowest fatality rate, although experts questioned data as the virus surged across the country recently after largely being kept at bay for three years.

The country strengthened its healthcare system in anticipation of the virus spreading to rural areas. Officials said at the press briefing on Thursday critical care beds had expanded to 404,000 from 198,000.

Health officials and experts were also monitoring the XBB.1.5 sub-variant of Omicron for months. On Jan. 4, data had showed no new variant was found in the country.

Officials said on Thursday one local case of the variant was linked with an imported case on Feb. 3. 

https://news.yahoo.com/1-chinas-covid-19-epidemic-081112709.html

Medicare says no change to Alzheimer's drug restrictions

 The U.S. government health plan for people over the age of 65 on Wednesday said it would not reconsider strict coverage limits put in place last year for new Alzheimer's treatments, rejecting a request from the Alzheimer's Association.

The Centers for Medicare and Medicaid Services (CMS) reaffirmed its policy allowing coverage for drugs designed to clear amyloid plaques from the brains of Alzheimer's patients only if a medication is approved under the Food and Drug Administration's standard review process, not under its accelerated review program.

The agency said it would also continue to require a registry to collect evidence of patient outcomes to reflect "real-world" care.

The Alzheimer's Association said in a statement it "is appalled that the Biden Administration is extending its unjust decision to deny access to FDA-approved treatments for people living with Alzheimer's - a fatal disease."

The patient advocacy group estimated that for each day CMS leaves its policy in place, more than 2,000 individuals aged 65 or older may progress from mild dementia due to Alzheimer's to a more advanced stage of the disease at which they are no longer eligible for the new treatments.

Two Alzheimer's drugs developed by partners Eisai Co Ltd and Biogen Inc, Leqembi and Aduhelm, have so far been approved only under the FDA's accelerated review program, based on evidence of their ability remove sticky deposits of a protein called amyloid.

Leqembi is currently also undergoing the FDA's standard review process, which will weigh the drug's impact on cognitive function. Trial results published last year showed that, in patients with early Alzheimer's, Leqembi reduced the rate of cognitive decline by 27% compared with a placebo.

Eisai and Biogen have said they expect full U.S. approval for Leqembi by summer or late this year.

Because Alzheimer's is an age-related disease, around 85% of people who might use the medicines are covered by Medicare.

CMS said it "will expeditiously review any new evidence that becomes available that could lead to a reconsideration and change" in its current national coverage decision, including approval by the FDA based on evidence of clinical benefit.

https://www.yahoo.com/now/u-medicare-says-no-change-233121314.html

Graphite to Explore Strategic Alternatives

 Graphite Bio, Inc. (Nasdaq: GRPH) today announced that it has completed a review of its business, including the status of its programs, resources and capabilities. The company has decided to discontinue further development of nulabeglogene autogedtemcel (nula-cel) for sickle cell disease and to initiate a process to explore a range of strategic alternatives.

"We believe that gene correction is the optimal way to treat sickle cell and many other genetic diseases. However, after an extensive assessment of the nula-cel program, we made the difficult decision to discontinue nula-cel development based on the time and resources needed to resume the CEDAR study and the evolving treatment landscape for sickle cell disease," said Josh Lehrer, M.D., M. Phil., chief executive officer of Graphite Bio. "We remain deeply grateful to the patients, investigators and study staff for their participation in CEDAR, to the sickle cell community for their partnership and to our entire Graphite Bio team for their commitment and dedication to our company."

Graphite Bio is exploring the potential to continue nula-cel development externally. The company intends to continue research activities associated with its early-stage non-genotoxic conditioning program, with the goal of advancing toward potential development candidate(s).

In addition, Graphite Bio’s Board of Directors has approved a corporate restructuring that would reduce the company’s workforce by approximately 50%, among other actions to reduce cash burn while the company explores strategic alternatives. As of December 31, 2022, the company had a preliminary unaudited amount of approximately $283.5 million in cash, cash equivalents and investments in marketable securities.

https://finance.yahoo.com/news/graphite-bio-announces-process-explore-210500267.html