STAT+: Ultragenyx cuts staff after another study fails

Whistleblower lawsuit filed against Madrigal Pharma, how a blue Congress could affect drugmakers, and more biotech news Jonathan Wiggs /Globe Staff Elaine’s stories explore the boom in new obesity treatments, new drug payment models, the ways companies are affected by FDA changes, and the emerging psychedelics drug sector. She co-writes The Readout newsletter, and co-hosts STAT’s weekly biotech podcast, The Readout Loud. You can reach Elaine on Signal at elaineywchen.70. Want to stay on top of the science and politics driving biotech today? Sign up to get our biotech newsletter in your inbox. Good morning. We’re breaking down the election results — let’s get straight to it. The need-to-know this morning Novo Nordisk upgraded its guidance for the year, buoyed in part by the performance of the Wegovy pill, even as the drug faces growing competition from Eli Lilly’s oral obesity medicine. Novo also announced that Karsten Munk Knudsen, a 27-year company veteran who has worked as CFO for nearly a decade, would step down at the end of the year and be replaced by Luigi La Corte, formerly of Galderma. Boehringer Ingelheim struck a licensing deal with China’s Sino Biopharmaceutical Limited (also known as SBP Group) covering six pre-clinical cancer drugs. The pact — the second partnership between the two companies — includes upfront and near-term payments of $358 million, with potential milestone payments of $7 billion on top of royalties. Democratic rout could put pressure on drug prices Democrats are set to gain control of the House and the Senate. What does that mean for health policy and for drugmakers? STAT+ Exclusive Story Already have an account? Log in This article is exclusive to STAT+ subscribers Unlock this article — plus in-depth analysis, newsletters, premium events, and news alerts. Already have an account? Log in View All Plans To read the rest of this story subscribe to STAT+. Subscribe National Biotech Reporter Elaine’s stories explore the boom in new obesity treatments, new drug payment models, the ways companies are affected by FDA changes, and the emerging psychedelics drug sector. She co-writes The Readout newsletter, and co-hosts STAT’s weekly biotech podcast, The Readout Loud. You can reach Elaine on Signal at elaineywchen.70.