Want to stay on top of the science and politics driving biotech today? Sign up to get our biotech newsletter in your inbox. Good morning. We’re breaking down the election results — let’s get straight to it. The need-to-know this morning Novo Nordisk upgraded its guidance for the year, buoyed in part by the performance of the Wegovy pill, even as the drug faces growing competition from Eli Lilly’s oral obesity medicine. Novo also announced that Karsten Munk Knudsen, a 27-year company veteran who has worked as CFO for nearly a decade, would step down at the end of the year and be replaced by Luigi La Corte, formerly of Galderma. Boehringer Ingelheim struck a licensing deal with China’s Sino Biopharmaceutical Limited (also known as SBP Group) covering six pre-clinical cancer drugs. The pact — the second partnership between the two companies — includes upfront and near-term payments of $358 million, with potential milestone payments of $7 billion on top of royalties. Democratic rout could put pressure on drug prices Democrats are set to gain control of the House and the Senate. What does that mean for health policy and for drugmakers? Continue to STAT+ to read the full story…
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