Pharma and Biotech Daily: August 21, 2024 - Leadership Changes, FDA Setbacks, and Industry Updates

Good morning from Pharma and Biotech daily: the podcast that gives you only what's important to hear in Pharma and Biotech world. Biopharma news on August 21, 2024 saw changes in Biomarin's C-suite, with Greg Friberg and James Sabry taking over R&D and business development. BridgeBio launched GondolaBio for rare disease drug programs, while Regeneron faced FDA setbacks for a myeloma drug. Avidity and Kymera raised funds, Walgreens partnered with Barda, and Merck licensed an antibody drug conjugate. Thermo Fisher Scientific supported oncology research with new developments in clinical trials. Overall, the industry saw leadership changes, setbacks in drug approvals, fundraising activities, partnerships, and innovations in clinical trials.A study suggested that patients on Novo Nordisk's semaglutide may have a higher risk of suicidal thoughts. The FDA denied Regeneron's drug approval for myeloma due to manufacturing issues. Lawmakers raised concerns about US biopharma companies working with the Chinese military. Novo Nordisk, Eli Lilly, and Sanofi are each focusing on different markets for their diabetes GLP-1 drugs. The impact of recent Supreme Court decisions on the healthcare and pharma industries is discussed, including challenges against regulations and reforms proposed by President Joe Biden. The uncertainty could jeopardize FDA authority and provisions in the Inflation Reduction Act, adding complexity for pharma companies.The Biosecure Act revealed gaps in domestic drug manufacturing readiness in the US. Different strategies of Novo Nordisk, Eli Lilly, and Sanofi in developing and distributing their GLP-1 drugs were highlighted. A gene therapy patent ruling raised intellectual property concerns, Genentech closed its cancer immunology group, and layoffs were reported in the industry. House lawmakers expressed worries about US biopharma companies collaborating with the Chinese military on trials. Aadi Bioscience plans to lay off 80% of its R&D staff.