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Monday, December 18, 2023

Texas to arrest migrants crossing border illegally under new state law

 Texas's governor is expected to sign a law on Monday that will allow state law enforcement to arrest people suspected of crossing the U.S.-Mexico border illegally, giving local officers powers long delegated to the federal government in a move that will likely trigger legal challenges by rights groups.

The law, known as SB 4, will take effect in March and create a new state crime for illegal entry or re-entry into Texas, with penalties ranging from 180 days in jail to 20 years in prison. Texas magistrate judges will be required to order migrants to return to Mexico, with up to 20-year sentences for those who refuse to comply.

Migrants who cross illegally can already be charged with illegal entry or reentry under existing U.S. federal law enforced by U.S. border agents and federal prosecutors.

Governor Greg Abbott is also expected to sign a bill that would devote $1.5 billion to border wall construction and other operations, funding that comes on top of $5 billion in state funds already appropriated for border enforcement. The Republican governor in late November signed into law a measure to increase penalties for human smuggling.

Record numbers of migrants have been caught crossing the U.S.-Mexico border since President Joe Biden, a Democrat, took office in 2021. Abbott and other Republicans blame Biden, who is seeking re-election in 2024, for rolling back restrictive policies of former President Donald Trump, the leading candidate for the Republican Party nomination.

In the U.S. Congress, Republicans have said they will not approve a foreign aid package that includes military funding for Ukraine and Israel unless it includes strict new U.S. border security provisions, leaving the aid stalled as a group of senators try to find a compromise.

More than half of the 5.8 million migrant arrests under Biden took place in Texas and neighboring New Mexico, at times straining the resources of border cities.

Texas has experimented with a range of measures to deter people who cross illegally under its Operation Lone Star, including deploying National Guard troops to the border, blocking migrants with deadly concertina wire and installing a floating barrier over a stretch of the Rio Grande.

A three-judge panel of 5th U.S. Circuit Court of Appeals earlier this month ruled that Texas must remove the floating barrier although Texas is seeking a review by the full court.

In the state's most prominent action, it has bused thousands of migrants to Democrat-controlled cities further north to alleviate the strain on its border cities and pressure Democrats.

Still, migrants have continued to cross.

Oni Blair, executive director at the American Civil Liberties Union of Texas, has threatened to sue over SB 4, saying it "overrides federal immigration law" and "fuels racial profiling."

The Supreme Court in 2012 struck down key parts of a similar Arizona law, including a provision that allowed state officers to arrest people suspected of being in the U.S. illegally.

The 2012 ruling said the provision conflicted with federal law, which took precedence, and that U.S. immigration system put in place by Congress generally did not authorize state officers to make warrantless arrests of people suspected of being in the country illegally.

https://news.yahoo.com/texas-arrest-migrants-crossing-border-194415030.html

Unitedhealth Group: HSBC downgrades to reduce from hold

 price target reduced from USD 550 to USD 480.

https://www.marketscreener.com/quote/stock/UNITEDHEALTH-GROUP-INC-14750/

Gsk: HSBC price target raised from 11.90 to GBP 12.

 maintains its reduce recommendation

https://www.marketscreener.com/quote/stock/GSK-PLC-9590199/

Abbvie: HSBC downgrades to hold from buy

price target reduced from USD 167 to USD 156.

https://www.marketscreener.com/quote/stock/ABBVIE-INC-12136589/

First Wave BioPharma To Acquire ImmunogenX To Bolster Gastrointestinal-Focused Pipeline

 First Wave BioPharma Inc FWBI has signed a non-binding term sheet to acquire ImmunogenX in an all-stock transaction with the combined company focused on advancing a pipeline for gastrointestinal (GI) diseases.

James Sapirstein will continue to serve as Chairman and CEO of First Wave BioPharma, with Jack Syage, CEO and co-founder of ImmunogenX, assuming the role of President and Chief Medical Officer. 

The transaction is expected to close in the first half of 2024. The financial terms of the transaction were not disclosed.

First Wave BioPharma anticipates a significant non-dilutive financial investment from a strategic global pharmaceutical company for commercial rights to latiglutenase in the U.S. and financing commitments from several institutional investors to fund development, which will be completed post-closing.

"We plan to immediately advance the regulatory, manufacturing, and clinical processes that would enable the initiation of the pivotal Phase 3 clinical trials of latiglutenase by the second half of 2024. This trajectory could enable latiglutenase to enter the multibillion-dollar celiac disease market by 2027," stated James Sapirstein 

Latiglutenase is an orally administered mixture of two minimally systemically absorbed gluten-specific recombinant proteases being developed as an oral biotherapeutic for celiac disease.

In Phase 2a and 2b clinical trials, latiglutenase was shown to mitigate gluten-induced intestinal mucosal injury and reduce the severity and frequency of symptoms in celiac disease patients.

The Phase 3 clinical development plan for latiglutenase was reviewed by the GI Division of the FDA at the end of the Phase 2 meeting with an agreed plan forward, with the initiation of the Phase 3 trials expected in the second half of 2024.

In September, First Wave BioPharma announced an agreement with Sanofi SA SNY to license Capeserod, a selective 5-HT4 receptor partial agonist, which First Wave will repurpose and develop for GI indications.

Last week, First Wave BioPharma's board approved a 1-for-20 reverse stock split, effective today.

https://www.benzinga.com/general/biotech/23/12/36277759/first-wave-biopharma-to-acquire-immunogenx-to-bolster-gastrointestinal-focused-pipeline

Patient Demand Drives Ardelyx's Constipation Drug Success: Raymond James

 Raymond James initiated coverage of Ardelyx Inc ARDX, noting the company's two early-stage launches underway for the same molecule with differentiated pricing:

  • Ibsrela in year two of its launch (FY23 guidance $77 million at midpoint) in irritable bowel syndrome with predominant constipation (IBS-C).
  • Newly approved Xphozah was launched in hyperphosphatemia this quarter after a successful post-CRL appeal process.

The analysts Ryan Deschner and Steven Seedhouse initiate with a Strong Buy rating and a price target of $12.

Although Ardelyx faced prior authorization requirements for Ibsrela access, the company introduced Ibsrela into the well-established IBS-C market and implemented its strategy to attain consistent market penetration by ensuring high levels of patient access. 

The prolonged absence of effective treatment choices for IBS-C patients compelled physicians to contribute to the demand for Ibsrela. 

Considering Ardelyx's successful validation of its commercial strategy through the positive reception of Ibsrela, the forthcoming launch of Xphozah appears set for a significantly smoother trajectory compared to its challenging regulatory journey. Xphozah has obtained clean label without significant safety issues or boxed warnings. 

This achievement is expected to facilitate access for a considerable portion of patients (up to approximately 77%) with insufficient responses to phosphate binders, allowing them to acquire access through prior authorization.

https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36288149/patient-demand-drives-ardelyxs-constipation-drug-success-amid-ibs-c-treatment-gap-s

Vera Kidney Disease Drug Has Opportunity Amid Rivalry: Raymond James

Raymond James initiated coverage on Vera Therapeutics Inc VERA, a late-stage drug developer in the autoimmune kidney space. The lead asset, atacicept, is a BLyS/APRIL dual inhibitor fusion protein currently in a Phase 3 study in IgA Nephropathy (IgAN).

In June, Vera Therapeutics announced that the Phase 2b ORIGIN trial of atacicept for IgA nephropathy (IgAN) met its primary and key secondary endpoints, with statistically significant and clinically meaningful reductions in proteinuria and stabilization of eGFR through week 36.

The analysts Ryan Deschner and Steven Seedhouse say that the encouraging Phase 2 IgA nephropathy study substantially de-risks the ongoing Phase 3 study, with accelerated approval expected in 2026. 

The analyst initiates an Outperform rating and a price target of $29.

https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36288575/vera-therapeutics-kidney-disease-drug-has-opportunity-in-a-competitive-development-