Sean Parker is a very rich man. He has, according to Forbes, about $2.5 billion to his name, and he made most of it by investing in the likes of Napster, Facebook and Spotify. So it was a bit jarring to see the 35-year-old seated next to a pair of renowned cancer experts from Memorial Sloan Kettering and a writer who has won awards for her sober, cogent account of what it's like to be diagnosed with leukemia in your early 20s.
The industry now has to deal with the fact that drug pricing has taken center stage in presidential politics. And the story of Daraprim, Martin Shkreli and price gouging left a wound that will take some time to heal. Biotech is not Shkreli, of course, but it will have to prove it now with some sensible discussions on innovation and pricing.
In a moment of candor no doubt brought on by some personal animosity, Martin Shkreli let down his guard on Sunday and told me exactly why he hiked the price of a 62-year-old drug by more than 5000%.
Back when Martin Shkreli was CEO of Retrophin, he managed to grab a few headlines by buying an old rare-disease drug, Thiola, and raising the price 2000%. Now that he's on to his next company, Turing Pharmaceuticals, he's done himself one better, by buying another old drug and boosting the price 5000%.
"From a U.S. perspective, I think the fundamentals of the sector are broadly still sound," says SVB London-based analyst Nooman Haque.
Join me on October 12 for our special half-day biotech conference, in partnership with One Nucleus and OBN. There will be plenty of time for networking and I'll be there throughout, taking your questions as we explore new technologies and new money. Drop me a line if you have a query.
There are a lot of reasons why oncologists aren't exactly brimming with excitement at the idea of getting their hands on Eli Lilly's lung cancer drug necitumumab.
Each year, FierceBiotech surveys the life sciences landscape to highlight a group of women innovating, excelling and inspiring in their fields. And this year, we want your help.
Patrick Soon-Shiong made several fortunes based on his understanding of cancer and drug development, most recently in today's multibillion-dollar IPO for NantKwest. And now he plans to put the IPO money to use in pursuit of a new strategy in immuno-oncology R&D--the single hottest field in the industry.
Non-VC or crossover investors are helping drive the rebound in IPOs among healthcare companies. And it's proving to be a winning strategy for both investors and the newly public companies.