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Saturday, July 8, 2023

Law enforcement and Congress should secure Biden secret emails

 Both Congress and the Justice Department should subpoena electronic correspondence from then-Vice President Joe Biden’s three private email accounts if that correspondence was sent to or from his son Hunter and if it involved officials of or business relations with Ukraine, China, Russia, or Romania.

One such email, first reported in July 2021, is now receiving renewed scrutiny after being released by the National Archives. It showed that Hunter Biden for some reason was copied on a note to the vice president about the latter’s scheduled call with then-Ukrainian President Petro Poroshenko. The note was sent to the elder Biden at what we now know was one of his private email accounts under the alias of Robert L. Peters. At the time, Hunter Biden was being paid about $1 million annually by a Ukrainian energy firm being probed for alleged corruption.

Joe Biden always has insisted he did not keep tabs on his son’s business affairs, in which the son openly peddled influence based on Joe Biden’s government position. Yet here, as in many other instances, the worst of which may have been bringing Hunter Biden on Air Force Two to China while his son was pursuing a $1.5 billion business deal, the vice president and his aides clearly were roughly aware of Hunter Biden’s dealings. Worse, they appear to have actively kept him “in the loop” about the vice president’s diplomatic efforts involving the same countries from which the son was getting rich.

At least three different people referred to Joe Biden as the "big guy” in the context of Hunter Biden’s business deals. Joe Biden met at least 14 times with various of Hunter Biden’s business associates while vice president, and the vice president’s aides met and emailed with such associates numerous other times. And despite Joe Biden’s claims that he had absolutely no involvement, pro or con, with any rumored FBI investigation into Hunter Biden’s Ukrainian entanglements, the now-president is on tape discussing with Poroshenko a report that an aide for the latter was talking to the FBI. “No, no, they are not,” Joe Biden said. “I told you, the FBI concluded he had nothing and they stopped. That was it. There is no reason to talk to him again.”

With all this as a backdrop, there are several reasons why a subpoena is abundantly necessary. First, there’s the matter of Joe Biden’s use of the pseudonymous email accounts. While it is not illegal for the vice president or other government officials to maintain private accounts, they are not supposed to use those accounts for anything related to their government work. They certainly aren’t allowed to use them deliberately to circumvent official records requirements and especially not for their own personal benefit. And the Presidential Records Act is quite explicit that to the extent a vice president uses private accounts for official business, even if inadvertent, all such emails should be turned over to the archivist of the United States.

Obviously, Joe Biden did indeed turn over some such records because we know Hunter Biden was copied on at least 10 work-related messages in one four-week period. But despite inquiries from Sen. Chuck Grassley (R-IA) and others, we don’t know to what further extent Joe Biden complied with that law.

Far more important than the Presidential Records Act, though, is the substance in those private email chains, especially concerning Hunter Biden’s rank profiteering. If Hunter Biden was kept apprised of Joe Biden’s “diplomacy” and Joe Biden was kept apprised of his son's lucrative deals with unsavory foreigners — including, after Joe Biden’s vice presidency, one to whom Hunter Biden referred as “the f***ing spy chief of China” — then the knowing intertwining of their endeavors raises all sorts of problematic questions.

The most pertinent of those questions is this: Was Joe Biden, while vice president or while maneuvering to become president, helping his son sell foreign influence?

By now, there is more than enough reason at least to suspect illicit activity. Only subpoenas can force evidence to be unearthed or indicate that there’s not much evidence at all. Either way, the public should know what sorts of government business their president was conducting while trying to keep it secret.

https://www.washingtonexaminer.com/opinion/editorials/law-enforcement-and-congress-should-secure-bidens-secret-emails

From AI to Obesity Drugs - Global Pharma Has $700B For M&A and Investments: Goldman

 Goldman Sachs compiled research suggesting the global pharmaceutical sector has approximately $700 billion available for M&A and investments.

This significant financial reserve will be crucial as patents for some of the industry's blockbuster drugs are on the expiration cliff.

The pharmaceutical industry is experiencing strong interest in M&A due to anticipated revenue erosion of approximately $200 billion by the end of the decade.

The latest examples include Astellas Pharma Inc 

 acquiring American firm Iveric Bio Inc  for $5.9 billionPfizer Inc  proposing a $43 billion acquisition of Seagen Inc GSK plc  agreeing to acquire BELLUS Health Inc  for $2 billion, and Merck & Co Inc (NYSE: announcing to acquire Prometheus Biosciences Inc (NASDAQ:for $10.8 billion.
Obesity drugs are generating significant investor enthusiasm, with forecasts suggesting a total addressable market exceeding $100 billion.

Promising developments in Alzheimer's, gene therapy, and other therapeutic modalities were discussed at the conference, indicating substantial innovation and scientific progress in these areas.

The healthcare sector had a challenging start to 2023, recording one of the worst first-half performances in three decades. Factors contributing to this include regulatory & growth concerns, macroeconomic rotations, and investor preference for large-cap technology stocks. Sentiment within the sector remains cautious.

The application of AI and machine learning in healthcare remains an area of interest. Companies are witnessing the positive impact of these technologies on their businesses.

Despite the general caution, there are pockets of optimism. Management teams across various healthcare verticals reported strong Q2 procedure volumes, and in the investor survey, medical devices were identified as the most likely area to outperform. 

Consumer-facing healthcare segments also demonstrated positivity, with robust demand and continued patient traffic recovery. The biopharma sector shows promise with promising innovation trends.

Policy and regulatory uncertainties emerged as a key concern in several presentations. The Inflation Reduction Act and its impact on drug pricing created various uncertain outcomes.

Post-pandemic normalization trends continue to pose challenges for life sciences, tools, and managed care companies, which were beneficiaries during the pandemic.

https://www.benzinga.com/general/biotech/23/07/33150126/from-ai-to-obesity-drugs-global-pharma-has-700b-for-m-a-and-investments-goldman-sachs

Real or imagined, the Leqembi barriers emerge

 Even during a poor day’s trading in Japan, today’s 5% fall in Eisai stock seems notable. At least part of the reason lies in the unexpected boxed warning the FDA yesterday put on the US label of the group’s Alzheimer’s drug Leqembi, relating to risk of the brain swelling disorder Aria. This came as the regulator converted the drug’s accelerated approval into a full green light, which had been on the cards after last month’s unanimous adcom vote. The label had previously recommended regular MRIs to check for Aria. Another key aspect was how the FDA would deal with populations thought to be at particular risk, and in the event the full label has recommended genetic testing for ApoE4 status before starting a patient on Leqembi “to inform the risk of developing Aria”. On the plus side the Centers for Medicare & Medicaid Services said reimbursement would be broadened to coverage with evidence development with a registry, though the agency had already implied that it would do this in the event of full approval. SVB analysts reckon doctors had already been planning to treat patients accordingly, but with blockbuster sales at stake barriers to uptake are evidently a concern.

Sales ($m)Alzheimer's drug forecastsLeqembi (Eisai)Donanemab (Lilly)Aduhelm (Biogen)20232024202520262027202801k2k3k4k5kEvaluate Pharma sellside consensus.https://www.evaluate.com/vantage/articles/news/policy-and-regulation-snippets/real-or-imagined-leqembi-barriers-emerge

Coloplast hooks fish skin tech group for $1.2bn

 Fish skin is good for you, they say; it is certainly good for Kerecis, the Icelandic group that has been bought by Coloplast for DKK8.2bn ($1.2bn) up front. Kerecis makes a wound healing technology using skin from wild Atlantic cod to treat burns and other wounds including diabetic, venous, trauma, and surgical lesions. Pleasingly described as “scalable”, Kerecis’s technology should enable Coloplast to enter the huge US biologic wound care market; most of Coloplast's business is in Europe. Kerecis is the fastest-growing company in biologic-based wound care, Coloplast said, and the Financial Times bears this out: in February the newspaper ranked the Icelandic group as the fifth-fastest growing European healthcare and life sciences company. Coloplast estimates Kerecis’s annual growth rate over the next three years at around 30%, and as a result of the acquisition raised its own long-term organic growth guidance from 7-9% to 8-10%. It has been unafriad to pay top dollar for this growth rate increase. Kerecis’s most recent venture round, a $100m deal last November, conferred on it a valuation of $620m, meaning it has persuaded Coloplast that its worth has doubled in just eight months.

The other kind of fintech: Kerecis's VC funding
DateRoundInvestment ($m)Investors
7 Nov 2022Series D100Emerson Collective; Kirkbi; LSV Capital Partners
13 Jun 2019Series C16Existing and new invetors 
21 Feb 2014Series A (final close)21924; Capital; Hradfrystihusid-Gunnvor; Klofningur; Novator; NSA Ventures; Skógur
26 Apr 2013Series A21Undisclosed 
24 May 2011"Interim" financing1Undisclosed 
 Total120 
Source: Evaluate Medtech.

https://www.evaluate.com/vantage/articles/news/deals-snippets/coloplast-hooks-fish-skin-tech-group-12bn