In other news, the Texas attorney general has filed a lawsuit against Pfizer, accusing the company of misrepresenting the efficacy of its Covid-19 vaccine. The attorney general is seeking $10 million in reparations. Additionally, despite expectations of biotech consolidation following the recent bubble burst, industry expert Bruce Booth suggests that many struggling companies will continue to exist, particularly "zombie" microcap companies that "never seem to die."
Key takeaways:
- Pfizer is stopping development of an oral obesity medication, danuglipron, due to underwhelming clinical trial results and a high rate of patient side effects.
- Johnson & Johnson is heavily investing in artificial intelligence for drug discovery, hiring around 6,000 data scientists and spending hundreds of millions on machine learning.
- The Texas attorney general has filed a lawsuit against Pfizer, accusing the company of misrepresenting the efficacy of its Covid-19 vaccine and seeking $10 million in reparations.
- Despite expectations, there has been little consolidation in the biotech industry, with many small cap public biotech companies likely to continue operating for the foreseeable future.