Author: IQ TIMES MEDIA

By Abigail Summerville and Svea Herbst-Bayliss (Reuters) -Tylenol maker Kenvue was already having a painful year before U.S. President Donald Trump and his health secretary got involved. Activist investor Starboard Value took aim at the company about a year ago, forcing the Band-Aid and Benadryl maker to settle a potentially costly and time-consuming fight by naming the hedge fund’s CEO, Jeffrey Smith, and two other directors to the board in March. Other unhappy investors weren’t mollified by the board refreshment, including Daniel Loeb’s hedge fund Third Point, which quietly built its own stake in April. In mid-July, Kenvue’s board ousted…

By Diana Novak Jones (Reuters) -A U.S. judge on Tuesday rejected Humana’s bid to challenge the Centers for Medicare & Medicaid Services’ 2025 ratings for its Medicare Advantage plans, which could cost the health insurance company millions of dollars in bonus payments from the government. U.S. District Judge Reed O’Connor in Fort Worth, Texas, sided with the U.S. Department of Health and Human Services in Humana’s lawsuit over a reduction in the so-called star ratings for its Medicare Advantage plans, saying CMS properly evaluated the plans. A spokesperson for Humana said the company would explore all legal options. The company…

By Sneha S K and Bhanvi Satija (Reuters) -Shah Capital has urged Novavax’s board to pursue a sale of the biotech, citing a third consecutive year of poor rollout of its COVID-19 vaccine, the hedge fund said on Tuesday. In its letter, shared exclusively with Reuters, the second largest shareholder in Novavax suggested that the vaccine maker’s capabilities will “have far greater potential in the hands of a large capable pharma entity.” Novavax in response said that its board remains open to “other credible options” that maximize shareholder value. Shah Capital, which owns 7.2% of Novavax, is making a second…

By Bhanvi Satija LONDON (Reuters) -German biotech firm Tubulis said on Wednesday it had raised 308 million euros ($358 million) in its biggest financing round to date, contributing to a total of 495 million euros earmarked for advancing its research into targeted cancer therapies. Tubulis is developing targeted cancer treatment, specifically antibody-drug conjugates often referred to as “guided missiles,” which deliver chemotherapy directly to cancer cells while minimizing harm to healthy tissue. The market for these treatments is projected to reach $31 billion by 2030 based on currently approved drugs and could expand further, analysts at TD Cowen estimated. The…

By Sneha S K and Sriparna Roy (Reuters) -Pelage Pharmaceuticals said on Wednesday it had closed a $120 million funding round to help advance the development of its novel hair loss treatment. The Series B financing round was co-led by ARCH Venture Partners and Google Ventures, with participation from existing investors including Main Street Advisors, Visionary Ventures and YK Bioventures. Pelage declined to share its valuation. The financing will help the company begin multiple late-stage trials and grow its headcount necessary to conduct larger-scale studies, Chief Medical Officer Christina Weng said. The company plans to begin late-stage trials next year…

Americans are still cracking open cold ones, but what’s inside their cans is changing. More people are now reaching for cannabis beverages, nonalcoholic drinks infused with tetrahydrocannabinol, or THC, the main ingredient in marijuana that makes you feel high. Some varieties also include cannabidiol, or CBD, a chemical compound found in marijuana or hemp that proponents say helps relieve pain, anxiety and other health symptoms. The drinks come in different forms including seltzers, juices, sodas and teas. Consumer demand for cannabis beverages is growing as Americans drink less booze. According to a July Gallup survey, the percentage of U.S. adults…

(Reuters) -An Australian court on Wednesday stopped U.S. drugmaker Cosette from abandoning its A$672 million ($437.6 million) takeover of Mayne Pharma, which now awaits clearance from the Foreign Investment Review Board (FIRB). The ASX-listed pharmaceutical company said on Thursday it would take all steps within its scope to implement the deal. Shares in Mayne Pharma jumped as much as 14.8% to A$6.5 at open in Sydney, but were still trading way below the A$7.40 apiece that Cosette had offered. Cosette has been trying to terminate its offer, after saying in May that it was reviewing the deal because of a…

COPENHAGEN (Reuters) -Novo Nordisk’s shares fell 5.6% in early trade on Friday after U.S. President Donald Trump said on Thursday that the price of the Danish drugmaker’s best-selling weight-loss drug would be lowered. Trump made the comments during a White House event on fertility treatments and drug pricing. He was asked by reporters to identify the name of a drug that he earlier in the event said would be made less expensive. “I was referring to Ozempic, or – I was referring to – the fat loss drug?…. They’ll be much lower,” Trump said. Although Novo’s Ozempic is approved for…

(Reuters) -Rani Therapeutics on Friday announced a licensing deal to develop and sell an oral version of Chugai Pharmaceutical’s experimental antibody, with options to expand to five additional drugs, potentially valuing the deal at $1.09 billion. Shares of San Jose-based Rani more than doubled in premarket trading. Under the deal, Rani will receive a $10 million upfront payment, up to $75 million in technology transfer and development milestones, as well as up to $100 million in sales milestones and single-digit royalties for the first licensed program, which targets a rare disease. Tokyo-based Chugai has the option to license up to…

(Reuters) -Medical device maker Boston Scientific said on Friday it will buy the remaining equity in privately held Nalu Medical for about $533 million in cash, expanding its portfolio of treatments for chronic pain. Boston Scientific has been a strategic investor in Carlsbad, California-based Nalu Medical since 2017, supporting its development of neurostimulation technologies for chronic pain. The deal gives Boston Scientific access to Nalu’s neurostimulation device, designed to deliver targeted relief to adults living with chronic pain in areas such as the shoulder, lower back and knee, through peripheral nerve stimulation (PNS). PNS is used primarily to treat chronic…