June 25th – July 1st 2018
In general news, the Supreme Court gave President Trump another win by upholding the travel ban on mostly-Muslim countries. The court also dealt a blow to public unions, ruling that it is illegal to force members to join. Then, Justice Kennedy announced his resignation, causing a week of hysteria in the liberal press. Disgraced FBI senior staffer Peter Strzok testified before congress about his role in rigging the election for Hillary Clinton by sabotaging Trump’s campaign. In the economy, the GDP growth estimates were raised to 4.5%.
In healthcare business news, Amazon (AMZN) finally entered the pharmacy space by acquiring PillPack. Also, Novartis (NVS) spun out Alcon eye care.
On the data front, Gemphire (GEMP) met endpoints in a trail of gemcabene to treat elevated cholesterol. Merrimack’s (MACK) pancreatic cancer drug failed. Summit’s (SMMT) drug for Duchenne muscular dystrophy failed. Aquinox (AQXP) drug to treat bladder pain failed.
From the FDA, Dermira (DERM) received approval for Qbrexza, a topical cloth for axillary hyperhidrosis. Also, GW Pharma (GWPH) received approval for Epidiolex, a purified oral formulation of cannabidiol, to treat epilepsy. This marks the first approval of a medical marijuana drug.