InnovationRx is your weekly digest of healthcare news. To get it in your inbox, subscribe here.
More than 2,250 people have been killed since the Palestinian militant group Hamas launched an assault on Israel over the weekend. Tel Aviv-based Teva, one of the largest generic drugmakers in the world, told Forbes that the $14.9 billion company (2022 sales) has been focused on ensuring the safety of its employees and doesn’t expect the war to have a “meaningful impact” on its business. Israel accounts for around 2% of Teva’s global revenues and 8% of total global production.
“We are deeply saddened by the unprecedented, horrific, and brutal attacks on Israeli civilians, including women and children,” spokesperson Kelley Dougherty said in a statement. “As an Israeli company we condemn this appalling assault and Teva stands with Israel in this time of great loss and challenge.” Dougherty said the company has backup manufacturing locations for key products. Teva will report earnings on November 8.
Israel Hospital Uses Facial Recognition To Identify Dead And Wounded From Hamas War
Soroka Medical Center, located just east of Gaza in Beersheva, is now using facial recognition to help family members locate their missing loved ones. The software is able to take an image of a person, including individuals whose features have been impacted by physical trauma, and find a match amongst photos sent in by concerned family members, according to Ofer Ronen, the executive vice president of global development at Corsight AI, which is providing the technology to the hospital for free.
Read more here.
Pipeline & Deal Updates
Crohn’s Disease: European biotech Agomab, which is developing treatments for Crohn’s patients who develop fibrotic structures, announced that it raised a $100 million series C round led by Fidelity.
Flu/Covid Combo: Moderna announced interim results from the phase 1/2 trial of its combination flu/Covid vaccine, which found that it performed better than already approved flu vaccines while still producing similar results against Covid to Moderna’s existing vaccine. The company is proceeding to phase 3 trials.
Covid Antiviral: Shinogi announced results from clinical trials of its Covid antiviral ensitrelvir, which found it accelerated the resolution of Covid symptoms, and also that patients taking the drug are less likely to lose their sense of taste or smell.
Oncology Acquisition: Bristol Myers Squibb announced that it will acquire Mirati Therapeutics, a clinical-stage company developing several cancer treatments, in a deal valued at $4.8 billion.
Liquid Biopsy: Precede Biosciences, which is developing liquid biopsy technology and blood-based tests for precision medicine, announced it was emerging from stealth with $57 million in financial backing from a seed round and a series A round that was co-led by 5AM Ventures and Lilly Asia Ventures.
Healthcare AI: California-based health system Cedars-Sinai has launched its new joint venture with K Health, an app that uses an AI-powered chatbot to help do medical intake before a doctor takes over the conversation. (Read our deep dive on K Health here.)
Mental Health: Headway, a startup that connects patients with in-network therapists, has raised $125 million in Series C funding led by Spark Capital at a valuation of $1 billion, according to Reuters.
Maternity Care: Diana Health, a startup that partners with health systems to deliver integrated maternal healthcare, has raised a $34 million Series B financing led by Norwest Venture Partners.
Surgery Centers: Commons Clinic, a startup that combines outpatient surgery centers with a care delivery model for orthopedic surgery, has raised a $19.5M Series A round led by RA Capital Management.
Far More Employers Could Cover Weight Loss Drugs Like Wegovy Next Year
More employers could cover popular weight loss and diabetes drugs like Ozempic and Wegovy in 2024, allowing workers to avoid steep out-of-pocket costs, a new survey found—though the drugs’ high costs have caused other workplaces to either stop coverage altogether or up monthly co-pays.
Read more here.
Other Healthcare News
Walgreens Boots Alliance has named former Express Scripts chief executive Tim Wentworth as the drugstore giant’s new CEO.
Jim Rechtin, former CEO of Envision Healthcare, will join Humana as chief operating officer and transition to CEO in the second half of 2024 when Bruce Broussard retires. .
The World Health Organization’s chief scientist Jeremy Farrar has warned dengue fever could soon “take off” in the U.S.
Genetic testing company 23andMe is requiring all users to reset their passwords as it investigates user data stolen and posted online by hackers.
Utah is suing TikTok claiming the platform “illegally baits children” into addictive and unsafe use, following similar suits in Arkansas and Indiana.
GSK settled lawsuits in the U.S. that claimed its popular heartburn drug Zantac causes cancer a few weeks before the cases were set to go to trial. GSK did not admit liability.
Idaho’s near-total abortion ban is on hold after a federal appeals court blocked it.
Across Forbes
Inside Paypal’s Billion Dollar Battle For Payment Processing Dominance
How Phil Knight, Charles Koch And Other Aging Billionaires Are Making Sure Their Money Doesn’t Go To Uncle Sam
Character.AI’s $200 Million Bet That Chatbots Are The Future Of Entertainment
What Else We are Reading
Why BMI is flawed — and how to redefine obesity (Nature)
Novo stops late-stage kidney trial for semaglutide early for efficacy, data coming in 2024 (Endpoints)
Thousands Got Exactech Knee or Hip Replacements. Then, Patients Say, the Parts Began to Fail. (KFF Health News)
Read the full article here