Evotec extended its partnership with Bristol Myers Squibb for a potential value of $4 billion. The German biotech said the extension is for eight years and that it will receive an upfront payment of $50 million, plus license and performance milestone payments for an undisclosed sum, as well as tiered royalties up to low double-digit percentages on product sales. (MarketWatch)
The Food and Drug Administration proposed new baby formula safety measures after last year’s recall led to nationwide shortages. The U.S. is unlikely to be able to prevent another baby formula shortage like the one last year that left parents across the country searching desperately for supplies, a former Food and Drug Administration official told House lawmakers. (Bloomberg)
Oscar, which seeks to use tech to remake the health insurance sector but has yet to make a profit, is turning to former Aetna CEO Mark Bertolini to lead it. Bertolini will take the post effective next Monday, the company said. He will succeed Mario Schlosser, 44, who co-founded Oscar in 2012 with Joshua Kushner. (The Wall Street Journal)
The World Health Organization issued an alert over an Indian-manufactured cancer drug circulating in Lebanon and Yemen which was found to contain life-threatening levels of toxic bacteria. Pseudomonas aeruginosa was discovered in an injectable chemotherapy agent and immune system suppressant called methotrexate, which is manufactured by Celon Labs. (The Telegraph)
AbbVie has plans to wind down its collaboration with CytomX after seven years. The two companies first embarked on a search for conditionally activated cancer immunotherapy programs. (Endpoints News)
