Free Republic

WASHINGTON (AP) — President Joe Biden, struggling to convince Americans that he's improved their lives as he runs for reelection, hailed his administration's Tuesday announcement that several drugs would be targeted for Medicare's first-ever price negotiations. The drugs include the blood thinner Eliquis, diabetes treatment Jardiance and eight other medications. The negotiation process was authorized under the Inflation Reduction Act, which Biden signed last year, capping decades of debate over whether the federal government should be allowed to haggle with pharmaceutical companies. Any lower prices won't take effect for three years, and the path forward could be further complicated by...

Bristol-Myers Squibb is buying cancer drugmaker Celgene in a cash and stock deal valued at $74 billion, the companies announced Thursday. Under the agreement, Celgene shareholders will receive one Bristol-Myers Squibb share and $50 in cash for each share held, or $102.43 per share, a premium of 53.7 percent to Celgene's Wednesday close. Shares of Celgene surged 28 percent in midmorning trading, to near $85 per share, while shares of Bristol-Myers Squibb fell 11 percent. "Together with Celgene, we are creating an innovative biopharma leader, with leading franchises and a deep and broad pipeline that will drive sustainable growth and...

Lowering cholesterol far below the level that most doctors now consider adequate can substantially reduce patients' risk of having or dying from a heart attack, researchers reported today. The findings, cardiologists say, will greatly change how doctors treat patients with heart disease and will provide the impetus to re-evaluate how low cholesterol levels should be. The study compared high doses of one of the most powerful cholesterol-lowering drugs, Pfizer's Lipitor, to a less potent drug, Pravachol, made by Bristol-Myers Squibb, which conducted the trial. The patients taking Lipitor were significantly less likely to have heart attacks or to require bypass...

June 15, 2002 | 11:42 AM The Wacky Dr. Waksal by Frank DiGiacomo and Ian Blecher On Dec. 5, 2001, ImClone Systems, a biotech company that was seeking Food and Drug Administration approval for a promising anti-cancer drug called Erbitux, saw its stock peak at a price of $74 a share and begin an earthward trajectory. On the evening of Dec. 6, ImClone’s chief executive, Sam Waksal, 54, threw his annual Christmas party at the 5,000-square-foot Thompson Street loft that he calls home. Daily News owner Mort Zuckerman was in attendance, as well as former New York Times executive editor...