Author: IQ TIMES MEDIA
(Reuters) -Merck said on Tuesday that it has entered into an agreement to receive funds managed by Blackstone Life Sciences for $700 million to develop an experimental cancer therapy. Under the terms of the agreement, Blackstone’s drug development unit will fund a portion of the development costs to test sac-TMT, an experimental antibody-drug conjugate. Antibody-drug conjugates are designed to deliver an anti-cancer drug more precisely to malignant cells, causing less damage to healthy cells than chemotherapy. Merck is currently evaluating sac-TMT in 15 global late-stage trials spanning six tumor types, including breast, endometrial and lung cancers. The company is working…
(Amends paragraph 6 after Metsera corrects Novo’s previous CVR offer to $21.25 from $22.50) (Reuters) -Novo Nordisk and Pfizer have revised their bids for Metsera, the obesity drug developer said on Tuesday. Novo’s revised offer brings the deal value to about $10 billion, while Pfizer is now willing to shell out $8.1 billion. The revised bids come as both companies are engaged in a public dispute to acquire Metsera. Pfizer has filed two lawsuits against Metsera, its board, and Novo Nordisk. The first lawsuit, filed on Friday, claims Novo’s bid breaches Pfizer’s merger agreement and seeks to bypass antitrust review.…
(Reuters) -Health and life insurer Aflac topped Wall Street estimates for third-quarter profit and revenue on Tuesday, driven by investment gains and higher premium growth in its United States division. Shares of the company were up more than 2% in extended trading. The Columbus-based insurer provides accident and pet insurance plans through its units in the United States and Japan. Additionally it offers supplemental insurance to help cover out-of-pocket costs, including specialized coverage for critical illnesses, dental care and ophthalmological requirements. The company’s U.S. unit earned net premiums of $1.5 billion in the third quarter, up 2.5% from a year…
By Sriparna Roy and Sneha S K (Reuters) -Health insurer Humana’s shares fell more than 7% after it did not provide performance commentary for 2026, disappointing investors even as it reported better-than-expected quarterly profit on higher revenues and in-line medical costs. The company did not provide membership or profit forecasts for 2026 in its quarterly results on Wednesday and at least two analysts said the lack of clarity on next year’s performance could be weighing on sentiment. Lower quality ratings for its Medicare Advantage plans have been a concern for next year as they could cost Humana millions of dollars…
By Padmanabhan Ananthan (Reuters) -Cencora will invest over $1 billion through 2030 to expand its U.S. network, the drug distributor said on Wednesday, after forecasting adjusted profit for next year above Wall Street expectations. The company said it will build a second national distribution center in Harrison, Ohio, and new or enlarged sites in California and Alabama. The investment aligns with the Trump administration’s push to boost domestic pharmaceutical manufacturing and distribution, and help Cencora respond to surging demand for medicines that need special handling and refrigeration. The new Ohio hub will span 530,000 square feet and have advanced automation,…
By Sahil Pandey (Reuters) -Zimmer Biomet Holdings cut its 2025 organic revenue growth forecast following weakness in Latin America and emerging markets in Europe, sending shares 15% lower on Wednesday. The medical device maker kept its overall revenue growth forecast stable, aided by foreign currency fluctuations. But it lowered the upper end of its organic growth outlook to 4.0% from 4.5%, while keeping the floor constant at 3.5%. “We saw a last minute cancellation of distributor orders mostly from the Middle East and Eastern Europe,” said CEO Ivan Tornos. The company reported 5% organic sales growth for the third quarter,…
(Corrects spelling of analyst name in paragraph 3 to Syed) By Deena Beasley (Reuters) -Amgen on Tuesday reported quarterly financial results that beat Wall Street expectations, and raised its full-year outlook, as 12% sales growth offset expenses related to experimental weight-loss drug MariTide and a higher tax rate. The California-based biotech company’s third-quarter revenue also rose 12% from a year earlier to $9.56 billion, which was ahead of analysts’ estimates of $8.97 billion, according to LSEG data. Adjusted earnings per share increased 1% to $5.64, compared with the average analyst forecast of $5.01. The results represent “a decent beat and…
(Reuters) -Health insurer Humana reported third-quarter profit that beat Wall Street estimates on Wednesday, helped by higher premiums and medical costs which were in line with the company’s expectations. It is one of the largest providers of Medicare Advantage plans for people 65 and older and those with disabilities, and gets most of its revenue from those plans. The industry has been battling stubbornly high costs for the last two years due to the increased use of healthcare services across government-backed plans. Humana has been making efforts to contain costs by repricing plans and adjusting benefits to help boost profits.…
(Reuters) -Drug distributor McKesson raised its fiscal 2026 profit forecast on Wednesday, betting on strong growth in its oncology and specialty drug distribution businesses. Shares of the company rose about 2% in extended trading. Drug distributors in the United States are expanding their presence in the market for specialty medicines, which treat complex conditions such as rheumatoid arthritis and cancer, due to their high profit margins. McKesson now expects adjusted earnings per share in the range of $38.35 to $38.85 for fiscal 2026, compared to its previous outlook of $38.05 to $38.55 per share. Analysts, on average, expect a profit…
By Jonathan Stempel (Reuters) -Bristol Myers Squibb reached a $239 million settlement of claims that former Celgene shareholders were defrauded about prospects for the psoriasis drug Otezla, and multiple sclerosis treatment now known as Zeposia. A preliminary settlement of the 7-1/2-year-old class action was filed on Tuesday night in the federal court in Newark, New Jersey, and requires a judge’s approval. The former shareholders could receive about $159.3 million after legal fees and costs are deducted, court papers show. Bristol Myers bought Celgene for $80.3 billion in cash and stock in November 2019. In a statement on Wednesday, Bristol Myers…