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Today we have two FDA approvals, preview late-breakers at this weekend’s American Heart Association scientific sessions, and offer up your very favorite podcast.
The need-to-know this morning
• Cargo Therapeutics, a developer of CAR-T cell therapies, priced its initial public offering at $15 per share — the low-end of the proposed $15-17 range. The offering raised $281 million.
• Sell-side analyst news: Evercore ISI has hired Cory Kasimov lead research coverage of small- and mid-sized biotech companies. Kasimov spent 15 years at J.P. Morgan before departing in August 2022.
• Illumina reported lower-than-expected third quarter earnings and cut its revenue forecast for the remainder of the year and 2024, citing weaker industry demand for high-end sequencing equipment. The company continues to explore ways to sell its Grail cancer blood test division, following a divestiture order from European regulators.
• Mirati Therapeutics said European regulatory advisers recommended the approval of its KRAS-targeted drug, called Krazati, for the treatment of certain patients with non-small cell lung cancer. The new decision overturned a negative recommendation issued in July. Bristol Myers Squibb is acquiring Mirati for $4.8 billion in a deal announced in October.
• European regulatory advisers recommended an expansion of Eli Lilly’s GLP-1 diabetes drug Mounjaro to include the treatment of obesity.
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