Good morning, one and all. Damian Garde here, filling in for Ed Silverman on the eve of a winter storm in our part of the world that could either dust the sidewalk or bring about the end of civilization, depending on which meteorologists you trust. Here’s hoping you’ve got a plan in place to withstand whatever weather the weekend brings — or, even better, that you had the good sense to live some place where catastrophic snowfall is a foreign concept. Anyway, here as always are a few tidbits to get your day started, and please do let us know if you hear anything interesting out there. …
Biogen (BIIB) is selling its stake in a biosimilars joint venture for $2.3 billion, STAT tells us, adding to the company’s cash reserves as investors clamor for M&A. Under the agreement, Samsung Biologics is acquiring Biogen’s roughly 50% stake in the biosimilars manufacturer Samsung Bioepis, which the two founded in 2012.
Eli Lilly (LLY) has abandoned an effort to get its blockbuster rheumatoid arthritis medicine approved for lupus, the company said. The drug, Olumiant, succeeded in one lupus trial but failed in a second. The company is also struggling to win FDA approval for Olumiant in eczema, saying that it “does not have alignment” with the agency and warning a rejection could be in the drug’s future.
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