Mallinckrodt plc and Endo Inc. are merging in a stock and cash deal that will combine their generic pharmaceuticals businesses and the latter’s sterile injectables setup. Terms call for Endo shareholders to collect $80 million in cash and own 49.9% of the combined firm. Owners of stock in Mallinckrodt will hold the rest in the arrangement, which bears an enterprise value of $6.7 billion and is expected to close in the second half of this year. Shares of Endo (OTCMKTS:NDOI) were trading at $27, down $1.25.
US CDC nomination withdrawn at last minute
Shortly before the Senate Health, Education, Labor and Pensions (HELP) Committee was to hold the first ever confirmation hearing for a U.S. CDC director this morning, the White House withdrew its nomination of Dave Weldon, a physician and former congressman from Florida, for the post. In the midst of a measles outbreak that’s claimed at least one life and a rise in avian flu, Weldon’s past skepticism about vaccines wasn’t playing well in the Senate, making confirmation questionable. During a brief executive session that was to precede the canceled HELP hearing, no mention was made of Weldon, but committee Chair Bill Cassidy, R-La., stressed the need to rebuild trust in U.S. health and science agencies.
HELP sends FDA, NIH nominees to US Senate for confirmation vote
As expected, the U.S. Senate Health, Education, Labor and Pensions (HELP) Committee voted this morning to send the nominations of Jay Bhattacharya as NIH director and Martin Makary as FDA commissioner to the Senate floor. Bhattacharya received a narrow12-11 party-line vote, but Makary picked up some Democratic support to secure a 14-9 vote. In comments before the vote, HELP Ranking Member Bernie Sanders, I-Vt., said he would be voting against both nominees because neither of them had demonstrated that they were prepared to take on the “greed of pharma.” The NIH needs a director who is willing to use every tool available to address high prescription drug prices, Sanders said, adding that the FDA commissioner must work to make drug prices affordable.
Vivani looking to get slim with Cortigent neurostimulation spin
The Vivani Medical Inc. combination appears to be over less than three years since its inception after the company reported plans to spin off Cortigent, the division that develops brain implants. Vivani said it plans to create two focused companies dedicated to driving current and future value in their respective therapeutic areas. Vivani will continue advancing its miniature GLP-1 therapeutic implants. The spin-off would enable Cortigent to continue developing its brain implant systems to help people recover critical body functions.
Long COVID science is progressing, though therapies have not yet followed
In 2020, the Conference on Retroviruses and Opportunistic Infections (CROI) was the first scientific conference to move from in-person to virtual due to the COVID-19 pandemic. On the fifth anniversary of the virtual conference, and the pandemic, some of those earliest COVID-19 patients have still not recovered.
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