Dueling data: Amgen fires back over cost effectiveness for its cholesterol drug

first_imgPharmalot On the defensive about the value of its pricey cholesterol medicine, Amgen (AMGN) released a new study that argues its treatment is cost effective at about $9,700 a year, which is closely in line with the existing price tag — after discounts and rebates are subtracted from the $14,000 list price.This contrasts, however, with the $4,200 price point that a group of academics suggested in their own analysis, which was released earlier this week. In their view, the drug — an injectable medicine known as Repatha — should be marked down by roughly two-thirds off the list price to be seen as a good value. Their analysis was published in the Journal of the American Medical Association. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED By Ed Silverman Aug. 23, 2017 Reprints What’s included? Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. GET STARTED What is it? Robert Dawson/Amgen via AP Log In | Learn More center_img @Pharmalot Dueling data: Amgen fires back over cost effectiveness for its cholesterol drug Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. [email protected] About the Author Reprints Ed Silverman STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Tags drug pricingpharmaceuticalsSTAT+last_img read more

Financial firms face significant risk from cyberattacks

first_img Related news Desjardins Group says 2019 theft of 4.2 million members’ data cost $108 million Financial firms face significant risk from cyberattacks James Langton The credit-rating agency finds that cyberattacks are “an increasingly significant risk” for financial services institutions, potentially posing negative financial and operational consequences for both individual issuers and financial systems. “We believe that institutions with substantial consumer lending businesses and deposit franchises are most at risk of financially motivated attacks due to the scope for theft from customer accounts and the large volume of personal data they hold,” the Fitch report says. Attacks aimed primarily as disrupting the financial system are more likely to target institutions that provide trade execution, clearing and settlement services “due to their interconnectivity with the financial system,” the report finds. Some of these risks are mitigated at larger institutions, which “typically have stronger risk controls and regulatory oversight,” the Fitch report notes, adding that “regulators have been increasingly vocal on cybersecurity and have urged cyber-attack stress testing.” The report also finds that the use of cyber insurance is on the rise. Fitch estimates that the U.S. property and casualty industry wrote more than US$1 billion in cyber-related insurance premiums in 2015 and it expects these levels to grow in the years ahead. “Insurance against cyberattacks may cover nominal losses but may not contain reputational damage that could lead to client outflows or loss of investor confidence,” the report notes. Photo copyright: leowolfert/123RF IIROC urges vigilance amid heightened cybersecurity threats Court approves data breach settlements with BMO, CIBC Financial services firms that provide retail lending and deposit services are likely facing the greatest risk from financially motivated cyberattacks, according to a new report from Fitch Ratings Inc. Share this article and your comments with peers on social media Keywords CybersecurityCompanies Fitch Ratings Facebook LinkedIn Twitterlast_img read more

Only 34% of US smartphone users download apps

first_imgHomeAppsNews Only 34% of US smartphone users download apps Facebook revives Instagram Lite Joseph Waring Previous ArticleAsia Briefs: Digitel wins appeal, Tatung to lose Wimax licence & moreNext ArticleXL Axiata posts $41M net loss in H1 Apps Author Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he… Read more Relatedcenter_img Smartphone users in the US download an average of just one app a month, with 7 per cent of owners of these devices accounting for about half of all monthly downloads.According to a June survey by ComScore, just over one-third of smartphone users have monthly app download activity, but 66 per cent don’t make any downloads each month. Eight per cent say they download one app a month while 9 per cent make two app downloads in a month. The most active 2.4 per cent of users download more than eight apps a month.And a consumer’s favourite app now accounts for 42 per cent his/her total time using apps while four apps consume three-quarters of the average smartphone user’s total app time.More than half of smartphone users say they use apps every day of the month while 26 per cent of tablet users said they did. The ComScore survey also found that mobile apps now take up more than half of the total time US consumers spend on digital media. Smartphone users spend 24 per cent more time consuming digital media than a year, with just 40 per cent of that time now spent on desktop PCs.Since March of 2013, desktop usage and app usage have traded places in the rankings (a year ago desktops were top with a 53-per cent share, followed by mobile apps with 40 per cent).Over the past year, the time spent on mobile apps jumped 52 per cent and usage of mobile web increased 17 per cent. Desktop web usage was up just 1 per cent.No surprise that social networking apps account for a quarter of total mobile app usage while games take up 17 per cent.The split between time spent using apps vs the browser varied only slightly between smartphones and tablets – apps account for 88 per cent of smartphone usage compared with 82 per cent on tablets. AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 25 AUG 2014 European fitness app spend soars Tags Huawei opens watch to third-party apps app downloadappscomScoreMobile appssmartphonelast_img read more

Xiaomi picks up $1B for global push

first_img Tags AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 28 JUL 2017 Xiaomi off the hook in the US Previous ArticleEtisalat CEO praises flexibility in face of market challengesNext ArticleApple to cut VPN services from App Store in China Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >> Read more Chinese smartphone maker Xiaomi secured a $1 billion loan, as it looks to accelerate global expansion and explore new retail opportunities.The company struck a three year syndicated loan agreement with a group of 18 banks across Europe, the Middle East, India, China, Hong and Taiwan, and follows a similar loan secured in 2014.Donovan Sung, Xiaomi’s global spokesperson, said on Twitter the loan “was a strong endorsement of Xiaomi by the international capital markets”.Sung added the loan will be used to address CEO Lei Jun’s (pictured) strategic development aims, outlined earlier this year, including globalisation and identifying new retail opportunities.The company did not specify which new international markets it is targeting.Earlier this month, Xiaomi talked up a “return to fast track growth”, following a period of declining sales, as intensifying competition took its toll.During Q2, the company shifted a record 23.16 million devices. CEO Jun said in a letter that the company was targeting a goal of 100 million shipments in 2018.In regards to its retail ambitions, the company has opened 149 stores in China, and it has also established its first in India, with the hope of opening 100 over the next two years. Kavit Majithia US backs down on Xiaomi rowcenter_img Related Devices Home Xiaomi picks up $1B for global push Author Xiaomi smartphone surge bears fruits Xiaomilast_img read more

Company law

first_imgShare valuation – Unlawful distribution of capital Progress Property Co Ltd v Moorgarth Group Ltd: Sup Ct (Lords Phillips (President), Walker, Mance, Collins, Clarke): 8 December 2010 Matthew Collings QC, Gabrielle Higgins (instructed by Seddons) for the appellant; John McGhee QC, Richard Fowler (instructed by Eversheds) for the respondent.center_img The appellant company (P) appealed against a decision ((2009) EWCA Civ 629, (2009) Bus LR 1535) that there had not been an unlawful distribution of capital when the whole issued share capital of its subsidiary company (Y) was sold to the respondent company (M). All three companies were indirectly controlled by the same holding company. The sale price was calculated on the basis of Y’s open market value, subtracting liabilities for creditors and a further sum in respect of an indemnity believed to have been given by P for a repairing liability. It transpired that P had no such indemnity liability to be released from and that there was no justification for the reduction in Y’s value. P alleged that the transaction had been at a gross undervalue, relying on what the Court of Appeal referred to as ‘the common law rule’ devised for the protection of creditors, that a distribution of a company’s assets other than in accordance with specific statutory procedures constituted a return of capital which was unlawful and ultra vires. The Court of Appeal upheld the High Court’s decision that the transaction had been genuine and not ultra vires despite being at an undervalue. P contended that an objective approach was required and that any such transaction which resulted in a transfer of value not covered by distributable profits, regardless of its purpose, constituted an unlawful return of capital. Held: Whether a transaction infringed the common law rule against unlawful distributions was a matter of substance, not form. The label attached to the transaction by the parties was not decisive, Ridge Securities Ltd v Inland Revenue Commissioners [1964] 1 WLR 479 ChD, Aveling Barford Ltd v Perion Ltd [1989] 5 BCC 677 ChD, and Halt Garage (1964) Ltd, Re [1982] 3 All ER 1016 ChD applied (see paragraph 16 of judgment). The essential issue therefore was how the sale of Y was to be characterised. A relentlessly objective rule would be oppressive and unworkable and would cast doubt on any transaction between a company and a shareholder, even if negotiated at arm’s length and in good faith, where the company proved with hindsight to have got significantly the worst of the transaction (paragraph 24). If it was a stark choice between a subjective and an objective approach, the least unsatisfactory option would be the latter but the court’s real task was to inquire into the true purpose and substance of the impugned transaction. That approach called for an investigation of all the relevant facts, which could include the state of mind of the persons orchestrating the transaction. That state of mind could be totally irrelevant. A distribution described as a dividend but actually paid out of capital would be unlawful, however technical the error and well-meaning the intention. However, the participants’ subjective intentions would sometimes be relevant, and a distribution disguised as an arm’s length commercial transaction was the paradigm example. If a company sold to a shareholder at a low value assets which were difficult to value precisely but were potentially very valuable, the transaction might call for close scrutiny. The company’s financial position and the motives and intentions of its directors would be highly relevant. If the conclusion was that it was a genuine arm’s length transaction, then it would stand even if it appeared with hindsight to have been a bad bargain. If it was an improper attempt to extract value by the pretence of an arm’s length sale, it would be held unlawful. It would depend on a realistic assessment of all the relevant facts, not simply an isolated retrospective valuation exercise, Clydebank Football Club Ltd v Steedman (2002) SLT 109 OH applied. In the present case, there had been concurrent findings that the sale of Y was a genuine commercial sale (paragraphs 27-29, 31-33). Appeal dismissed.last_img read more

Messi puts a condition to extend the contract with Barcelona

first_imgParticipating in the negotiations will be the Catalan club, club president, Josep Bartomeu, and CEO Oscar Grau.Meanwhile, the Argentine player will be represented by his father, Jorge, according to the newspaper “Marca”.A number of conditions will be discussed in the negotiations, the foremost of which is the Argentine request to preserve the possibility of breaking the contract between the two parties at the end of each season.And the Argentine is linked to a contract with Barcelona that extends until 2021, and according to the newspaper, the Argentine, who will reach this month at the age of 33, believes that it is better to end his career in the best way among the walls of “Camp Nou”, the stronghold of the Catalan club.Messi will be ready to face Mallorca next weekend, when the Spanish League championship returns after almost 3 months of suspension due to the Corona pandemic, despite his absence from training on Wednesday, but the club confirmed that Messi has no problems and will be present at the meeting.last_img read more