More tumult at BIO amid the company’s fourth CEO in four years

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Morning! Today, we see some holes in the data for MDMA-assisted therapy, and ponder how that might impact the FDA’s upcoming decision over its approval. Also, the agency’s advisers debate Guardant’s colon cancer liquid biopsy test, and we see new data showing Ozempic’s efficacy in preventing death in diabetes and chronic kidney disease patients.

One programming note: This newsletter is taking a holiday Monday in observance of Memorial Day. Have a fabulous long weekend. Don’t work too hard.

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