Good morning. Elizabeth Cooney here today, filling in for Ed Silverman. In his spirit, I will remind you that we have made it this far through the work week, so shall we carry on? He might also wonder if we have any choice. While you ponder whether to get all existential, here are some news items to get you going.
As Puma Biotechnology (PBYI) struggles to meet sales goals and expand usage for its all-important Nerlynx breast cancer treatment, the company has resorted to a tried-and-true tactic for boosting sales — raising prices, STAT writes. But Puma has taken a step most other drug makers have avoided recently: The wholesale price for Nerlynx not only jumped twice this year, but by 9.9% each time, for a total increase of 20% in just nine months.
Arizona withdrew its support for a proposed nationwide opioid settlement with Purdue Pharma, saying the maker of OxyContin sought to “undermine material terms of the deal,” according to a court filing on Monday, Reuters reports. Since Purdue filed for bankruptcy protection in September, Arizona is the first state to switch sides in the looming showdown over the privately held company’s proposed settlement, which it has estimated is worth more than $10 billion.