Good morning! This is Jonathan Wosen, West Coast biotech and life sciences reporter, writing to you from sunny San Diego — though the sun won’t be up for another hour or so . I’m filling in for Ed Silverman while he’s away from the Pharmalot campus. And while I may not be a coffee drinker, never fear, as always we’ve got an interesting lineup of news to help kick-start your week. …
This was supposed to be the year the biotech industry recovered from its ongoing slump, but that simply hasn’t happened, STAT tells us. The industry remains locked in a slowdown that began in late 2021, with investors saying that despite the profit prospects of weight-loss drugs made by Big Pharma, they’ve soured on the sector at large. That could change if the Federal Reserve lowers interest rates and if more biotechs successfully go public in 2024, according to cautiously optimistic observers.
Japan’s health ministry has approved Leqembi, an Alzheimer’s drug developed by Eisai and Biogen, Reuters explains. Eisai, a Japanese pharma firm, spearheaded work on the drug, which clinical trials found modestly slowed the progression of Alzheimer’s. Eisai must now win reimbursement approval from the country’s national health system, after which the company has said it will begin marketing the drug in Japan within two months.