Eli Lilly settles Minnesota lawsuit over insulin pricing

 Eli Lilly agreed to provide low-cost insulin to patients and donate free insulin to clinics, to settle a lawsuit by Minnesota that accused the three largest insulin makers of deceptively raising the price of the diabetes treatment.

The settlement filed on Wednesday in a New Jersey federal court calls for Lilly to offer patients in Minnesota who pay out-of-pocket the ability to pay no more than $35 a month for its insulin products.

Patients with insurance can also choose not to use their coverage, and pay the $35 instead.

The settlement, which will be in force for five years, also requires Indianapolis-based Lilly to donate free insulin to 15 clinics serving Minnesotans who might otherwise struggle to afford the life-sustaining treatment.

"This landmark settlement ensures that insulin will be affordable and accessible to every Minnesotan who needs it," Minnesota Attorney General Keith Ellison said in a statement.

Lilly in a statement said: "The agreement builds on our longstanding and industry leading efforts to close gaps in the U.S. healthcare system and expand access to affordable insulin."

Minnesota first filed the lawsuit in 2018.

https://finance.yahoo.com/news/1-eli-lilly-settles-minnesota-160126417.html

US FDA puts hold on Gilead's blood cancer therapy trials

 Gilead Sciences said on Wednesday the U.S. Food and Drug Administration had put a hold on trials testing the company's blood cancer drug following increased risk of patient death in some studies.

The company will stop testing the drug, magrolimab, for all blood cancers and will review its safety across other studies such as those in patients with colon and breast cancers.

Gilead gained access to the drug through its $4.9 billion purchase of Forty Seven Inc in 2020.

Shares of the company, which forecast 2024 sales below estimates late Tuesday, were down 3.6% in noon trading.

The drug is an antibody treatment that blocks a type of protein, called CD47, which helps damaged cells avoid destruction by the immune system.

An analysis of a late-stage trial and other studies showed an increased risk of death, the company said, adding it also showed that the drug was unlikely to succeed in the trials.

The company had discontinued the study of the drug in combination with a type of chemotherapy in patients with a higher risk of myelodysplastic syndromes in July.

I-mab, Innovent Biologics, Akeso are among companies looking to develop similar class of drug for cancer.

https://finance.yahoo.com/news/1-us-fda-puts-hold-154020270.html