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<ul><li><strong>Airline stocks are enjoying a "full force" rebound in investor interest, <a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> said Monday, but only certain firms are best positioned to weather weakened travel demand through the year.</strong></li><li><strong>Analyst Emma Young upgraded <a href="https://markets.businessinsider.com/stocks/alk-stock">Alaska Air</a> to "buy," saying the firm will increase its net debt in 2020 by only 8% compared to an average 40% increase among passenger airlines.</strong></li><li><strong> "Balance sheets and capital structures still matter, and we continue to favor airlines with more conservative balance sheets," she said.</strong></li><li><strong>Alaska stock surged as much as 11.8% to intraday highs, outperforming peer firms.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/alk-stock">Watch Alaska Air trade live here</a>.</strong></li></ul><p>The "recovery trade is in full force" for airline stocks and certain firms are emerging as investors' best bets, <a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> said Monday.</p><p>Analyst Emma Young upgraded <a href="https://markets.businessinsider.com/stocks/alk-stock">Alaska Air</a> shares to "buy" and lifted its price target to $53 from $36, implying a 24% gain from Friday's close. Alaska and <a href="https://markets.businessinsider.com/stocks/luv-stock">Southwest Airlines</a> are well-positioned for the industry's revival from travel lockdowns due to their strong balance sheets and efficient capital structures, she wrote. </p><p>The firm also upgraded <a href="https://markets.businessinsider.com/stocks/jblu-stock">JetBlue</a> to "neutral" on hopes of recovering leisure-travel demand.</p><p><keyword id="6374849" type="UNKNOWN" weightage="60" keywordseo="bank-of-america">Bank of America</keyword> sees airlines recovering from their early-2020 slump to a 55% revenue decline from 90%. Rebounding leisure travel will certainly aid the sector, but its "true catalyst" for returning to past health will be the return of corporate demand, Young wrote. Until then, expect a heavier weighting of leisure interest to stifle revenues and lead firms with strong cash flow to outperform, she added.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/bearish-stock-market-economic-outlook-bubble-sage-legend-jeremy-grantham-2020-6">Jeremy Grantham, the legendary investor who called the past 3 bubbles, says investors should be nervous about recent market moves — and warns of 'deep economic wounds' regardless of a vaccine</a></em></p><p>"While the recovery is taking bankruptcy risk off the table, balance sheets and capital structures still matter, and we continue to favor airlines with more conservative balance sheets," the analyst said.</p><p><keyword id="3310464" type="COMPANY" weightage="60" keywordseo="Alaska-Air">Alaska Air</keyword> soared as much as 11.8% on the news but sits 30% lower year-to-date. The company broadly outperformed other airlines in Monday's session.</p><p>The bank expects Southwest and Alaska to have the smallest growth in net debt by the end of 2020. Alaska will add only 8% to its total debt over the year compared to a 40% average increase among peers, Young projected.</p><p>The industry's recovery could accelerate if a coronavirus vaccine becomes widely available, she added. The sector is anticipating a multi-year recovery before hitting 2019 demand, but a faster-than-expected treatment rollout would boost consumer comfort in traveling.</p><p>Alaska joins Southwest and <a href="https://markets.businessinsider.com/stocks/algt-stock">Allegiant</a> as the only airlines with "buy" ratings from Bank of America. JetBlue, <a href="https://markets.businessinsider.com/stocks/dal-stock">Delta</a>, and <a href="https://markets.businessinsider.com/stocks/ual-stock">United Continental</a> hold "neutral" ratings, and the firm rates <a href="https://markets.businessinsider.com/stocks/aal-stock">American</a>, <a href="https://markets.businessinsider.com/stocks/save-stock">Spirit</a>, and <a href="https://markets.businessinsider.com/stocks/ha-stock">Hawaiian Airlines</a> "underperform."</p><p><em><strong>Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:</strong></em></p><p><em><strong><a href="https://markets.businessinsider.com/news/stocks/jobs-report-unemployment-economy-bounce-stock-market-record-ed-yardeni-2020-6-1029288925">May's surprising jobs report sets stage for V-shaped recovery and fresh market highs, Wall Street bull Ed Yardeni says</a><a href="https://www.businessinsider.com/stock-market-crash-new-bull-run-historical-checklist-not-met-2020-6"></a></strong></em></p><p><em><strong><a href="https://markets.businessinsider.com/news/stocks/nasdaq-surpasses-nyse-ipo-warner-music-zoominfo-stock-debuts-most-2020-6-1029289412">Nasdaq surpasses NYSE in IPO activity after triumphant start to June</a></strong></em></p><p><em><strong><a href="https://www.businessinsider.com/stock-market-crash-new-bull-run-historical-checklist-not-met-2020-6">Stocks have met none of the 8 conditions that confirmed every new bull market in the post-war era — and one investment chief warns a relapse into a bear market is coming</a></strong></em></p><p><em><strong><div type="image" title="ALK" height="717" width="1058" msid="76268470" hostid="261"></div></strong></em></p>

Bank of America adds a new airline to its 'buy' list as investors flock to the thrashed sector

<p class="source"><span><a href="https://flic.kr/p/9H4ekT">Flickr/Ed Uthman</a></span></p>The FDA <a href="https://www.fda.gov/Drugs/InformationOnDrugs/ApprovedDrugs/ucm555841.htm?platform=hootsuite">just approved a new drug</a> to treat lung cancer. <p>The drug, made by Japanese drug giant Takeda Pharmaceuticals, is called brigatinib. It's a type of ALK-inhibitor that's taken orally to treat a certain kind of lung cancer after a first round of drugs failed.</p><p>In the past two days,<a href="https://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/default.htm"> the FDA has approved a handful of drugs</a>, including a treatment for a rare disease that has a list price of <a href="http://www.fiercepharma.com/pharma/biomarin-picks-up-fda-approval-for-orphan-drug-brineura">$702,000 a year</a>. </p><h2>Here's what you need to know</h2><ul><li>There are two types of lung cancer: small cell lung cancer, and non-small cell lung cancer. Most people have the latter, and there are <a href="https://www.cancer.gov/types/lung/hp/non-small-cell-lung-treatment-pdq">a number of types of non-small cell lung cancer</a>. </li><li>Some of these cases have mutations that affect the ALK tyrosine kinase receptor. This makes these forms of lung cancer sensitive to a type of drug called ALK inhibitors. The first one, called Xalkori, was originally approved back in 2011. Since then, two more have come on the market that can be used when people become resistant to Xalkori. It's at this point - when patients on Xalkori have become resistant - that brigatinib is approved to come in and treat the cancer. </li><li>The data used to approve brigatinib came from a phase 2 study that started back in 2014. In that study, progression-free survival - a clinical endpoint that basically means the cancer hasn't grown - was 15.6 months.</li><li>Takeda picked up the drug when it acquired Ariad Pharmaceuticals, a deal <a href="https://www.takeda.com/newsroom/newsreleases/2017/Takeda-Completes-Acquisition-of-ARIAD-Pharmaceuticals-Inc/">which just closed in February</a>.</li><li>Dr. David Kerstein, the global clinical lead for brigatinib, told Business Insider that the hope is to eventually have the drug be used as an alternative to Xalkori. A phase 3 trial that's still ongoing is looking at Xalkori vs. brigatinib. </li></ul>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/super-strong-magnets-attract-200-mph-crack-break-experiment-2017-4">This is what happens when super strong magnets attract at 200 mph</a></h3>                                    Please enable Javascript to watch this video

A new drug to treat lung cancer just got approved

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul><li><strong>US airline stocks plummeted Wednesday after the World Trade Organization approved <a href="https://markets.businessinsider.com/news/stocks/wto-airbus-ruling-open-door-for-trump-tariffs-on-europe-2019-10-1028571481">President Trump's $7.5 billion worth of proposed tariffs</a> on the European Union. The duties will affect airplane parts and luxury goods.</strong></li><li><strong>The approval is the largest in the WTO's 24-year history, and further escalates the trade conflict between the bloc and the US.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/ual-stock">United Airlines</a> and <a href="https://markets.businessinsider.com/stocks/aal-stock">American Airlines</a> both fell roughly 6%. <a href="https://markets.businessinsider.com/stocks/jblu-stock">JetBlue</a> fared better than its peers, dropping about 2.8%.</strong></li><li><strong><a href="https://www.businessinsider.com/" target="_blank" rel="noopener">Visit the Business Insider homepage for more stories</a>.</strong></li></ul><p>Major US airlines saw their stocks tumble Wednesday after President Trump <a href="https://markets.businessinsider.com/news/stocks/wto-airbus-ruling-open-door-for-trump-tariffs-on-europe-2019-10-1028571481">won approval from the World Trade Organization</a> for $7.5 billion worth of tariffs on EU-based airplane parts and luxury goods.</p><p>The approval is the largest in the WTO's 24-year history, nearly doubling the previous record from 2002. The tariffs affect the decades-long conflict between US-based Boeing and EU-based Airbus, with both companies accused of illegally using government funds to compete with the other.</p><p>Here are the major US airlines hit by the announcement and how much they've fallen as of 1:30 p.m. ET:</p><ul><li><strong>Alaska Air Group (<a href="https://markets.businessinsider.com/stocks/alk-stock">ALK</a>):</strong> down 4.6%</li><li><strong>American Airlines (<a href="https://markets.businessinsider.com/stocks/aal-stock">AAL</a>):</strong> down 5%</li><li><strong>Delta Air Lines (<a href="https://markets.businessinsider.com/stocks/dal-stock">DAL</a>):</strong> down 6.1%</li><li><strong>JetBlue Airways (<a href="https://markets.businessinsider.com/stocks/jblu-stock">JBLU</a>):</strong> down 2.9%</li><li><strong>Southwest Airlines (<a href="https://markets.businessinsider.com/stocks/luv-stock">LUV</a>):</strong> down 3.2%</li><li><strong>Spirit Airlines (<a href="https://markets.businessinsider.com/stocks/save-stock">SAVE</a>):</strong> down 4.4%</li><li><strong>United Airlines (<a href="https://markets.businessinsider.com/stocks/ual-stock">UAL</a>):</strong> down 5.7%</li></ul><p><em><strong>Read more</strong>: <a href="https://markets.businessinsider.com/news/stocks/ism-factory-manufacturing-data-unexpectedly-contracts-hits-10-year-low-2019-10-1028567885">US factory activity unexpectedly hits 10-year low as Trump's trade war persists</a></em></p><p><a href="https://markets.businessinsider.com/stocks/ba-stock">Boeing</a> fell as much as 2.9% on the news, and <a href="https://markets.businessinsider.com/stocks/airbus-stock?utm_source=markets&amp;utm_medium=ingest">Airbus</a> dropped as much as 2.5%.</p><p>The tariff announcement furthers Trump's trade conflict with the EU. The President already issued <a href="https://www.businessinsider.com/trump-tariffs-taxes-on-imports-of-steel-aluminum-could-be-trade-war-2018-3">a 25% duty on steel</a> from the bloc in March 2018, and is threatening <a href="https://markets.businessinsider.com/news/stocks/trump-delays-car-tariffs-for-six-months-2019-5-1028210961?utm_source=markets&amp;utm_medium=ingest">billions of dollars worth of tariffs on European cars</a>.</p><p>The WTO ruling also permits tariffs on luxury goods from the EU including linen, cheese and swordfish. The organization is scheduled to rule on proposed tariffs from the EU early next year.</p><p><em><strong>Now read more markets coverage from Markets Insider and Business Insider:</strong></em></p><p><em><strong><a href="https://markets.businessinsider.com/news/stocks/johnson-and-johnson-stock-price-jumps-on-opioid-lawsuit-settlement-2019-10-1028571718">Johnson &amp; Johnson climbs after settling two opioid epidemic lawsuits, allowing it to avoid an upcoming federal trial</a></strong></em></p><p><em><strong><a href="https://markets.businessinsider.com/news/stocks/elizabeth-warren-presidency-impact-on-market-sectors-industries-at-risk-2019-10-1028571622">Wall Street is starting to take the possibility of an Elizabeth Warren presidency seriously - and strategists warn a victory could crush certain parts of the market</a></strong></em></p><p><em><strong><a href="https://www.businessinsider.com/benchmark-bill-gurley-valuations-are-causing-disappointing-tech-ipos-uber-2019-9">Uber and WeWork are being thrashed for pretending to be tech companies. But the VC whose firm bet big on both startups says that argument is all wrong.</a></strong></em></p>

US airline stocks plummet after Trump wins WTO approval for tariffs on aircraft parts

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.shutterstock.com/image-photo/denver-circa-january-2016-southwest-airlines-365780282?src=SL5_AdpUb67abznFK3RslA-1-7">robert cicchetti/shutterstock</a></span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong><a href="https://www.businessinsider.com/category/southwest-airlines" target="_blank" rel="noopener">Southwest Airlines</a> on Wednesday blasted its mechanics union for hundreds of cancellations. </strong></li><li><strong>The union hit back, accusing the carrier of scapegoating.</strong></li><li><strong>Also on Wednesday, Southwest said the impact from the government shutdown could be triple what it previously warned.</strong></li><li><strong>Goldman Sachs downgraded the stock to sell on Tuesday, citing margin pressures from the launch of Hawaii flights. </strong></li><li><a href="https://markets.businessinsider.com/stocks/luv-stock"><strong>Shares sank as much as 4% in early trading Wednesday. Follow trading in real-time here. </strong></a></li></ul><p>It's not been a good week for <a href="https://www.businessinsider.com/category/southwest-airlines">Southwest Airlines.</a></p><p>The carrier on Wednesday blasted a mechanics union for hundreds of cancellations in recent days, a level it's calling unprecedented.</p><p>"On Feb. 12, just days after our last negotiations session with AMFA, we experienced an unprecedented number of out-of-service aircraft in four specific maintenance locations despite no change in our maintenance programs, no changes in leadership, and no changes in our policies and procedures," <a href="https://www.swamedia.com/releases/release-bc94d941a090ea44998912da1f90da5a-statement-from-southwest-airlines-chief-operating-officer-mike-van-de-ven">chief operations officer Mike Van de Ven said in a statement.</a></p><p>"We are committed to operating a safe fleet, and every report is investigated, which is why we issued a notice to require an "all hands" response to get out-of-service aircraft back into the fleet serving our Customers."</p><p>This week alone, Southwest has canceled more than 600 flights, and delayed over 1000 others, <a href="https://flightaware.com/live/fleet/SWA/cancelled"><span>according to FlightAware</span></a>. It blamed those interruptions on a number of planes out of service that was more than double the usual 20. Last week, it declared an <a href="https://www.usatoday.com/story/travel/flights/2019/02/15/southwest-airlines-aircraft-grounded-operations-emergency-mechanics-aircraft/2886285002/"><span>operations "emergency" </span></a></p><p>The mechanics union hit back, accusing the airline of using it as a scapegoat for other issues.</p><p>"For Southwest's leadership to connect the airline's self-declared "operational emergency" to collective bargaining negotiations is simply an attempt to divert attention away from the airline's safety issues," <a href="http://www.amfanational.org/?zone=/unionactive/view_page.cfm&amp;page=Southwest20Airlines">the 2,700-member organization said in a statement.</a></p><p>Shares of Southwest sank more than 4% in trading Wednesday morning, as a revenue guide-down for the first quarter of 2019 and a Wall Street downgrade also weighed on investors' minds.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/how-assigned-seats-on-southwest-airlines-could-work-wall-street-analyst-2019-2" data-analytics-position="1">Assigned seats on Southwest? Here's how a major change would set the company apart from other airlines</a></em></p><p><span><a href="https://www.sec.gov/Archives/edgar/data/92380/000009238019000024/coverpage02-20x19.htm">In a regulatory filing Wednesday morning,</a></span> the airline said the government shutdown would have more of an impact than the previously disclosed $10 to 15 million. It now expects a negative revenue impact of $60 million due to "softness in passenger demand and bookings as a result of the government shutdown."</p><p>Separately, a downgrade from Goldman Sachs related to its Hawaii launch<span> </span>was also adding to the airline's headache. Analyst Catherine O'Brien cut her rating to sell for the stock, saying the new routes could shrink Southwest's pretax margins by 60 basis points.</p><p>"We continue to be positive on LUV's long-term thesis, but we prefer ALK at this time," she said in a note to clients Tuesday evening.</p>     <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-roadster-what-fans-should-know-electric-vehicles-cars-2019-2">Everything you need to know about Tesla's new Roadster</a></h3>        <div>                    </div>    </div>

Southwest has blamed an 'unprecedented' number of canceled flights on a mechanics union - and the stock is tanking

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Shares of JetBlue Airways (<a href="http://markets.businessinsider.com/stock/JBLU-Quote">JBLU</a><span>)</span> are down almost 12% so far this year and Morgan Stanley says it's still not the time to buy. </span></p><p><span>After a big post-election run, airline stocks have cooled since the beginning of March. </span></p><p><span>An unexpected drop in demand and higher year over year fuel prices have caused many airlines to <a href="http://markets.businessinsider.com/news/stocks/delta-warns-on-margin-pressures-2017-3-1001807696">issue guidance revisions</a> to the downside. </span></p><p><span>The <span>US Global Jets ETF (<a href="http://markets.businessinsider.com/etfs/US-Global-Jets-ETF">JETS</a>) that tracks major airlines is down about 5% over the last two weeks.</span></span></p><p><span>In a note circulated on March 15, the investment bank agreed with surveyed investors, 63% of whom found the company "less attractive than consensus" based on valuation. </span><span><span> </span></span></p><p><span>Morgan Stanley predicts a <span>Revenue Per Available Seat Mile (RASM) shortfall for 2017 and 2018 plus additional earnings pressure from next year's pilot contract. The result: the bank estimates EPS of $1.59 to $1.60 roughly 12% to 20% below consensus. If Morgan Stanley is right, JetBlue would still trade at about a 12.5x multiple, full value for an airline stock.</span></span></p><p><span><span>Over the long-term, the brokerage house does see opportunity in JetBlue with coming improvements such as f</span></span>are options, mint class, cabin restyling, and credit card perks.</p><p>However, in the short-term, margins are suppressed at 14% compared to peers like Alaska Air (<a href="http://markets.businessinsider.com/stock/ALK-Quote">ALK</a>) and Southwest (<a href="http://markets.businessinsider.com/stock/LUV-Quote">LUV</a>) which are at 21% and 18%, respectively. </p><p>Morgan Stanley remains unenthusiastically equal-weight on JBLU with a price target of $21, the stock closed Tuesday's session at $19.63 a share. Although the stock is currently below its target price, Morgan Stanley is not recommending accumulating shares at this time. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/7-mega-billionaires-who-made-a-fortune-last-year-2017-3">7 mega-billionaires who made a fortune last year</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="txZTM5YTE64gA4GFRYvPGavZ6kzc9laH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

MORGAN STANLEY: It's too early to buy JetBlue

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Daiana Lorenz/Youtube</span></p><p class="caption">Depression is the leading cause of disability worldwide.</p></div><p></p></div></div></p><ul><li><strong>People with depression, the leading cause of disability worldwide, have been limited to using the same types of drugs for 30 years.<br /></strong></li><li><strong>Unsurprisingly, drug companies are on the hunt for new treatments, and a few of their candidates look particularly promising.<br /></strong></li><li><strong>While some scientists pursue <a href="http://www.businessinsider.com/drugs-for-depression-ketamine-2018-4">new treatments inspired by ketamine</a>, others are <a href="http://www.businessinsider.com/new-drugs-from-mdma-mushrooms-ketamine-marijuana-2018-5">looking optimistically at psychedelics</a> like psilocybin, the active ingredient in "magic mushrooms." </strong></li><li><strong>Still others are studying <a href="http://markets.businessinsider.com/news/stocks/alkermes-stock-price-after-fda-refuse-to-file-letter-2018-4-1020246418">opioid-like drugs</a> and <a href="http://www.businessinsider.com/sage-therapeutics-postpartum-depression-drug-2017-11">metabolites of key hormones</a> involved in mood regulation, such as progesterone.</strong></li></ul><p>Depression is the <a href="http://www.who.int/mediacentre/factsheets/fs369/en/">leading cause of disability worldwide</a>, and <a href="http://www.who.int/mediacentre/factsheets/fs369/en/">it can kill</a>. While not the sole cause of suicide, depression is often a contributing factor. And while suicide rates have <a href="http://www.businessinsider.com/suicide-rates-climbing-higher-in-the-us-especially-in-middle-age-2018-6">climbed for nearly 20 years</a>, not a single new drug for depression has emerged.</p><p>Imagine coming to the emergency room "with pain so bad that you can't think," said <a href="http://www.massgeneral.org/doctors/doctor.aspx?id=18473">Cristina Cusin</a>, a psychiatrist at Massachusetts General Hospital and an assistant professor at Harvard University, and having the doctors give you a drug that takes five weeks to work and has a 40% to 50% chance of not working at all.</p><p>For a person who's suicidal that's "currently the best we can do," Cusin told Business Insider.</p><p>Most treatments for depression and suicidal thinking are limited to a narrow class of drugs known as selective serotonin reuptake inhibitors, or SSRIs<strong>,</strong> which includes popular drugs like Prozac and Lexapro. While they can help some people, failure rates hover around 50%.</p><p>So researchers are on the hunt for better options.</p><p>While some scientists pursue drugs <a href="http://www.businessinsider.com/drugs-for-depression-ketamine-2018-4">inspired by ketamine</a>, others are <a href="http://www.businessinsider.com/new-drugs-from-mdma-mushrooms-ketamine-marijuana-2018-5">looking hopefully at psychedelics</a> like psilocybin (the active ingredient in "magic mushrooms"). Still others are studying <a href="http://markets.businessinsider.com/news/stocks/alkermes-stock-price-after-fda-refuse-to-file-letter-2018-4-1020246418">opioid-like drugs</a> and <a href="http://www.businessinsider.com/sage-therapeutics-postpartum-depression-drug-2017-11">metabolites of key hormones</a> involved in mood regulation like progesterone.</p><h2>Ketamine is inspiring novel drugs for some of the hardest-to-treat forms of depression and suicidal thinking</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>perfectlab/Shutterstock</span></p></div><p></p></div></div></p><p>A widely used anesthetic that's also known as a party drug, ketamine, <a href="http://www.businessinsider.com/depression-medication-treatment-ketamine-2018-2">was shown to have benefits as a rapid-fire antidepressant</a> nearly a decade ago. <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4424898/">Early studies</a> suggested ketamine could help people who failed to respond to existing medications or were suicidal.</p><p>The authors of one paper called ketamine "<a href="http://science.sciencemag.org/content/338/6103/68.full">the most important discovery in half a century</a>."</p><p>As opposed to existing antidepressants, ketamine acts on a brain mechanism that scientists have only recently begun to explore. Homing in on this channel appears to provide relief from depression that's better, arrives faster, and works in far more people than current drugs.</p><p>After a lack of new drugs for depression spurred scientists to go back to the drawing board, pharmaceutical companies like Allergan and Johnson &amp; Johnson are now <a href="http://www.businessinsider.com/drugs-for-depression-ketamine-2018-4"> in hot pursuit of several new blockbuster depression drugs</a> that take after ketamine.</p><p>Allergan's injectable drug, rapastinel, is in the last phase of clinical trials and has <a href="http://www.businessinsider.com/depression-medication-treatment-ketamine-2018-2"> received a key FDA designation</a> designed to speed it through the approval process. The company is also working on an <a href="http://www.businessinsider.com/depression-medication-treatment-ketamine-like-drugs-2018-5">oral-tablet version of rapastinel</a>, but that drug is in an earlier phase of research. Johnson &amp; Johnson presented <a href="http://www.businessinsider.com/depression-medication-treatment-ketamine-2018-5"> promising research on its nasal spray drug</a>, esketamine, in May and <a href="http://www.businessinsider.com/depression-medication-treatment-ketamine-2018-5"> told Business Insider</a> that it expected to file for FDA approval this year. A third company, VistaGen, is studying a drug that's similar in function to Allergan's but in pill formulation. It expects to see results from an earlier phase of research next year.</p><h2>Applying the brakes on the brain could help treat conditions like postpartum depression</h2><p>Sage Therapeutics's treatment, brexanolone<strong>, </strong>acts on GABA, one of the neurotransmitters in the brain. The idea is that by modulating GABA, it may help to treat depression by applying a brake to slow down parts of the brain that could be getting overexcited. To start, Sage is in front of the FDA for approval to treat <a href="http://www.businessinsider.com/sage-therapeutics-postpartum-depression-drug-2017-11">postpartum depression</a>.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Lolostock/Shutterstock</span></p></div><p></p></div></div></p><p>In two late-stage, phase-three clinical trials of more than 200 women, researchers found that women who received the injected therapy had a decrease in depressive symptoms over a 30-day compared to the women who were on the placebo control. The FDA is expected to review the drug by December.</p><p>Beyond that, Sage said on Tuesday that it was launching a phase-three trial evaluating the drug in the treatment of major depressive disorder that it would then bring to the FDA for approval as well.</p><p>Existing drugs "don't do fantastic jobs of treating people who suffer," Al Robichaud, the chief scientific officer of Sage Therapeutics, told Business Insider. "We believe we have the opportunity to it better."</p><h2>The way opioids work in the brain could lead to new treatments for depression</h2><p>At the same time the <a href="http://www.businessinsider.com/cigna-cuts-opioid-prescriptions-by-25-2018-3">opioid crisis</a> has been raging in the US, researchers have been looking into whether aspects of the medications could be useful in treating depression. That's the case with a compound from Alkermes, known as ALKS 5461. The drug is being developed to treat major depressive disorder by modulating the opioid system in the brain by combining buprenorphine - a drug often used to treat pain as well as opioid addiction - and samidorphan.</p><p>Unlike a traditional opioid, however, the drug doesn't produce a feeling of euphoria when taken, Alkermes CEO Richard Pops said. "If you're addicted to opioids and you take 5461, you'll go into withdrawal because it's functionally different," he said.</p><p>The drug is in front of the FDA for review, with a decision expected by January.</p><h2>A compound in hallucinogenic mushrooms shows promise for depression that develops later in life</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p></div><p></p></div></div></p><p>Last year, researchers studying psilocybin, the main psychoactive ingredient in hallucinogenic mushrooms, likened its <a href="http://www.businessinsider.com/psychedelics-depression-anxiety-alcoholism-mental-illness-2017-1">quick effects on cancer patients with anxiety and depression</a> to a "surgical intervention" for the mental illness.</p><p>Brain-scan studies suggest that depression ramps up the activity in brain circuits linked with negative emotions and weakens the activity in circuits linked with positive ones. Psilocybin <a href="http://www.businessinsider.com/psychedelics-depression-anxiety-alcoholism-mental-illness-2017-1">appears to restore balance</a> to that system.</p><p>With that in mind, a company called Compass Pathways, which is backed by influential entrepreneur Peter Thiel, has <a href="http://www.businessinsider.com/peter-thiel-magic-mushrooms-psychedelics-depression-science-2017-12">plans to start its own clinical trials of mushrooms for depression</a> later this year.</p><p>That said, no one has yet presented clinical-trial data for a drug formula using psilocybin to the FDA; the compound is still a Schedule 1 substance with "no recognized medical use," according to the Drug Enforcement Administration - a designation that continues to make it difficult to study. That means an FDA-approved psilocybin drug is years away, at best.</p><p>But some researchers still have high hopes that a psilocybin-inspired drug will be approved within a decade. <a href="https://www.imperial.ac.uk/people/d.nutt">David Nutt</a>, director of the neuropsychopharmacology unit at Imperial College London, <a href="http://www.businessinsider.com/when-psychedelics-approved-for-mental-illness-depression-2017-1">told Business Insider last year</a> that he believed psilocybin would become an "accepted treatment" for depression before 2027.</p><p><em>If you or someone you know is struggling with depression or has had thoughts of harming themselves or taking their own life, <a href="https://suicidepreventionlifeline.org/">get help</a>. The <a href="https://suicidepreventionlifeline.org/">National Suicide Prevention Lifeline</a> (1-800-273-8255) provides free, 24/7, confidential support for people in distress, as well as best practices for professionals and resources to aid in prevention and crisis situations.</em></p>

A crop of new depression treatments could yield the first new blockbuster drug in 30 years

<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>Bill Pugliano/Getty Images</span></p></div><p></p></div></div>Here's a big, juicy M&amp;A story to get the market excited on a Monday morning.</span></p>
<p>Pharmaceutical giant Pfizer has said in a new press release that it has approached UK pharmacuetical maker AstraZeneca about a $100 billion takeover offer, but that AstraZeneca so far has shown no interest in doing a deal.</p>
<p>Pfizer made the announcement in a press release, indicating that earlier discussions had ended in mid-January, and that Pfizer tried to engage in new discussions on April 26, but to no avail.</p>
<p>Shares of AstraZeneca are surging 15% this morning.</p>
<p>In the announcement, which you can read below, Pfizer says the deal would have benefits in terms of distribution brand, and improving the company's product portfolio.</p>
<p>Pfizer will hold a conference call later this morning to discuss the proposal.</p>
<p>--------------------------------------------------------------</p>
<p id="yui_3_9_1_1_1398672260981_1513">Pfizer Inc. confirms that it previously submitted a preliminary, non-binding indication of interest to the board of directors of AstraZeneca in January 2014 regarding a possible merger transaction. After limited high-level discussions, AstraZeneca declined to pursue negotiations. The discussions were discontinued on 14 January 2014 and Pfizer then ceased to consider a possible transaction. In light of recent market developments, Pfizer contacted AstraZeneca on 26 April 2014 seeking to renew discussions in order to develop a proposal that could be recommended by both companies to their shareholders. AstraZeneca again declined to engage. Pfizer is currently considering its options with respect to AstraZeneca.</p>
<p id="yui_3_9_1_1_1398672260981_1516">Pfizer's previous proposal made to the board of AstraZeneca on 5 January 2014 included a combination of cash and shares in the combined entity which represented an indicative value of £46.61 ($76.62)<span>1 </span>per AstraZeneca share and a substantial premium of approximately 30% to AstraZeneca's closing share price of £35.86 on 3 January 2014.</p>
<p id="yui_3_9_1_1_1398672260981_1518">As in its previous proposal, Pfizer is considering a possible transaction in which AstraZeneca shareholders would receive a significant premium for their AstraZeneca shares, to be paid in a combination of cash and shares in the combined entity. Pfizer believes that a transaction, if proposed and consummated, would offer AstraZeneca shareholders a highly compelling opportunity to realise a significant premium to the undisturbed AstraZeneca share price as of 17 April 2014, which includes a substantial cash payment. AstraZeneca shareholders would become significant shareholders in the combined company and participate in significant value creation opportunities, including benefiting from the potential growth opportunities and operational and financial synergies that the combination of two complementary global pharmaceutical companies would be expected to generate. Pfizer is confident a combination is capable of being consummated. The transaction, if consummated, is expected to result in the combination of the two companies under a new U.K.-incorporated holding company. As a global corporation, Pfizer would expect the combined company to have management in both the United States and the United Kingdom, and to maintain head offices in New York and list its shares on the New York Stock Exchange.</p>
<p id="yui_3_9_1_1_1398672260981_1520">The making of any firm offer by Pfizer would be subject to the following pre-conditions (which may be waived in whole or in part by Pfizer):</p>
<ul id="yui_3_9_1_1_1398672260981_1523">
<li id="yui_3_9_1_1_1398672260981_1522" class="bwlistitemmargb">satisfactory completion of a customary due diligence review by Pfizer;</li>
<li class="bwlistitemmargb">unanimous recommendation by the directors of AstraZeneca to vote in favour of the combination; and</li>
<li class="bwlistitemmargb">the directors of AstraZeneca giving irrevocable undertakings to accept any offer in respect of their AstraZeneca shares.</li>
</ul>
<p>Commenting on the possible transaction, Ian Read, Chairman and CEO of Pfizer, said:</p>
<p>"We have great respect for AstraZeneca and its proud heritage as an innovation-driven biopharmaceutical business with a rich science-based foundation in both the United Kingdom and Sweden. In addition, the United Kingdom has created attractive incentives for companies to manufacture products and maintain and protect intellectual property, and we have seen that capital and jobs have followed these types of incentives.</p>
<p>"We believe patients all over the globe would benefit from our shared commitment to R&amp;D, which is critical to the future success of the pharmaceutical industry, in the form of potential new therapies that help to fight some of the world's most feared diseases, such as cancer.</p>
<p>"The combination of Pfizer and AstraZeneca could further enhance the ability to create value for shareholders of both companies and bring an expanded portfolio of important treatments to patients. A potential combination with AstraZeneca aligns with Pfizer's current structure and fully supports its existing strategy to build world-class businesses. The combination would complement our two innovative businesses and our Global Established Pharmaceutical business, allowing us to maintain the flexibility for the potential future separation of our businesses whilst at the same time broadening our pipeline breadth and potential new product launches over coming years. We believe that a transaction would further strengthen our ability to generate strong and consistent cash flow, targeted for both investment in our business and return to shareholders, while at the same time offering an efficient operating structure and the anticipated realization of attractive synergies.</p>
<p>"As always, we continue to focus on value creation and will be disciplined in our approach to capital deployment. Pfizer has a proven track record of successful acquisitions and, if a transaction were consummated, would use its extensive integration experience to support a successful combination of the businesses and focus on delivering value to shareholders."</p>
<p>Pfizer believes the strategic, business and financial rationale for a transaction is compelling. Pfizer believes the possible combination would create a highly complementary mapping of products, pipeline and operating assets to Pfizer's new operating structure, providing additional critical mass to all business segments and strong cash flow through:</p>
<ul id="yui_3_9_1_1_1398672260981_1596">
<li class="bwlistitemmargb">an industry-leading combined portfolio of molecularly targeted medicines for lung cancer, including novel agents for ALK, EGFR and KRas subtypes;</li>
<li class="bwlistitemmargb">strengthened presence in breast cancer, including the ongoing phase 3 trial which combines palbociclib with Faslodex for women with recurrent, metastatic hormone-sensitive disease;</li>
<li class="bwlistitemmargb">opportunities for greater depth in immuno-oncology, including the option to combine anti-PD-L1 with palbociclib, Xalkori or Inlyta for breast, lung and renal cancer respectively. Additionally, molecules targeting PD-L1, CTLA4 and 41BB offer attractive opportunities for combination immuno-oncology therapy in several cancer indications, including lung cancer and melanoma;</li>
<li class="bwlistitemmargb">a strong complementary portfolio of important cardiovascular medicines, such as Brilinta and Eliquis and promising development stage programs, such as bococizumab (PCSK9);</li>
<li class="bwlistitemmargb">a broad, innovative commercial offering of non-insulin anti-diabetic medicines that complements Pfizer's early-stage research initiatives and capabilities in diabetes;</li>
<li class="bwlistitemmargb">a Global Established Pharmaceutical business with integrated distribution capabilities, expanded reach to healthcare providers and a broad portfolio of market-leading products generating strong and consistent cash flow; and</li>
<li id="yui_3_9_1_1_1398672260981_1595" class="bwlistitemmargb">a strengthened global footprint and enhanced opportunities in developing markets.</li>
</ul>
<p>The possible transaction is expected to be accretive to Pfizer's adjusted diluted earnings per share<span>2</span> in the first full year following the combination<span>3</span>. In addition, Pfizer has a track record of realising operational synergies and delivering meaningful value accretion for shareholders in prior transactions of a similar type and scale. Pfizer believes that synergies would be achieved through the combination of the two companies' operations and that the combination would enable greater capital efficiency and a more efficient tax structure. In particular, the currently contemplated structure under a new U.K.-incorporated holding company would not subject AstraZeneca's non-U.S. profits to U.S. tax, which would be in the best interests of the combined company's shareholders.</p>
<p>The completion of a possible transaction is subject to the approval of Pfizer's shareholders and is expected to be a taxable event to Pfizer's shareholders.</p>
<p>Pfizer reserves the right to introduce other forms of consideration and/or vary the mix of consideration and waive in whole or in part any of the pre-conditions to making an offer.</p>
<p>Pfizer reserves the right to make an offer for AstraZeneca at any time for less than the equivalent of £46.61 ($76.62) for each AstraZeneca share:</p>
<p>(i) with the agreement or recommendation of the AstraZeneca board;</p>
<p>(ii) if a third party announces a firm intention to make an offer for AstraZeneca which, as at the date Pfizer announces a firm intention to make an offer for AstraZeneca, is valued at a lower price than the equivalent of £46.61 ($76.62) for each AstraZeneca share;</p>
<p>(iii) following the announcement by AstraZeneca of a whitewash transaction<span>4 </span>pursuant to the Code; or</p>
<p>(iv) in the event that any AstraZeneca dividend is declared, made or paid in excess of what is expected by the consensus analyst forecasted dividends of 53.6 pence<span>5</span> per share due to be announced by AstraZeneca on 31 July 2014, a £ for £ adjustment reduction equal to the excess amount.</p>
<p id="yui_3_9_1_1_1398672260981_1608">The deadline set by Rule 2.6(a) of the Code (the "Deadline") requires Pfizer either:</p>
<p id="yui_3_9_1_1_1398672260981_1610">(i) to announce a firm intention to make an offer for AstraZeneca under Rule 2.7 of the Code; or</p>
<p>(ii) to announce that it does not intend to make an offer for AstraZeneca, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies,</p>
<p>by not later than 5.00 pm on 26 May 2014, save where either:</p>
<p>(i) AstraZeneca and the Takeover Panel have consented to an extension of the Deadline; or</p>
<p id="yui_3_9_1_1_1398672260981_1623">(ii) the Deadline does not apply, or ceases to apply, by virtue of Rule 2.6(b) (a firm intention to make an offer for AstraZeneca under Rule 2.7 of the Code being announced by an offeror (other than Pfizer) prior to the Deadline).</p>
<p id="yui_3_9_1_1_1398672260981_1621">A copy of this announcement will be available on Pfizer's website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pfizer.com&amp;esheet=50851997&amp;newsitemid=20140427005064&amp;lan=en-US&amp;anchor=www.pfizer.com&amp;index=1&amp;md5=3c960644e31ebbe36e13d4fe9d054246" data-rapid_p="8">www.pfizer.com</a>.</p>
<p id="yui_3_9_1_1_1398672260981_1619">Pfizer will hold an analyst and investor call in respect of this announcement today at 8:30 a.m. EDT (1:30 p.m. BST). A live and recorded webcast will be available from <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pfizer.com&amp;esheet=50851997&amp;newsitemid=20140427005064&amp;lan=en-US&amp;anchor=www.pfizer.com&amp;index=2&amp;md5=356e6c438ebab77444e3b68f9bb1ae8b" data-rapid_p="9">www.pfizer.com</a>.</p>

Pfizer Confirms It Wants To Do A Blockbuster Takeover Of AstraZeneca

<p><div class="image-container display-table float_right"><div><div class="image"><p class="source"><a href="http://www.shutterstock.com/gallery-1285039p1.html">jovan vitanovski/Shutterstock</a></p><p class="caption"><keyword id="6355291" type="ORGANIZATION" weightage="60" keywordseo="Cancer">cancer</keyword> cells</p></div></div></div>Researchers and drug companies are ganging up for a new push against cancer</p>
<p>"THERE is no treatment." This is the conclusion of an Egyptian papyrus, written around 3000BC, that is the oldest known description of the scourge that is now called "cancer". And so, more or less, it remained until the 20th century, for merely excising a tumour by surgery rarely eliminates it. Only when doctors worked out how to back up the surgeon's knife with <keyword id="14721" type="COMPANY" weightage="60" keywordseo="Drugs">drugs</keyword> and radiation did cancer begin to succumb to treatment--albeit, to start with, in a pretty crude fashion.</p>
<p>Now, however, that crudeness is rapidly giving way to sophistication, as a new wave of cancer treatments comes to market. In 2012 more than 500 potential cancer drugs were under investigation, according to a survey by IMS Health, an American research group--over five times as many as were being developed in the next biggest category, diabetes.</p>
<p>Three trends are helping to fill this cancer-drug cornucopia. One is the increase in demand as people live longer, and thus become more likely to develop cancer. According to the World Health Organisation, there were 14m new cases of cancer around the world in 2012. In 2030 there will be nearly 22m. The second trend is the rising price of cancer drugs, particularly in America, the biggest market. More expensive drugs increases profitability. The third is a rapid expansion of scientific knowledge about cancer, the result of both the plummeting cost of genetic sequencing (see chart) and a better understanding of how to recruit the immune system to attack the disease.</p>
<p><div class="image-container display-table float_right"><div><div class="image"><p class="source"><keyword id="425741" type="UNKNOWN" weightage="60" keywordseo="The-Economist">The Economist</keyword></p></div></div></div>Or, rather, the diseases. For there are hundreds of kinds of cancer. Their common factor is that they are all caused by cells dividing interminably because something has gone wrong with the victim's genes. The problem may be extra copies of a crucial gene, damage to a gene, modifications that affect a gene's function, or the merger of two chromosomes to create a novel gene not seen in healthy cells. Sometimes these problems are inherited. More often they arise when cellular wear and tear goes unrepaired, a process exacerbated by certain chemicals and radiation.</p>
<p>Understanding the genetic changes that cause particular cancers may suggest ways to attack them with specially tailored drugs. The first example of such a targeted treatment came in 2001, when Novartis launched Gleevec, a treatment for chronic myeloid leukaemia. Gleevec blocks the activity of a protein called BCR-ABL, which is the product of an abnormal gene created by a merger of chromosomes 9 and 22. Before Gleevec, less than a third of those diagnosed with chronic myeloid leukaemia were still alive five years later. After it became available, that figure jumped to 90%.</p>
<h3>New magic bullets</h3>
<p>Gleevec's success inspired others to search for targeted cancer drugs. For example, Pfizer came up with crizotinib (sold under the brand name Xalcori), for lung-cancer patients with a mutated version of a gene called ALK, which encodes a protein that instructs lung cells to divide uncontrollably. And Roche developed vemurafenib (sold as Zelboraf), which goes after another rogue protein, generated by a mutated version of a gene called BRAF. It tells skin cells to reproduce, causing melanoma.</p>
<p>Though much better than older cancer drugs, Gleevec and its successors are not perfect. Many cancers are driven by more than one mutation. Cells also tend to pick up new mutations as they divide. Cancer cells divide a lot, so mutations can accumulate rapidly. And sometimes, to add to the problem, one of the enabling mutations of a cancer is of a gene involved in the DNA-repair mechanism, which a healthy cell would use to deal with mutations. BRCA1 and BRCA2, both often implicated in breast cancer, are DNA-repair genes.</p>
<p>DNA sequencing means it is becoming possible to track mutations, one tumour at a time. This helps in understanding how cancers in different tissues work and it also holds out the hope of treatments tailored even more closely to an individual's needs.</p>
<p>The International Cancer Genome Consortium (ICGC), is doing this for 50 different sorts of cancer, with a global team studying the genomes of more than 25,000 individual tumours. Researchers working on the Cancer Genome Atlas, an American effort that is part of the ICGC, published a series of papers in 2013 showing some of the complex relationships. Chris Sander of Memorial Sloan-Kettering Cancer Centre, in New York, used an algorithm based on tumours' genetic and epigenetic characteristics to describe 31 subclasses of cancer. Tumours from one type of lung cancer, for example, share traits with those of head and neck cancer. Li Ding, of Washington University, in St Louis, examined more than 3,000 tumours across 12 types of cancer. She reported 127 mutated genes that seem to propel cancer, with most tumours having between two and six mutations.</p>
<h3>Dual roles</h3>
<p>Identifying common genes is only the start. Some mutations seem to play starring roles in one cancer while being supporting characters in another. For example, Dr Ding discovered that the BRAF mutation, known to be present in about half of melanomas, was also found in other cancers, such as 7% of lung adenocarcinomas and 4% of colon and rectal carcinomas.</p>
<p>Even though there remains more basic science to be explored, the genetic approach points to a new way of matching patients to drugs. At the moment, many targeted cancer drugs are accompanied by a diagnostic test for the relevant mutation. The falling cost of sequencing means that a patient might now be tested for hundreds of mutations or even his full "exome" (the DNA that encodes proteins, less than 2% of the total). This means that someone who became resistant to one treatment could immediately be given another, based on the results of such tests. He might even be given a cocktail of treatments in the way that a cocktail of antiretroviral drugs is used to suppress HIV.</p>
<p>Cheaper sequencing is also changing the way that clinical trials are conducted. In November a group of academic researchers and companies, in collaboration with America's National Cancer Institute, announced the Master Protocol trial. This will examine five potential treatments for squamous-cell carcinoma, a type of lung cancer. Rather than hunting separately for five groups of patients with the mutations relevant to each drug, the researchers will use a test from Foundation Medicine, a company that screens patients for abnormalities in 236 genes linked to cancer. They will then match volunteers with each of the five drugs. This approach cuts the administrative time and hassle of what would otherwise be a huge undertaking.</p>
<p>The other novel approach to treating cancer is to rally the immune system to join the fight. Ipilimumab, a drug to treat melanoma, was launched in 2011 by Bristol-Myers Squibb, branded as Yervoy. It is a so-called "checkpoint inhibitor", which by removing a blocking mechanism allows immune-system cells called T-lymphocytes to attack cancer cells (as they are pictured doing on the previous page). The results in some people have been remarkable, but not so in others.</p>
<p>Now other checkpoint inhibitors are being developed. Nivolumab, also from Bristol-Myers Squibb, MK-3475 from Merck, and MPDL3280A from Roche also unleash the immune system on cancer cells. These drugs, moreover, could be effective in more than one type of cancer. Ipilimumab may also fight lung cancer and prostate cancer. In June Roy Herbst, of Yale University, showed that MPDL3280A helped the immune system fight several different types of tumours.</p>
<p>Other medicines are at earlier stages of development. Bristol-Myers Squibb, for example, is testing a chemical that binds to interleukin-21 receptors on T-lymphocytes and other immune cells, helping the T-cells survive and boosting their activity. Unlike checkpoint inhibitors, which work by releasing the brakes on immune cells, this drug pushes the accelerator.</p>
<p>In the lab researchers are trying a variety of approaches. Luigi Naldini of the San Raffaele Telethon Institute for Gene Therapy, in Milan, and his colleagues report this week in Science Translational Medicine that they genetically modified stem cells to make white blood cells that produced a certain protein, interferon, that helped clear tumour cells in mice.</p>
<p>It may, indeed, be possible to combine the two approaches of targeted drugs and immunotherapy. Bristol-Myers Squibb has already tried this, testing ipilimumab in combination with Roche's targeted melanoma treatment, vemurafenib. Researchers stopped the trial in April because of signs of liver toxicity, but that does not mean the general idea is unsound.</p>
<p>On December 5th, for example, GlaxoSmithKline announced partnerships with six academic research centres to develop new therapeutic drug combinations. Axel Hoos, the company's vice-president for oncology, says the firm may soon test a targeted drug in combination with an immunotherapy from another company.</p>
<p>This approach could lead to prescribable treatments arriving faster if promising combinations are tested before either component had been approved for use by itself--a process recently made easier by a change in the rules by the Food and Drug Administration, America's drug regulator.</p>
<p>Who is able to use these wonder drugs, if and when they become available, will depend on how deep are the pockets of those who are paying for them. In America a typical course of four doses of ipilimumab costs more than $100,000. Like all wars, the one against cancer is going to cost a lot of money, one way or another.</p>
<p>Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist</p>
<p></p>

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