Biotech Moves: Layoffs, Deals, and Drug Concerns

Let's take a look at what's been happening in the biotech world today. Sage Therapeutics is cutting its workforce by a third and changing its leadership. Why? Recent clinical trial failures have likely played a role. Over in Australia, regulators have rejected Eisai and Biogen's Alzheimer's drug, Leqembi. They feel the benefits don't outweigh the risks. Eisai is planning to appeal the decision. Sanofi is making a substantial investment, spending 300 million Euros ($325 million) to acquire a 16% stake in Orano Med. The focus is on cancer treatments. Novartis is also getting into the game, giving $70 million to Chengdu Baiyu for an experimental cancer therapy. Telehealth platforms are eager to offer GLP-1 drugs. But here's something interesting: Only a few doctor groups are writing most of the prescriptions. This has some experts worried about patient safety. Republican strategists are talking about the Inflation Reduction Act. A former Trump official thinks the GOP should reconsider its stance. Chris Boerner, the new CEO of Bristol Myers Squibb, is looking to boost revenue. He's emphasizing cardiovascular disease, oncology, and neuroscience as key areas. In other news, Novavax is facing a new challenge. The FDA has paused its flu vaccine and combo shot due to a rare side effect.