Author: IQ TIMES MEDIA

(Reuters) -A UnitedHealth shareholder proposed on Friday that the healthcare group should adopt a policy to require an independent board chair, a role now held by CEO Stephen Hemsley. The Accountability Board, a nonprofit advocacy group and UnitedHealth’s shareholder, said the current structure would decrease the board’s “checks and balances by consolidating power.” Hemsley took the CEO job after his predecessor Andrew Witty resigned abruptly in May. Hemsley served as the board chair since 2017. “Now, a single person holds both roles — which is as far as it gets from the independent oversight shareholders so critically need,” the proposal…

(Reuters) -Drugmaker AbbVie said on Friday it has lowered its annual profit forecast, after flagging an expected $2.7 billion charge related to in-process research and development (IPR&D) expenses in the third quarter. The Chicago-based company said in a regulatory filing that such expenses may arise from collaborations, licensing deals or asset buys, but are not forecast due to uncertainty around timing and occurrence. It did not specify how the expense was incurred. Including the third-quarter charge, AbbVie now expects full-year adjusted earnings per share between $10.38 and $10.58, compared with the prior range of $11.88 to $12.08. Analysts were expecting…

(Reuters) -A UnitedHealth shareholder proposed on Friday that the healthcare group should adopt a policy to require an independent board chair, a role now held by CEO Stephen Hemsley. The Accountability Board, a nonprofit advocacy group and UnitedHealth’s shareholder, said the current structure would decrease the board’s “checks and balances by consolidating power.” Hemsley took the CEO job after his predecessor Andrew Witty resigned abruptly in May. Hemsley served as the board chair since 2017. “Now, a single person holds both roles — which is as far as it gets from the independent oversight shareholders so critically need,” the proposal…

By Rishika Sadam (Reuters) -Eli Lilly will invest more than $1 billion in India in the coming years to boost manufacturing and supply through local drugmakers, the company said on Monday, as it seeks to tap into skilled workforce to bolster its global manufacturing expansion. The collaborations aim to increase the availability of Lilly’s key drugs, including those for obesity, diabetes, Alzheimer’s, cancer and autoimmune conditions, the company said. “We are making significant investments to increase manufacturing and medicine supply capacity around the world,” Patrik Jonsson, president of Lilly International, said, adding, India is a hub for capability building within…

(Reuters) -Algen Biotechnologies said on Monday it has agreed to grant AstraZeneca a license to develop gene therapies the U.S.-based biotech discovers using its artificial intelligence-driven platform, in a deal worth up to $555 million. Under the deal, AstraZeneca will get exclusive rights to develop therapies that target immune system-related disorders. The Anglo-Swedish pharmaceutical major will also get the right to sell the treatments, if they get approved, while Algen will get upfront and milestone payments. AstraZeneca has been advancing its cell and gene therapy capabilities through acquisitions and partnerships as it works towards its target of $80 billion in…

By Deena Beasley LOS ANGELES (Reuters) — Amgen (AMGN) on Monday launched direct-to-consumer U.S. sales of its cholesterol-lowering medication Repatha at a discounted cash price, becoming the latest pharmaceutical company to respond to U.S. political pressure to lower drug prices. The cash price of $239 a month is nearly 60% below Repatha’s current list price, but is not available for people using health insurance. Amgen says on its website that 98% of commercially insured U.S. patients have coverage for the drug with monthly co-pays as low as $15. Few people in the U.S. pay cash for prescription medications. Most have…

By Sneha S K and Siddhi Mahatole (Reuters) -Peter Marks, the former top vaccine regulator who was ousted from the U.S. Food and Drug Administration earlier this year, has joined Eli Lilly, the drugmaker told Reuters on Tuesday. Marks will oversee molecule discovery and infectious diseases at Lilly, starting this month. “Peter’s expertise strengthens our abilities across multiple areas, both in our existing portfolio and in our work in emerging areas,” the company said. Lilly added it continually evaluates breakthrough science which could benefit patients. Marks, who played a key role in U.S. President Donald Trump’s first term in developing…

By Sneha S K and Siddhi Mahatole (Reuters) -Peter Marks, the former top vaccine regulator who was ousted from the U.S. Food and Drug Administration earlier this year, has joined Eli Lilly, the drugmaker told Reuters on Tuesday. Marks will oversee molecule discovery and infectious diseases at Lilly, starting this month. “Peter’s expertise strengthens our abilities across multiple areas, both in our existing portfolio and in our work in emerging areas,” the company said. Marks, who played a key role in U.S. President Donald Trump’s first term in developing COVID-19 vaccines, resigned in March after being forced out by U.S.…

(Reuters) -Peter Marks, the former top vaccine regulator who was ousted from the U.S. Food and Drug Administration earlier this year, has joined Eli Lilly, the drugmaker told Reuters on Tuesday. Marks will oversee molecule discovery and infectious diseases at Lilly Research Laboratories. “Peter’s expertise strengthens our abilities across multiple areas, both in our existing portfolio and in our work in emerging areas,” the company told Reuters. Marks, who played a key role in U.S. President Donald Trump’s first term in developing COVID-19 vaccines, resigned in March after being forced out by U.S. Health Secretary Robert F. Kennedy Jr. Shares…

(In paragraph 8, removes reference to the layoff of a strategic communications manager) By Maggie Fick and Soren Jeppesen LONDON/COPENHAGEN (Reuters) -Wegovy-maker Novo Nordisk has laid off dozens of employees at the largest U.S. manufacturing site for its blockbuster obesity and diabetes drugs, a Reuters review of LinkedIn posts showed, a signal of where it is making cuts in a major restructuring under new CEO Mike Doustdar. The previously unreported cuts included staff in manufacturing roles, from quality control to production line technicians, at Novo’s major Clayton, North Carolina, plant and other facilities in the state, an analysis of 73…