Reuters Health News Summary

The world's biggest tobacco company by market value will launch its flagship heated tobacco device IQOS in the U.S. in the second quarter, developing the brand pretty much from scratch. US FDA approves X4 Pharmaceuticals' therapy for immunodeficiency disease X4 Pharmaceuticals said on Monday the U.S. FDA has approved its therapy to treat a rare genetic immunodeficiency disease in patients 12 years of age and older, sending its shares up 16% before the bell.

Following is a summary of current health news briefs.

Revvity beats quarterly estimates on demand for diagnostic equipment

Revvity on Monday beat Wall Street estimates for its quarterly profit and revenue, helped by better-than-expected demand for equipment in its diagnostics unit. Contract drug manufacturers and equipment makers witnessed their biotech clients cut back on spending in 2023 amid rising interest rates, but some analysts have said that funding could stabilize this year after a strong 2023 for regulatory approvals in the U.S.

Japan's Ono to buy US drugmaker Deciphera for $2.4 billion

Deciphera Pharmaceuticals said on Monday Japan's Ono Pharmaceutical Co will acquire the cancer drugmaker for $2.4 billion to expand its oncology portfolio and presence in the United States and Europe. Ono Pharma has offered $25.60 per share in cash, a premium of 74.7% to U.S.-based Deciphera's last closing price of $14.65.

Morphosys says takeover by Novartis on course after report of drug safety concern

Morphosys said its takeover by Novartis is still expected to close in the first half of this year, after a news report on a possible drug safety risk knocked the German biotechnology company's stock price on Monday. Morphosys' statement came after a report by specialist website STAT News, citing two people familiar with the matter, of a safety issue with its experimental drug pelabresib, which is being developed to treat myelofibrosis, a rare type of blood cancer affecting the bone marrow.

Wiping out polio 'not guaranteed', support needed, Bill Gates says

Success in the fight to wipe out polio is not guaranteed, according to tech billionaire turned philanthropist Bill Gates, whose foundation has poured billions into the effort. Gates warned against complacency in tackling the deadly viral disease as he welcomed a $500 million pledge from Saudi Arabia on Sunday to fight polio over the next five years, bringing it in line with the U.S. as one of the biggest national donors.

Philips shares surge on US recall settlement news

Philips shares surged 35% early on Monday as the medical devices maker announced a smaller-than-expected settlement to resolve claims over recalled breathing devices in the United States. Philips said it had agreed to pay $1.1 billion to settle all personal injury claims filed in the U.S., ending uncertainty that had slashed its market value over the past three years.

Ex-McKinsey partner sues firm, claims he was made opioids 'scapegoat'

A former McKinsey & Co partner sued the global consulting firm on Friday and accused it of defaming him and making him a "scapegoat" to distract attention from its work advising OxyContin maker Purdue Pharma and other manufacturers of opioid pain medications. Arnab Ghatak, who was fired in 2021, filed the lawsuit in New York state court just two days after Reuters and others reported that the U.S. Department of Justice was conducting a criminal investigation of McKinsey's role in the U.S. opioid epidemic.

Analysis-Philip Morris faces key test with US heated tobacco push

Philip Morris International's goals for heated tobacco in the United States are reachable, analysts and investors say, even though rivals see limited potential in a market where vaping dominates. The world's biggest tobacco company by market value will launch its flagship heated tobacco device IQOS in the U.S. in the second quarter, developing the brand pretty much from scratch.

US FDA approves X4 Pharmaceuticals' therapy for immunodeficiency disease

X4 Pharmaceuticals said on Monday the U.S. FDA has approved its therapy to treat a rare genetic immunodeficiency disease in patients 12 years of age and older, sending its shares up 16% before the bell. X4's mavorixafor, which will be sold under the brand name Xolremdi, is the first therapy to get U.S. approval specifically for the treatment of WHIM syndrome.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)