The Food and Drug Administration halted an early-stage diabetes study after the cell therapy, Vertex’s VX-880, wasn’t showing enough efficacy. The company noted it was “surprised” the FDA paused the trial. (Bloomberg)

More than two years after COVID-19 was first identified in humans, the virus continues to mutate at a surprising rate. The latest Omicron variant has been named BA.2.12.1 and early research finds it may be 25% more transmissible than the BA.2 subvariant. (The Washington Post)

As part of the state’s effort to expand coverage, California is providing Medicaid to older unauthorized immigrants. Unauthorized immigrants make up about 40% of California’s uninsured residents. (Kaiser Health News)

Citing data concerns, the FDA has issued a complete response letter to Hong Kong-based pharma Hutchmed its pancreatic cancer drug surufatinib. The FDA also issued CRLs to Coherus and Junshi Biosciences for toripalimab. (Endpoints News)

Investors from SVB Securities and Kohlberg Kravis Roberts have launched a new biotech investment firm. The new company, Enavate, launched Monday with $300 million and plans to focus on biotech startups. (STAT)