This week, we delve into Bristol Myers Squibb’s significant acquisition of Mirati Therapeutics. Also, we look at the U.S. Food and Drug Administration’s formation of a digital health advisory committee and the groundbreaking approval of a genetic test for cancer risk assessment. Additionally, we spotlight the pressing need to support academic research in science, and lastly, we examine the evolving landscape of academic centers.
Each week we highlight five things affecting the life sciences industry. Here’s the latest.
Bristol Myers Squibb acquires Mirati Therapeutics in $4.8 billion deal
Bristol Myers Squibb has agreed to acquire Mirati Therapeutics for $58 per share, totaling an equity value of $4.8 billion, according to a company press release. Mirati stockholders will also receive a non-tradeable contingent value right potentially worth an additional $1 billion. Mirati, a targeted oncology company, will enhance Bristol Myers Squibb’s oncology portfolio, notably adding the lung cancer medicine KRAZATI. The deal is expected to close by the first half of 2024, pending customary conditions and approvals.
FDA forms digital health advisory committee for tech oversight
The FDA has established a digital health advisory committee to address scientific and technical challenges related to digital health technologies, including artificial intelligence, augmented reality and wearables, according to a press release. The committee will offer expertise to enhance the FDA’s understanding of the advantages, risks and clinical outcomes of these technologies. It aims to be fully functional by 2024 and will comprise experts from various disciplines to ensure the design and targeting of digital health medical devices cater to diverse populations.
FDA approves Invitae’s genetic test for cancer risk assessment
According to a press release, the FDA has authorized marketing for the Invitae Common Hereditary Cancers Panel, an in vitro diagnostic test that detects genetic variants linked to a higher risk of specific cancers. This test, the first of its kind to receive FDA marketing authorization, examines DNA from blood samples to identify variants in 47 genes associated with cancer risk. While it offers insights into potential predispositions for certain cancers, it doesn’t cover all known cancer-related genes. Patients are advised to consult health care professionals for comprehensive interpretation and understanding of the test results.
The imperative of supporting academic research in science
This Sciences Advances article discusses the importance of supporting academic research institutions and the challenges they face due to the shift of resources and talent to independent research facilities and for-profit research companies. The trend of moving away from universities is attributed to the effective altruism movement and the allure of higher pay in the private sector. The author highlights the foundational role of academic research in breakthroughs like the COVID-19 RNA vaccine and urges continued support for academic science.
Academic centers pivot to commercialize biomedical discoveries
Academic centers are seeking ways to capitalize on their scientific discoveries, aiming to reduce dependence on government funding and navigate the “valley of death” where research often stalls, according to Endpoints News. Some academic centers have adopted a strategy of advancing drug development internally, using a commercialization arm to lead clinical trials and secure more lucrative licensing deals. This approach has shown early financial success, with centers reporting a 28% revenue increase from the previous year.
For more insights in life sciences, check out RSM’s industry outlook.
