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What’s Inside: List of Drugs to Undergo Price Negotiations Announced; RayzeBio Plans to Go Public this Week; Executive Order on Domestic Manufacturing; and more.
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We’re championing the progress made by California’s life science community and want to hear about your company’s latest scientific breakthrough, investment milestone, or commitment to creating positive change for our industry. Submit your story here for possible inclusion in an upcoming issue. |
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What’s Happening at Biocom California
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Biocom California President & CEO on Biotech Landscape
As part of the Inflation Reduction Act (IRA), the Biden Administration announced this week its ten prescription drugs that will be subject to the first-ever price negotiations. Drugs selected include blood thinners Xarelto and Eliquis, diabetes drugs Januvia and Jardiance, and leukemia treatment Imbruvica, among others. Medicare health program that covers 66 million people. Biocom California President & CEO Joe Panetta issued a statement on the impact of the IRA and discusses the need to regulate Pharmacy Benefit Managers in a new podcast hosted by Vital Transformation. Listen to the conversation here.
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Fostering Life Science Career Pathways
Now in its sixth year, our Life Science Workforce Symposium will return this fall, providing veterans with a gateway to new opportunities in the life science sector. Spanning key locations across the state in the Bay Area, Los Angeles, and San Diego, this symposium invites veterans, service members, college students, professionals, and job seekers from diverse backgrounds. The event is thoughtfully crafted to cater to all ages and educational levels, providing a platform for underrepresented communities to explore and delve into the array of possibilities within the dynamic life science industry.
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Industry Intelligence & Member Moments
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- Arcturus was awarded $115M from the Japanese government to support the development of its facility which will produce materials for mRNA-based vaccines and medicines.
- Axiom Space closed a $350M Series C with plans to to build out its space station and provide more opportunities to raise revenue from private astronauts and commercially-driven experiments.
- BioMarin announced that an individual in Germany with severe hemophilia A was treated with valoctocogene roxaparvovec-rvox, marking the first time that the gene therapy has been given commercially in Europe.
- Bristol Myers Squibb’s drug for anemia, luspatercept, was approved by the FDA, and its drug for bone marrow disease was just green-lit as well.
- Cellares has raised $255M to launch the world’s first commercial-scale IDMO smart factory, capable of producing 40,000 cell therapy batches per year.
- My Green Lab renewed its partnership with the United Nations High-Level Climate Champions and will continue to support the Race to Zero Campaign, which aims to halve global carbon emissions by 2030.
- Novo Nordisk acquired Embark Biotech and its lead program that targets obesity and cardiometabolic diseases.
- RayzeBio announced its plan to go public this week and raise money to advance the company’s development of radiopharmaceutical drugs for cancer.
- Thermo Fisher’s president of biosciences, Amy Butler, discusses the future of cell and gene therapy and what she’s learned along her career journey.
- Twist Bioscience entered a partnership with Ono Pharmaceutical to discover novel antibodies for autoimmune diseases.
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New Assembly Speaker Signals More Hands-On Approach
For the first time in seven years, the California Assembly has a new leader: Democrat Robert Rivas. The Assembly speaker helps determine not only the composition of California’s budget but also which policy proposals stand a chance of making it to the governor’s desk. Among other key issues for California voters, Rivas has shown support for addressing California’s housing crisis.
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San Diego Supervisorial District 4 Special Primary Election
August 15 was the final day for District 4 residents to vote in the special primary election for San Diego County Board of Supervisors. The election will fill the seat left vacant by Nathan Fletcher. Democratic Councilmember Monica Montgomery Steppe and Republican Amy Reichert will advance to the run-off election in November, having received 42 percent and 29 percent of the votes, respectively.
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Life Science Zoning Amendments Advance in Pasadena
Biocom California has been working with the City of Pasadena over the last year to explore ways the city can encourage life science industry growth and retention. On July 18, Pasadena City Council Economic Development and Technology Committee members took up a set of policy changes to advance that work. This was followed by a Planning Commission study session on August 9, and planning staff will return to the commission soon with final language. Our staff was present to testify at both meetings. The proposal includes simplifying the definition of R&D, increasing the allowable rooftop area for equipment, adjusting open space requirements, allowing additional building height, and reducing minimum parking requirements.
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Redwood City Approves CEQA Process for Life Science Development
On July 26, Redwood City Council gave approval to begin the CEQA process for Longfellow Real Estate Partners’ Redwood LIFE Evolve Project. The project is proposing to redevelop 84 acres in Redwood Shores, converting the current office park into a life science campus with over 3 million square feet, which would give companies room to grow. Biocom California spoke in favor of the project and moving forward with the CEQA review.
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Biocom California
For over 28 years, Biocom California has helped move the life science industry forward with transformative resources that enable companies to make meaningful connections. With a membership base of over {{{dynamic_content_1600}}} companies, we connect our members to each other so they can collaborate and work stronger and smarter together. We connect organizations to capital investment and purchasing solutions so they can grow faster and work more efficiently. We’re their link to advocacy that fights for innovation and we provide an environment where their business and talent can thrive. Biocom California is how the life science industry gets connected.
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