And so, another working week will soon come to a close. Not a moment too soon, yes? This is, you may recall, our treasured signal to daydream about weekend plans. Our agenda is still shaping up, but we expect to promenade with the official mascots, catch up on our reading, and hang with a relative or two. We also hope to hold another listening party with Mrs. Pharmalot and, if so, the rotation will likely include this, this, this, this and this. And what about you? The end-of-year holiday break is upon us, so this, of course, is an opportunity to connect with special folks or, if need be, find some needed alone time. You could go out and about and sample some fun eateries or perhaps binge watch those moving picture shows you missed. And when you have finished with all this, you can then plan the rest of your life. Well, whatever you do, have a grand time. But be safe. Enjoy, and see you on Jan. 2 when we return with our daily menu of tidbits. …
Bristol Myers Squibb agreed to buy Karuna Therapeutics for $14 billion, STAT writes. For Bristol, the deal represents a re-entry into the market for drugs to treat psychiatric and neurological diseases. The antipsychotic drug Abilify was once a blockbuster product for Bristol until the entry of generic competition. Karuna has an experimental drug that the U.S. Food and Drug Administration is reviewing for treating schizophrenia. The drug, which is also in development for conditions related to Alzheimer’s and bipolar disorder, could surpass $6 billion in yearly sales if it is approved for the various uses, according to Mizuho Securities analysts.
Drugmakers are slow-walking products to market to get around a federal law to lower medication prices, Bloomberg News explains. The companies are delaying or evaluating therapies in light of Medicare’s ability to negotiate for lower prices. Drugmakers that normally try to sell drugs as soon as possible are suspending clinical trials and shifting timelines. The Inflation Reduction Act has sparked both ire and lawsuits from drug manufacturers claiming it will eat into the vital cash they need to develop new medicines. So they are moving to maximize revenue potential, even if it means patients will have to wait longer for new therapies.