Good morning, everyone, and welcome to another working week. We hope the weekend respite was invigorating and refreshing, because that oh-so familiar routine of phone calls, online meetings, and rushing about has predictably returned. But what can you do? The world, such as it is, continues to spin. So time to give it a nudge in a better direction with a cup or three of stimulation. Our choice today is buttery pecan. A delightful treat. Please feel free to join us. Meanwhile, here is the latest selection of items of interest, which we hope will prove educational. And so, onward. We hope you have a meaningful and productive day. And please do keep in touch. …
In response to controversy, a group of Colorado lawmakers is abandoning a bill that would have required a new state board — which is chartered with setting caps for the cost of medicines — to create exemptions for rare disease drugs, STAT reports. Instead, the lawmakers introduced a watered-down version to require the Prescription Drug Affordability Board to consider different uses of any medicine with a so-called orphan designation, which refers to treatments for rare diseases. The new legislation would also allow another state entity, the Rare Disease Advisory Council, to review such drugs in hopes of giving more voice to patients.
A two-decade bet on a biotechnology company turned into a roughly $8 billion windfall for investors in a New York hedge fund earlier this year, The Wall Street Journal explains. Baker Bros. Advisors, a hedge-fund firm run by brothers Felix and Julian Baker, had in 2003 invested in Seagen, a developer of next-generation cancer treatments. Pfizer bought the company for $43 billion last year. The firm held a nearly 25% stake in Seagen and reaped about $10 billion in proceeds when the acquisition closed in December. It gave back most of that to its investors earlier this year, people familiar with the matter said, in what was one of the industry’s largest ever returns of capital.