Three Democrat reps oppose Medicare drug pricing plan; Alpine Immune announces private placement
A trio of key Democrats said yesterday they will oppose their party’s plan to lower drug prices — creating a substantial roadblock for the Democrats’ — and the White House’s — desired $3.5 trillion tax and spending package.
According to the Washington Post, Reps. Scott Peters (D-Calif.), Kathleen Rice (D-N.Y.) and Kurt Schrader (D-Ore.) have concerns about giving Medicare the authority to negotiate directly with drug companies.
With the Democrats’ slim majority in the House, Democrats cannot lose another vote on the drug-pricing plan if it is to be included in their massive social spending plan — and other members of the party have expressed their own concerns, according to the Post.
The pharmaceutical industry and Republicans have strongly opposed the drug pricing plan, asserting it will hurt the industry’s ability to develop drugs. That argument was echoed by the trio of Democratic lawmakers.
“I support many of the proposals being considered this week, but I do not support advancing policies that are not fiscally responsible and jeopardize the [Build Back Better Act] bill’s final passage,” Rice said in a statement.
Alpine Immune Sciences secures $91M private offering
Seattle biotech Alpine Immune Sciences is in the middle of a private placement, raising gross proceeds to Alpine of approximately $91 million.
The raise is being led by Frazier with participation from Decheng Capital, BVF Partners, TCG X and others.
“We are pleased to lead this syndicate of strong investors and look forward to supporting the company in this next phase of growth,” said James Topper, managing general partner for Frazier’s Life Sciences team, in a statement.
The private offering will close on Friday, which is when Alpine will issue 6.5 million shares of common stock and approximately 3.2 million pre-funded warrants at $9.40 — a 4.4% premium over the closing price of $9.00 on Tuesday. The stock price peaked at $9.74 after the markets opened this morning.
Alpine intends to use the net proceeds to expand its pipeline, including developing drug candidate ALPN-303 for lupus and other inflammatory diseases.