J&J scuttles PhIII lupus program on failed data analysis; Novartis pays $345M to resolve bribery charges
→ J&J’s high hopes for broadening the use of Stelara to cover systemic lupus erythematosus has foundered in Phase III. Researchers called it quits after the drug failed a pre-planned interim efficacy analysis. J&J also said that it will scrap plans for a separate Phase III trial in China.
→ Nasdaq continues to host the hottest game on the street as the latest string of biotech IPOs roll out.
Fusion Pharmaceuticals raised $213 million after selling 12.5 million shares at $17, $1 above the high point of the range. The biotech upsized the offering in the face of unquenched demand for new offerings. They’ll start trading as $FUSN.
→ Novartis has agreed to pay $345 million – $112 million to the SEC and $233 million to the Department of Justice – to resolve charges that it violated the Foreign Corrupt Practices Act by bribing employees at state-owned and state-controlled hospitals in Vietnam and Greece to prescribe Novartis products, including Lucentis. The SEC also alleged misconduct in South Korea. The company admitted to the accusations and said they had “implemented appropriate remedial measures.”