After some deals and drug launches disappointed, Novartis CEO Vas Narasimhan heard from investors and hired an outspoken Wall Street analyst to manage the pharma giant’s strategy. “I had to be willing to just rethink all the things in my mind that I said Novartis had to be about,” Narasimhan said. (The Wall Street Journal)

Olema Pharmaceuticals reached a deal for a $130 million private placement and up to $50 million in credit financing. The clinical-stage biopharma said the private placement is due to close on Sept. 12. (Seeking Alpha)

Tonix Pharmaceuticals said topline results from its Phase 2 proof-of-concept study of TNX-102 for the management of fibromyalgia-type long COVID missed its primary endpoint. The company said NX-102 SL trended toward improvement of long COVID, but didn’t achieve the pre-specified primary endpoint of improving long COVID pain intensity scores at week 14. (MarketWatch)

First Lady Jill Biden tested positive for COVID-19 and is experiencing “mild symptoms,” the White House said, while President Biden has tested negative. An administration official said that there are no changes to White House COVID protocols or to the president’s schedule at this time. (CNN)

Public health groups recently criticized the Food and Drug Administration for missing a self-imposed August deadline to finalize a rule banning menthol in cigarettes. Menthol products account for a significant portion of tobacco industry sales and the ban was expected to be challenged in court and complicate prospects for an FDA funding bill in Congress. (Axios)