Eli Lilly announced that donanemab, a drug targeting beta amyloid, was effective in slowing cognitive decline in Alzheimer’s patients. The small Phase II trial results boosted Eli Lilly’s stock by 14%, resulting in a $23 billion rise in market cap. (Endpoints News)

Japan discovered another COVID-19 variant, following the discovery of new strains in the U.K. and South Africa. Public health officials are not sure how contagious the strain is or how effective vaccines are against it. (CNBC Weekly)

Drug discovery startup Valo Health announced it has raised $190 million to develop a platform using artificial intelligence to predict how drugs impact a patient’s body. The company plans to focus on therapies for cancer, cardiovascular conditions and neurodegenerative diseases. (Forbes)

California has recorded a total of more than 30,000 deaths from COVID-19 since the start of the pandemic. Hospitals across the state have become overwhelmed with COVID-19 patients, with daily deaths reaching new highs. (AP)

Research shows that people with type 1 diabetes are at just as high of a risk of dying from COVID-19 as people with type 2 diabetes – but the CDC has placed them lower on the vaccine priority list. In the U.K., health officials consider individuals with type 1 and type 2 diabetes equally vulnerable to the virus. (STAT)