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US opioid crisis a national emergency; Shanghai drug companies bid for Arbor


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US opioid crisis a national emergency; Shanghai drug companies bid for Arbor

* President Donald Trump has declared the opioid crisis in the U.S. a national emergency.

* Trump also stepped up his criticism of Senate Majority Leader Mitch McConnell, R-Ky., blaming him for the chamber's failure to pass legislation to repeal and replace the Affordable Care Act. "Can you believe that Mitch McConnell, who has screamed repeal [and] replace for 7 years, couldn't get it done. Must repeal [and] replace ObamaCare!" Trump wrote on Twitter.

* The uncertainty surrounding the Trump administration's oversight of the ACA is expected to drive healthcare insurance premiums up significantly for many Americans, according to a new analysis. Elsewhere, a bipartisan group of health policy experts recommended that Congress officially authorize cost-sharing reduction payments amid other proposals to stabilize the ACA insurance markets, according to The Wall Street Journal.

* FiercePharma compares the revenue of the 15 biggest drugmakers, including Johnson & Johnson, Pfizer Inc. and GlaxoSmithKline plc, in 2007 with their respective revenues in 2016 to better understand the course of the pharmaceutical industry over the past decade.

* A shift in the industry pricing environment is likely to pressure margins and credit metrics for large U.S. generic drug manufacturers in 2018, Fitch Ratings said in a report. The report focused on the two leading players in the industry, Mylan NV and Teva Pharmaceutical Industries Ltd., and how persistent price erosion affected the companies in the second quarter.

M&A and capital markets

* Shanghai Pharmaceuticals Holding Co. Ltd. and Shanghai Fosun Pharmaceutical (Group) Co. Ltd. are bidding for a stake in U.S. drugmaker Arbor Pharmaceuticals LLC, according to a Bloomberg News report, citing people familiar with the matter. According to the sources, the buyer would acquire 20% to 30% of the KKR & Co. LP-backed specialty pharmaceutical.

Drug and product pipeline

* The U.S. Food and Drug Administration granted priority review status to Gilead Sciences Inc.'s application for the combination of its experimental HIV drug bictegravir with it existing therapies emtricitabine and tenofovir alafenamide.

* The regulator requested that TherapeuticsMD Inc. provide additional safety data regarding its drug TX-004HR to treat vaginal pain during sexual intercourse.

* Recent research of piglets whose genes were edited to remove retroviruses using the CRISPR technology may be a step toward transplanting pig organs into humans, according to study results published in the journal Science.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng dropped 2.04% to 26,883.51, and the Nikkei 225 slipped 0.05% to 19,729.74.

In Europe, around midday, the FTSE 100 was down 1.21% to 7,300.56, and the Euronext 100 was down 1.06% to 986.29.

Now featured on S&P Global Market Intelligence:

* Camp Kotok less worried about economy than weak US leadership: Camp Kotok is a yearly gathering of economists and financial professionals organized by Cumberland Advisors Chairman and Chief Investment Officer David Kotok. The vast majority of Camp Kotok attendees do not expect to see healthcare or tax reform in 2017, but Sen. Susan Collins of Maine expressed more optimism, despite a daunting to-do list facing Congress.

The Daily Dose is updated as of 6:30 a.m. ET. Some external links may require a subscription.