Stockwatch: The Post-Truth Biopharma Rally
The post-election rally in biopharmaceutical stocks was driven partly by hopes that drug pricing pressures will evaporate. However, this is a facet of post-truth culture rather than a real possibility. As Teva, Mylan and maybe Novartis have demonstrated, more is less when it comes to generic exposure.
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The warm fuzzy feeling in life sciences in the week before the J.P. Morgan Healthcare Conference was rudely threatened by clinical trial results from Halozyme and Heron, and negative financial preannouncements from Heron and Teva.
What is believed to be the first biosimilar version of Roche's Avastin to be filed with the US FDA has come from Amgen working in collaboration with Allergan, with the two companies heading a dozen-strong group of companies racing to develop versions of the monoclonal antibody.
Teva CEO Erez Vigodman said the company will step away from business development for the “foreseeable future” while it digests the acquisition of Allergan’s generic drug business.