Rise and shine, everyone. The middle of the week is upon us. Have heart, though. You made it this far, so why not hang on for another couple of days, yes? And what better way to make the time fly than to keep busy. So grab that cup of stimulation — our flavor today boasts the aroma of blueberries — and get started. Meanwhile, we are happy to pass along the latest menu of tidbits to help you on your way. Hope you have a productive day and do stay in touch. We accept documents and tips …
Celgene (CELG) admitted bungling an attempt to win approval for an important new drug in a “self-inflicted” error that damaged its credibility on Wall Street, The Financial Times says. Earlier this year, the Food and Drug Administration refused to review an application for a multiple sclerosis pill because Celgene had not done enough work to understand how the drug was metabolized. “[The FDA] kinda said ‘What happened, guys, this isn’t what we usually expect from Celgene?’ And we had to say, you know, ‘mea culpa. It’s on us’,” says Nadim Ahmed, who heads hematology and oncology at Celgene.
Health and Human Services Secretary Alex Azar told a Senate committee the government has the authority to modify or eliminate the rebates pharmacy benefit managers get from drug makers on behalf of patients in Medicare prescription drug plans, STAT writes. He also argued that allowing Medicare to negotiate directly with drug makers to set prices could backfire and force the program to pay even higher prices for drugs, according to Modern Healthcare.
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Celgene enters into a partnership with start-up firm Skyhawk Therapeutics. https://news.alphastreet.com/celgene-inks-a-deal-with-biotech-start-up-skyhawk-therapeutics/