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Hello! We hope you had a wonderful weekend. Today we’ll talk about AbbVie’s massive marketing spend, look at how GLP-1s are affecting cancer rates, and more.
What you need to know this morning
- Eli Lilly announced it will acquire Morphic Holding, a biotechnology company developing a treatment for inflammatory bowel disease. Lilly will pay about $3.2 billion to buy the Waltham, Massachusetts-based company. That translates to $57 per share, a premium of about 79% to Morphic’s closing price on Friday.
- Ideaya Biosciences reported Results of a mid-stage study showing a 39% tumor response rate for its experimental cancer drug IDE397 in patients with bladder and lung cancer with an MTJOBsNews deletion.
- HilleVax said its experimental norovirus vaccine Could not be reduced serious gastrointestinal events compared to placebo in infants enrolled in a mid-stage clinical trial. The company intends to stop development of the vaccine, called HIL-214, in infants but may explore further development in adults.
AbbVie spent significantly more than its rivals on drug promotion
AbbVie spent a staggering $145.7 million on marketing to healthcare providers last year, a STAT analysis of government data shows. The hefty spending, the most of any pharmaceutical company since 2017, includes consulting fees, speaking fees, travel and meals for physicians.
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