Author: IQ TIMES MEDIA

(Reuters) -BioCryst Pharmaceuticals said on Tuesday it would buy Astria Therapeutics in a cash-and-stock deal valued at about $700 million, strengthening its rare diseases portfolio. The offer implies a per-share value of $13, a premium of about 54% over Astria’s last close. Its shares surged 35.1% before the bell. BioCryst shares were last up 3.7% at $7.3 in volatile trading. Astria CEO Jill Milne will join BioCryst’s board after the deal is closed, expected in the first quarter of 2026. Astria’s lead drug candidate, navenibart, is being developed in a late-stage study to prevent hereditary angioedema (HAE), a rare and…

By Patrick Wingrove (Reuters) -Johnson & Johnson said on Tuesday it plans to separate its orthopedics business into a standalone company named DePuy Synthes within the next 18 to 24 months, marking its second major spinoff in two years. The healthcare conglomerate also raised its 2025 sales forecast after reporting quarterly earnings that topped Wall Street expectations. The company projected product revenue of $93.5 billion to $93.9 billion, about $300 million higher than its prior forecast and above analysts’ expectations of $93.4 billion, according to LSEG data. J&J’s orthopedics unit, which makes hip, knee, and shoulder implants, surgical instruments, and…

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 roll-out of its COVID-19 shot, the hedge fund said on Tuesday. In its letter, shared exclusively with Reuters, the company’s second largest shareholder recommended that Novavax’s capabilities will “have far greater potential in the hands of a large capable pharma entity.” Shah Capital owns a 7.2% stake in Novavax. Himanshu Shah, founder and chief investment officer of the fund, told Reuters that Novavax could get a valuation of “at least $5 billion”…

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…