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Hi Healthy Returns readers,
Meg Tirrell tells us how Pfizer's $10.64 billion deal to acquire Array Biopharma could be a positive sign for more biotech deals. The FDA was warned of a cancer-causing chemical in a widely used blood pressure pill. PwC says employer medical costs are projected to rise next year. And vape giant Juul isn't thrilled with a proposal out of San Francisco.
Angelica LaVito will be returning next week as your host. It's been a pleasure!
(Are there any stories we should be chasing? Email tips, ideas, suggestions to CNBC Health Editor Dawn Kopecki at dawn.kopecki@nbcuni.com.)
| | Pfizer's $10B Array purchase sparks hope for more biotech deals | It's a big bet on precision medicine and just the latest in a slew of acquisitions of biotech companies focused on targeted cancer drugs. The approach involves homing in on the underlying drivers of tumor growth, and other companies in the space saw their stocks rise on speculation they may be the next targets. Biotech investors also hope it may be a sign big drug companies are ready to open their wallets more broadly for M&A deals, a boon for a sector that faces increasing political pressure on the price of drugs.
- Meg Tirrell | | | | Carcinogen found in a widely prescribed heart medication | Online pharmacy firm Valisure warned the Food and Drug Administration that it found high levels of a chemical believed to cause cancer in a widely prescribed blood pressure medication called valsartan. The chemical, dimethylformamide, is classified by the World Health Organization as a probable carcinogen and is used in the manufacturing process for certain drugs. The FDA told me it's reviewing the issue but said patients should continue taking their medications unless a doctor says otherwise.
- Berkeley Lovelace Jr. | | | | Employer health cost growth accelerating | For all the talk in Washington about reigning in health care costs, PwC says large employer health spending is on pace to rise 6 percent next year, at the highest growth rate since 2016. Not surprisingly, higher spending on specialty drugs will be one of the big drivers. After years of focusing on benefit design, employers are now taking a more hands-on approach to tackling the prices they pay to keep their workers healthy.
- Bertha Coombs | | | | Juul criticizes San Francisco's move to ban vape sales | Vape giant Juul isn't too happy with San Francisco supervisors after they moved closer to becoming the first city in the nation to ban e-cigarettes sales. Just this week, the board unanimously passed a measure to prohibit the sale of e-cigarettes in an attempt to quell youth vaping. The company, which is based in San Francisco, says the law would not stop youth nicotine use, but instead leave adult smokers with no alternative to cigarettes.
- Ashley Turner | | | | Collective Health Gets $200 Million from Softbank | Softbank led the latest round of funding for Silicon Valley unicorn Collective Health. The health insurance start-up aims to be a bigger player in the large employer market, at a time when many firms are looking for better value on medical care and better technology for workers to navigate their benefits-- and they've set their sights on taking share from the big insurers.
- Bertha Coombs | | | | Health giants are increasingly more worried about Amazon than they let on in public | When word spread that Amazon would move into health care, the largest companies assured their shareholders that they were not afraid. Nowadays, their tune seems to be changing. Amazon-owned PillPack, its pharmacy unit, tried to hire an executive from CVS Caremark. CVS hit back in court, and blocked the move for the near-term. Their argument? Amazon is talking to payors about direct contracting, and that could someday be a threat to our core business.
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