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The coronavirus pandemic hasn't deterred investors of Atlas Venture, a biotechnology-focused venture capital firm. On Friday, Atlas announced its latest fund, which opened at the end of March, had closed with a higher-than-expected yield of $400 million...Atlas initially wanted to bring in $350 million from the fund...But when the firm went out to fundraise, it was met with more than $1 billion in demand, which then pushed the fund toward a cap of $400 million...the fresh money will be put into about 15 companies, and that his firm remains interested in areas such as targeted cancer drugs, gene therapy and the central nervous system...The pandemic's impact on biotech stocks was fleeting compared to the larger market. Venture-backed drug companies have also continued to go public, which has kept firms and their investors optimistic about their ability to earn returns...While there are enormous parts of the broader economy...that have been really adversely affected by the COVID-related lockdowns, biotech is doing very well...The fund flows are very strong by any measure...READ MORE

...the first large, high-quality study to test it in people in close contact with someone with the disease...Results published...by the New England Journal of Medicine show that hydroxychloroquine was no better than placebo pills at preventing illness from the coronavirus...The study enrolled people through the Internet and social media, relying on them to report their own symptoms rather than having them tracked in a formal way by doctors. Participants were not all tested for the coronavirus but were diagnosed as COVID-19 cases based on symptoms in many cases. And not all took their medicines as directed...READ MORE

The U.S. government...entered into a $628 million contract with drugmaker Emergent BioSolutions to boost manufacturing capacity for a potential COVID-19 vaccine...As drugmakers capacity here in America for candidates that make it to the final stages of Operation Warp Speed will help get a vaccine to American patients without a day wasted,” Department of Health and Human Services Secretary Alex Azar said in a statement...The HHS task order with Emergent falls under an existing contract with the Biomedical Advanced Research and Development Authority...Under the contract, Emergent will commit its manufacturing facilities, valued at $542.7 million, to produce COVID-19 vaccine candidates through 2021...READ MORE

The COVID-19 pandemic has underscored key weaknesses in the biopharma industry’s complex global supply chain, and now a top adviser for the Trump administration is calling on Congress to push for more manufacturing in Puerto Rico...White House trade adviser Peter Navarro faulted a “broken system” that pushes manufacturing offshore. He called on Congress to use the next round of COVID-19 relief to incentivize manufacturing on the island territory...Previously, a tax provision allowed U.S. companies to avoid paying federal taxes on profits from operations in Puerto Rico, but Congress phased that out over time...Plus, utility costs are significantly higher there than in the U.S., which has also led to a reduction in manufacturing. Pharma companies themselves have shuttered a number of drug plants in Puerto Rico in recent years...READ MORE

Not wanting to be left behind in the COVID-19 vaccine race, Europe is stepping up its efforts to secure supplies should any immunizations prove safe and effective. Right on the heels of news that the U.S. has picked vaccine finalists to fast-track, Europe is considering negotiations with pharmaceutical companies for early acces..The European Union has asked member countries for the power to negotiate development and access deals with drugmakers.. if the mandate were approved, Europe would base its program on the U.S.’ Biomedical Advanced Research and Development Authority...READ MORE

With the COVID-19 pandemic shining a spotlight on the global pharmaceutical supply chain, U.S. legislators have put forward a raft of legislation that would seek to "onshore" drug manufacturing at the expense of major producers abroad...Guess who's wary of that proposal? Big Pharma...the White House is reportedly working on a "Buy American" executive order that would require government agencies to purchase American-made medical products, and that order could eventually include pharmaceuticals...the Pharmaceutical Research and Manufacturers of America...has pushed back against Congressional support for a supply chain shake-up...Manufacturing stateside would likely cost a princely sum compared with the cheaper wages and lower costs abroad, and would upset the balance of pharma's global supply chain..."While we support efforts to foster more manufacturing in the United States, moving all manufacturing here is impractical and likely not feasible," a PhRMA spokesperson said in an email. "Policymakers must take a long-term, more holistic look at global pharmaceutical manufacturing supply chains before jumping to rash proposals that may cause significant disruptions to the U.S. supply of medicines."...READ MORE

Biotech and pharma companies are focused these days on delivering drugs and vaccines to fight the pandemic, but just a few months ago, they were recounting their 2019 accomplishments...While the world has changed for everyone—and drugmakers expect some financial pain this year—many enjoyed a productive year last year, with sales increases, new drug launches, M&A deals and plenty of clinical data. Those companies, and some with less stellar résumés, rewarded their CEOs handsomely for that work...Generally, a biopharma CEO's compensation derives from progress on several fronts, including R&D developments, as well as the usual revenue and stock price metrics...this year's roundup of biopharma’s best-paid CEOs...READ MORE

• Martine Rothblatt (United Therapeutics)
• Daniel O'Day (Gilead Sciences)
• Kenneth Frazier (Merck & Co.)
• Alex Gorsky (Johnson & Johnson)
• Richard Gonzalez (AbbVie)
• David Ricks (Eli Lilly)
• Robert Bradway (Amgen)
• Ludwig Hantson (Alexion Pharmaceuticals)
• Jeffrey Leiden (Vertex Pharmaceuticals)
• Giovanni Caforio (Bristol Myers Squibb)
• Heather Bresch (Mylan)
• Pascal Soriot (AstraZeneca)
• Michel Vounatsos (Biogen)
• Albert Bourla (Pfizer)

A vaccine summit has raised billions of dollars to immunize children in developing countries as experts wrestled with how any potential vaccine against the coronavirus might be distributed globally — and fairly...The United Nations and the International Red Cross and Red Crescent Movement have urged that “a people’s vaccine” be developed for COVID-19 that would be freely available to everyone, calling it a “moral imperative.”...GAVI also announced a new “advance market commitment” mechanism to enable developing countries to get any effective COVID-19 vaccine when available...READ MORE

The Canada Revenue Agency is opening up its snitch line to tips about fraud in COVID-19 federal aid programs amid reports of illicit applications and double dipping...Canada Revenue Agency says its National Leads Program — a.k.a. its snitch line — is now accepting information regarding the Canada Emergency Response Benefit (CERB), the Canada Emergency Student Benefit (CESB), and the Canada Emergency Wage Subsidy (CEWS)...“If you suspect a potential misuse of the COVID-19 emergency benefits and programs, the National Leads Centre is currently accepting leads on these programs,”...the agency says it’s looking for information regarding people who are receiving either CERB or CESB who are ineligible, or businesses or charities that are “misusing” the wage subsidy program...READ MORE

Pharma’s reputation is holding strong these days, the latest Harris Poll survey shows. That’s good news again for the industry—but why the change?...The Harris Poll asked Americans that question. And, perhaps unsurprisingly, the COVID-19 crisis is the reason...Seventy percent told the market researcher that the industry’s overall response to the pandemic is the main reason for their more positive feelings. Efforts to develop a vaccine (58%), develop or find treatments (56%), create diagnostic tests (56%) and protect medical professionals by providing masks and protective gear (46%) also rated as key reasons perceptions have changed...READ MORE