May the can­dle burn for­ev­er: Po­lite re­minders about the JP­Mor­gan con­fab

Biotech Voices is a collection of exclusive opinion editorials from some of the leading voices in biopharma on the biggest industry questions today. Think you have a voice that should be heard? Reach out to Amber Tong.

Ed­i­tor’s Note: Biotech Voic­es is a con­tributed col­umn from se­lect End­points News read­ers. Be­low is an anony­mous com­men­tary from a pub­lic biotech CEO who was in­spired to write a de­fense of JP­Mor­gan fol­low­ing a litany of com­plaints.


Every year we start the biotech cal­en­dar with a busy Jan­u­ary pil­grim­age where JP­Mor­gan hosts a wide­ly at­tend­ed get to­geth­er that at­tracts big and small to the San Fran­cis­co Union Square neigh­bor­hood. De­spite the peren­ni­al suc­cess of this event, it is in­ter­est­ing to hear re­cent com­plaints from mul­ti­ple voic­es, sug­gest­ing di­min­ish­ing re­turns and wan­ing en­thu­si­asm for fu­ture par­tic­i­pa­tion. While all of these com­plaints may be valid, let’s not go over­board and for­get why this event is a key land­mark.

On be­half of the many ben­e­fi­cia­ries of the JP­Mor­gan con­fab, I would like to pro­vide re­spect­ful and po­lite re­minders re­gard­ing the un­par­al­leled val­ue of this meet­ing. I have been com­ing to JP­Mor­gan for ap­prox­i­mate­ly 20 years, no spe­cif­ic fi­nan­cial con­nec­tion with JP­Mor­gan it­self, but I like many oth­ers hope and pray that our in­dus­try’s can­dle burns bright­ly, and that the Jan­u­ary mo­men­tum cre­at­ed by JP­Mor­gan’s con­fab is peren­ni­al.

Re­minder #1: The core pur­pose is pub­lic bio­phar­ma com­pa­ny guid­ance. The heart of this event, lo­cat­ed on the mez­za­nine floor of the West­in St. Fran­cis, is the need for each pub­lic com­pa­ny to es­tab­lish guid­ance for what they seek to achieve dur­ing the cal­en­dar year. An as­ton­ish­ing­ly high num­ber of well-qual­i­fied pub­lic mar­ket in­vestors come to pre­sen­ta­tions, have 1-on-1 sched­uled meet­ings with com­pa­nies and ex­change ideas in­side the hall­ways of the West­in through­out the week. The qual­i­ty and quan­ti­ty of in­flu­en­tial in­vestors at JP­Mor­gan al­lows large phar­ma, and fledg­ling pub­lic biotechs, to reach a wide au­di­ence in per­son on a sin­gle trip. This is why the event ex­ists and is high­ly re­spect­ed.

Re­minder #2: Gets the buzz go­ing. An enor­mous, per­haps un­re­al­ized, ben­e­fit of JP­Mor­gan is how it tends to ig­nite in­dus­try mo­men­tum each year. We should all re­mem­ber that we are in a high­ly risky busi­ness with more fre­quent fail­ures than suc­cess­es, and it would be easy for us to be­come dour on the chal­lenges of drug de­vel­op­ment. The in­ten­tion­al hold-back of good news by many com­pa­nies un­til JP­Mor­gan cre­ates a spring-load ef­fect that like­ly dri­ves in­vest­ment and risk cap­i­tal cy­cles through the rest of the year. The event ma­te­ri­al­izes themes re­gard­ing how phar­ma is like­ly to be­have, how the mar­kets are like­ly to play and what tech­nol­o­gy waves are go­ing to be an­tic­i­pat­ed for the rest of the year. With­out this, we would like­ly grap­ple for pos­i­tive news, or even di­rec­tion, for months in the new year.

Re­minder #3: The by­stander ef­fect. Many, many biotech com­pa­nies have been launched, fi­nanced, bought and part­nered dur­ing this week with­out hold­ing an ac­tu­al in­vite to JP­Mor­gan it­self. A by­stander ef­fect is cre­at­ed be­cause every ma­jor phar­ma hosts meet­ings out­side of the core meet­ing, pro­vid­ing a tar­get rich en­vi­ron­ment for emerg­ing com­pa­nies to sell their wares. Even if these meet­ings are short, and mere­ly in­tro­duc­to­ry in na­ture, they pro­vide an av­enue for phar­ma mon­ey to meet biotech as­sets. Al­lows phar­ma to triage who they want to li­cense or buy for their strate­gic ther­a­peu­tic area needs dur­ing the com­ing year. This is worth gold for every emerg­ing biotech com­pa­ny that wants to con­tem­plate a part­ner­ship to fur­ther their busi­ness. While per­haps not as large as some oth­er part­ner­ing-on­ly fo­cused events, the by­stander ef­fect of JP­Mor­gan is a life-line for key parts of the in­dus­try.

Re­minder #4: The de­mand-and-sup­ply pen­du­lum. The cost of at­tend­ing JP­Mor­gan, or be­ing a by­stander, has in­creased re­mark­ably over the years. The in­dus­try is gath­er­ing mo­men­tum, hir­ing more peo­ple, de­ploy­ing more cap­i­tal and there­fore it is no sur­prise that peo­ple are will­ing to spend more to at­tend the bio­phar­ma su­per­bowl. We are at a tip­ping point where peo­ple are dis­gust­ed, but this will not lead to a dra­mat­ic pull back but more of a grad­ual re­cal­i­bra­tion. De­pend­ing on busi­ness mod­els, some com­pa­nies ap­pro­pri­ate­ly will not find the cost to be worth­while and will hence make de­ci­sions ac­cord­ing­ly next year, which will bring the pen­du­lum back to a point where San Fran­cis­co ho­tels and restau­rants will ad­just prices clos­er to nor­mal lev­els. For most of us, the cost is def­i­nite­ly worth­while.

Re­minder #5: Thank you JP­Mor­gan an­a­lysts. If any­one has the right to com­plain, it’s the JP­Mor­gan an­a­lyst team that is re­spon­si­ble for cov­er­ing >200 pre­sent­ing com­pa­nies at this con­fer­ence. It is their work that at­tracts pub­lic com­pa­nies and in­vestors to at­tend. I can­not imag­ine the hours they (Chris, Cory, Anu­pam, Jes­si­ca, Er­ic and oth­ers) must put in to pre­pare for com­pa­ny guid­ance and then write re­ports on each com­pa­ny post-pre­sen­ta­tion. Every pub­lic com­pa­ny CEO ap­pre­ci­ates your ef­fort.

I wrote this anony­mous­ly in or­der to avoid dis­trac­tion from my of­fi­cial com­pa­ny nar­ra­tive, but I rep­re­sent a con­tin­gent of bio­phar­ma CEOs that are thank­ful for what our in­dus­try has be­come and the role that the JP­Mor­gan con­fer­ence has played over the years. May the can­dle burn for­ev­er.


Im­age: West­in St. Fran­cis ho­tel SHEHLA SHAKOOR for END­POINTS NEWS

Up­dat­ed: FDA re­mains silent on or­phan drug ex­clu­siv­i­ty af­ter last year's court loss

Since losing a controversial court case over orphan drug exclusivity last year, the FDA’s Office of Orphan Products Development has remained entirely silent on orphan exclusivity for any product approved since last November, leaving many sponsors in limbo on what to expect.

That silence means that for more than 70 orphan-designated indications for more than 60 products, OOPD has issued no public determination on the seven-year orphan exclusivity in the Orange Book, and no new listings of orphan exclusivity appear in OOPD’s searchable database, as highlighted recently by George O’Brien, a partner in Mayer Brown’s Washington, DC office.

Big week for Alzheimer’s da­ta; As­traZeneca buys cell ther­a­py start­up; Dig­i­tal ther­a­peu­tics hits a pay­er wall; and more

Welcome back to Endpoints Weekly, your review of the week’s top biopharma headlines. Want this in your inbox every Saturday morning? Current Endpoints readers can visit their reader profile to add Endpoints Weekly. New to Endpoints? Sign up here.

You may start to notice more stories exclusively available to Premium subscribers. This week alone, paid subscribers can read our in-depth reporting on Alzheimer’s data, digital therapeutics and Allogene’s cell therapy for solid tumors, as well as scoops on Twitter ads and Catalent. With your support, we can keep growing our team and spend more time on quality work. We have both individual and company plans available — check them out to unlock the full Endpoints experience.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 154,000+ biopharma pros reading Endpoints daily — and it's free.

Am­gen, years be­hind ri­vals, says PhI obe­si­ty drug shows dura­bil­i­ty signs

While NBC ran “The Biggest Loser” for 17 seasons, deemed toxic by critics for the reality show’s punishing exercise and diet upheavals, researchers in pharmaceutical labs have been attempting to create prescription drugs that induce weight loss — and one pharma betting it can require less frequent dosing is out with a new crop of data.

Amgen was relatively late to the game compared to its approved competitor Novo Nordisk and green light-approaching rival Eli Lilly. But early data suggested Amgen’s AMG 133 led to a 14.5% weight reduction in the first few months of dosing, buoying shares earlier this fall, and now the California pharma is out with its first batch of durability data showing that figure fell slightly to 11.2% about 150 days after the last dose. Amgen presented at the 20th World Congress on Insulin Resistance, Diabetes & Cardiovascular Disease on Saturday afternoon.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 154,000+ biopharma pros reading Endpoints daily — and it's free.

Illustration: Assistant Editor Kathy Wong for Endpoints News

As mon­ey pours in­to dig­i­tal ther­a­peu­tics, in­sur­ance cov­er­age crawls



Talk therapy didn’t help Lily with attention deficit hyperactivity disorder, or ADHD. But a video game did.

As the 10-year-old zooms through icy waters and targets flying creatures on the snow-capped planet Frigidus, she builds attention skills, thanks to Akili Interactive Labs’ video game EndeavorRx. She’s now less anxious and scattered, allowing her to stay on a low dose of ADHD medication, according to her mom Violet Vu.

Endpoints Premium

Premium subscription required

Unlock this article along with other benefits by subscribing to one of our paid plans.

Eli Lil­ly’s Alzheimer’s drug clears more amy­loid ear­ly than Aduhelm in first-ever head-to-head. Will it mat­ter?

Ahead of the FDA’s decision on Eli Lilly’s Alzheimer’s drug donanemab in February, the Big Pharma is dropping a first cut of data from one of the more interesting trials — but less important in a regulatory sense — at an Alzheimer’s conference in San Francisco.

In the unblinded 148-person study, Eli Lilly pitted its drug against Aduhelm, Biogen’s drug that won FDA approval but lost Medicare coverage outside of clinical trials. Notably, the study didn’t look at clinical outcomes, but rather the clearance of amyloid, a protein whose buildup is associated with Alzheimer’s disease, in the brain.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 154,000+ biopharma pros reading Endpoints daily — and it's free.

US month­ly costs for biosim­i­lars 'sub­stan­tial­ly high­er' than Ger­many or Switzer­land, JA­MA re­search finds

As the global biologics market is expected to hit nearly the half-trillion-dollar mark this year, new JAMA research points to the importance of timely biosimilar entry, particularly as fewer biosimilars are entering the US than in Europe, and as monthly treatment costs for biosimilars were “substantially higher” in the US compared with Germany and Switzerland.

Among the three countries, biosimilar market share at launch was highest in Germany, but increased at the fastest rate in the US, the authors from the University of Zurich’s Institute of Law wrote in JAMA Network Open today.

Kirk Myers is shown in a still image from a new film series showcasing the efforts of HIV advocates funded by Gilead.

Gilead spot­lights HIV projects and the com­mu­ni­ty lead­ers dri­ving them in new mi­ni-doc­u­men­tary films

Gilead is going behind the scenes of some of the HIV initiatives it funds through grants in a new film series narrated by the people helming the projects.

The first four films and leaders come from across the US — Arianna Lint in Florida and Puerto Rico, Cleve Jones in San Francisco, June Gipson in Mississippi and Kirk Myers in Texas. Their HIV-focused efforts range from addressing unmet needs of the transgender community to delivering social services and high-quality health care in underserved communities.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 154,000+ biopharma pros reading Endpoints daily — and it's free.

EMA pulls an opi­oid from the 1950s used to treat dry cough

The European Medicines Agency said Friday that it’s pulling from all European markets pholcodine-containing medicines, which are an opioid used in adults and children for the treatment of dry cough and in combo with other drugs as a treatment for cold and flu.

The decision to pull the medicines comes as the EMA points to the results from the recent ALPHO study, which show that use of pholcodine during the 12 months preceding anesthesia is linked to a risk of an anaphylactic reaction related to the neuromuscular blocking agents (NMBAs) used (with an adjusted OR of 4.2, and a 95% confidence interval of 2.5 to 6.9).

Bay­er starts work on $43M+ ex­pan­sion of OTC man­u­fac­tur­ing site in Penn­syl­va­nia

German pharma giant Bayer will be looking to make a significant investment into one of its US plants that produces over-the-counter drugs.

Bayer announced that it will spend $43.6 million to expand its facility in Myerstown, PA, a small town east of Harrisburg. Bayer plans to increase the site by 70,000 square feet and will have room for the installation of eight packaging lines and an area to install rooftop solar panels. The project is expected to be completed by 2025 and will add around 50 to 75 jobs.