A screengrab from BIO’s advertisement, Time is Precious
1. BIO, a lobbying group for the biotechnology industry, said the success rate of a drug in Phase-I development was 10% for all indications outside of oncology, according to its new report. Cancer drugs have only a 5% success rate.
2. Deborah Dunsire left her role as CEO of Forum Pharmaceuticals after the company’s lead asset failed two Phase-III trials in March. Dunsire previously served as CEO of Millennium: The Takeda Oncology Company and now plans to form a biotech consulting firm dubbed Southern Cross Biotech Consulting. (Xconomy)
3. The FDA’s Office of Prescription Drug Promotion only issued two warning letters in the first quarter of 2016. That is the same pace as last year, which was a record low year for warning letters. (EyeonFDA)
4. The bidding war for Medivation is heating up. Reports are surfacing that Celgene and Gilead Sciences may make their own bids for the oncology drugmaker, adding to interest from Amgen, AstraZeneca, Pfizer, and Novartis. Sanofi is the only company to make a public offer for Medivation with an unsolicited $9.3 billion bid for Medivation in April. (Bloomberg)
5. Walgreens agreed to place thousands of Theranos’ blood-testing centers in its U.S. drugstores without validating the startup’s technology, according to interviews conducted by The Wall Street Journal. The drugstore chain was worried that Theranos would partner with a competitor if they asked the company’s CEO, Elizabeth Holmes, too many questions about its technology. (WSJ)