Biden calls Japan, India ‘xenophobic’ on immigration alongside China, Russia

 President Biden called Japan and India ‘xenophobic’ at an off-camera campaign fundraiser in Washington, D.C., on Wednesday, lumping the U.S. allies in with China and Russia while making the argument that the United States is right to welcome in immigrants.

“This election is about freedom, America and democracy. That’s why I badly need you. You know, one of the reasons why our economy is growing is because of you and many others. Why? Because we welcome immigrants,” the president said.

“The reason — look, think about it. Why is China stalling so badly economically? Why is Japan having trouble? Why is Russia? Why is India? Because they’re xenophobic. They don’t want immigrants. Immigrants are what makes us strong. Not a joke; that’s not hyperbole. Because we have an influx of workers who want to be here and want to contribute,” he added, according to a pool report.

Biden has been hit relentlessly by Republicans over immigration, which is among a host of issues key to the 2024 election.

Biden has previously hit China for its lack of immigration as a reason for its economic troubles but hasn’t criticized Japan, which is a key ally in Asia. He’s also had choice words for Russia, particularly during its war with Ukraine.

In including India and Japan alongside with China and Russia, Biden lumped in two counties considered key allies, particularly when it comes to combating China.

Biden has hosted leaders of both countries at the White House in the last year. He hosted Indian Prime Minister Narendra Modi in June 2023 and Japanese Prime Minister Fumio Kishida last month. Both were also treated to state dinners.

https://thehill.com/homenews/administration/4638430-biden-calls-japan-india-xenophobic-on-immigration-alongside-china-russia/

DeSantis signs bill banning lab-grown meat

 Florida Gov. Ron DeSantis (R) signed a bill banning lab-grown meat in his state Wednesday, in what he described as an effort to “save our beef.”

“Today, Florida is fighting back against the global elite’s plan to force the world to eat meat grown in a petri dish or bugs to achieve their authoritarian goals,” DeSantis said in a press release Wednesday. “Our administration will continue to focus on investing in our local farmers and ranchers, and we will save our beef.”

The bill, S.B. 1084, makes it “unlawful” for people to “manufacture for sale, sell, hold or offer for sale, or distribute” lab-grown meat in Florida. 

“Florida is taking a tremendous step in the right direction by signing first-in-the-nation legislation banning lab-grown meat,” Florida Commissioner of Agriculture Wilton Simpson (R) said in the press release. 

“We must protect our incredible farmers and the integrity of American agriculture. Lab-grown meat is a disgraceful attempt to undermine our proud traditions and prosperity, and is in direct opposition to authentic agriculture,” Simpson continued.

Good Meat, which describes itself on its website as “the first company in the world to sell cultivated meat,” said it was “disappointed” that DeSantis “signed into law the criminalization of cultivated meat in” the Sunshine State.

“In a state that purportedly prides itself on being a land of freedom and individual liberty, its government is now telling consumers what meat they can or cannot purchase,” Good Meat said in a post on the social platform X.

“The law is a setback for everyone: Floridians who deserve the right to eat whatever safe and approved meat they want; Florida’s technology sector, innovators and entrepreneurs; and all those working to stop the worst impacts of climate change,” the post continues.

https://thehill.com/homenews/state-watch/4638590-desantis-signs-bill-banning-lab-grown-meat/

'Menendez lawyers tie cash, gold found in home to psychological trauma'

 Attorneys for Sen. Bob Menendez (D-N.J.) argued Wednesday that the large trove of cash and gold discovered by law enforcement in a raid on his home isn’t from corrupt deals, but instead a result of generational trauma and a habit to hoard reserves.

Menendez, his wife and two business partners were charged last year in a sweeping corruption case, alleging the senator sold influence and received hundreds of thousands of dollars in cash, gold and gifts in return.

His defense argued in a filing Wednesday that the discovery of $480,000 cash and 13 gold bars at his home was from a habit rooted in psychological trauma tied to his father’s suicide and a family history of confiscated property in Cuba.

His attorneys have requested that a psychologist be called into the trial to question Menendez on the claims. Prosecutors have resisted the idea.

The psychologist is “expected to testify that Senator Menendez suffered intergenerational trauma stemming from his family’s experience as refugees, who had their funds confiscated by the Cuban government and were left with only a small amount of cash that they had stashed away in their home,” the filing reads.

Menendez also “experienced trauma when his father, a compulsive gambler, died by suicide after Senator Menendez eventually decided to discontinue paying off his father’s gambling debts,” the filing continued.

It describes hoarding cash and gold at home as a “coping mechanism” from trauma which never received treatment.

The filing follows similar claims from Menendez made short after the charges were filed last year. He initially explained away the cash and gold findings by saying the habit was common among immigrant families, adding it was intended for “emergencies.”

Prosecutors said the request for a psychologist is merely an attempt to bias the jury to “engender sympathy based on his family background, in the guise of expert testimony.”

Menendez and his wife face separate trials in the case. All four defendants have pleaded not guilty to the charges.

The senator’s trial is scheduled to start May 13.

https://thehill.com/regulation/court-battles/4638512-menendez-lawyers-cash-gold-psychological-trauma/

Taylor Swift, Drake reps bring music back to TikTok with new deal

 Music from artists represented by Universal Music Group will return to TikTok after reaching a new licensing deal, the companies announced Wednesday.  

Universal, which represents artists including Billie Eilish, Drake and Taylor Swift, pulled their artists’ music from TikTok in February after failing to reach a new licensing deal over disputes about monetizing artists and artificial intelligence (AI) protections.  

The new agreement, which includes commitments around AI protections, means music from the artists will return to the platform.  

Some music from artists under the label, including songs by Taylor Swift, had already returned despite the dispute, Variety reported.  

As part of the new agreement, Universal Media Group and TikTok will work together to “realize new monetization opportunities” that use TikTok’s e-commerce capabilities, the companies announced.  

Universal Media Group and TikTok will also work together to ensure AI development in the music industry will protect human artists and the flow of money to artists and songwriters.  

TikTok will also commit to work with the music label to remove unauthorized AI-generated music from the platform, according to the announcement.  

Universal Music Group CEO Lucian Grange said in a statement the label looks forward to “collaborating with the team at TikTok to further the interests of our artists and songwriters and drive innovation in fan engagement while advancing social music monetization.”  

TikTok CEO Shou Chew called music an integral part of the TikTok ecosystem.  

“We are committed to working together to drive value, discovery and promotions for all of UMG’s amazing artists and songwriters, and deepen their ability to grow, connect and engage with the TikTok community,” Chew said in a statement.  

https://thehill.com/policy/technology/4638553-taylor-swift-drake-reps-bring-music-back-to-tiktok-with-new-deal/

Regeneron Misses Q1 Earnings on Lower-Than-Expected Eylea Sales

 Regeneron Pharmaceuticals reported first-quarter 2024 financial results Thursday that missed consensus Wall Street expectations for earnings and revenue. 

Analysts expected Regeneron to earn $10.18 per share and report $3.23 billion in sales in the quarter. However, the company’s Q1 adjusted earnings came in at $9.55 per share with $3.15 billion in sales. 

Soft sales of its blockbuster eye drug—developed with Bayer—also missed expectations, which Regeneron said was caused by a $40 million cut in inventory and changing market dynamics. In Q1, the company posted $1.4 billion in Eylea sales, a 2% drop compared to the $1.43 billion generated in the same period in 2023 and falling short of Wall Street estimates of $1.86 billion. 

A new, higher dose (HD) version contributed $200 million to total sales. Analysts forecast that Eylea HD will gain market share over standard dose in the next year. 

With its exclusivity originally set to expire this year, Regeneron fended off Eylea biosimilars with a court ruling that extended its patent to June 2027. However, Roche’s Vabysmo has been growing market share since its 2022 FDA approval. The competitor’s eye drug brought in sales of $927 million in the first quarter of 2024. 

“We are well positioned to continue our leadership in retinal diseases,” Regeneron CEO Leonard Schleifer said in a statement. 

Regeneron reported Q1 sales of its Sanofi-partnered asthma drug Dupixent of $3.08 billion, short of analyst expectations of $3.19 billion. However, it still represented a 24% growth rate versus the same period in 2023.  

Regeneron’s oncology portfolio is steadily gaining ground with its skin cancer drug. Global sales of Libtayo grew 49% in Q1 to $264 million compared to the same quarter last year with $177 million. The company’s cholesterol injection Praluent saw 75% growth to $70 million in the most recent quarter.  

Total net product sales came in at $1.76 billion, growing 6% compared to Q1 2023 sales of $1.67 billion. 

Regeneron’s board has approved a $3 billion share buyback program, on top of a $1.2 billion buyback program announced in March 2024. 

The repurchase program provides Regeneron with “additional flexibility to continue returning capital to shareholders over time,” CFO Christopher Fenimore said in a statement. 

https://www.biospace.com/article/regeneron-misses-q1-earnings-on-lower-than-expected-eylea-sales-/

Novartis Buys Mariana Oncology in $1B Acquisition, Bolsters Radiopharma Assets

Novartis pushed deeper into radioligand therapy Thursday, announcing a $1 billion buyout that will give it control of Mariana Oncology’s preclinical cancer pipeline and clinical supply capabilities.

The Swiss drugmaker is paying $1 billion and committing up to $750 million in milestones to add Mariana to its stable of radiopharmaceutical assets. Mariana quickly emerged as a well-financed player in the hot radioligand space, exiting stealth with $75 million in 2021 and following up with a $175 million Series B financing round in 2023.

Massachusetts-based Mariana has used the money to establish a pipeline led by MC-339. The candidate consists of a peptidic small molecule engineered to carry a radioactive actinium payload. By using a small molecule to deliver the payload to an undisclosed target, Mariana could administer a dose of actinium that is fatal to small cell lung cancer cells without causing unbearable harm to healthy tissue.

Mariana was aiming to move MC-339 into the clinic in 2024 when it raised the Series B round last year. To support its move into human testing, the biotech has established radiopharmaceutical manufacturing capabilities. Novartis noted the acquired clinical supply capabilities among the positives of Thursday’s deal.

Radiopharmaceuticals pose distinct manufacturing challenges. Radioisotopes have short half-lives and a relatively small number of facilities are equipped to produce and handle the molecules. Novartis ran into problems last year, delaying access to its approved radioligand therapy Pluvicto. However, CEO Vas Narasimhan said on an earnings call in April 2024 that “supply performance is now consistently at a very high level with over 99.5% of injections administered on the planned day.”

Mariana is not set up for commercial supply but has invested to support its clinical trials. The biotech also has research infrastructure that will add to the capabilities that Novartis has created and picked up through deals in recent years.

Novartis was ahead of the radiopharmaceutical trend. In 2018, the company closed acquisitions of Advanced Accelerator Applications and Endocyte, paying a total of $6 billion to add Lutathera and the candidate now sold as Pluvicto to its portfolio.

Rival drugmakers followed Novartis into the radiopharma space, with AstraZeneca, Bristol Myers Squibb and Eli Lilly paying between $1.4 billion and $4.1 billion to acquire biotechs that specialize in the modality in recent months. Novartis has continued to seek out technologies as well, leading to deals with 3B Pharmaceuticals, Bicycle Therapeutics and PeptiDream over the past year or so.

Novartis has added to its radioligand capabilities while buying treatments that kill cancer cells via different mechanisms. This year, the company has struck deals to buy MorphoSys for 2.7 billion euros ($2.9 billion) and license Arvinas’ Phase III-ready protein degrader for $150 million.

https://www.biospace.com/article/novartis-buys-mariana-oncology-in-1b-acquisition-bolsters-radiopharma-assets/

Unit Labor Costs Soar In Q1 As 'AI Productivity Boom' Fails To Show Up

 Remember how AI was going to save the world, give us all more leisure time because of its massive boost to productivity?

Well, in Q1 in the US... it failed to show up as non-farm productivity - or nonfarm employee output per hour - rose at a measly 0.3% annualized rate after an upwardly revised 3.5% gain in the prior period (well below expectations)...

On the flip-side of that - and echoing the market-worrying ECI data earlier this week - Unit Labor Costs soared 4.7% in Q1 (well above the 4.0% expected and the 0.4% rise in Q4)...

Source: Bloomberg

So wage inflation is confirmed - rising at the fastest pace in a year - as all the gains we have been told to expect from AI just aren't there in the data.

While quarterly productivity figures are quite volatile, a sustained slowdown represents another hurdle for the Federal Reserve’s inflation fight. With interest rates expected to stay at a two-decade high for awhile longer, business investment in equipment will likely continue to be a weak factor in overall economic growth.

Today's data corroborates other data that showed gross domestic product cooled in the first quarter while employment costs rose by the most in a year. As a result, inflation is proving stubborn, supporting the Fed’s pivot to a more hawkish stance that will keep interest rates higher for longer than anticipated.

Of course, Fed Chair Powell told us yesterday that he "doesn't see the stag or the flation" in US data...

https://www.zerohedge.com/markets/unit-labor-costs-soar-q1-ai-productivity-boom-fails-show