Pharma industry pushes back against broad US restrictions on China biotech ties

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Good morning. All my social media feeds have been filled with Jimothy the raccoon , and I hope your feeds now will be too.

The need-to-know this morning

Celldex Therapeutics said its experimental drug barzolvolimab failed in a Phase 2 study in the skin condition prurigo nodularis, sending its shares down in premarket trading. The company is continuing to test the drug in a number of other indications, with data expected in September or October from Phase 3 trials in chronic spontaneous urticaria, which causes chronic hives.

Summit Therapeutics released updated survival data from its Phase 3 HARMONi trial testing the drug ivonescimab in a form of non-small cell lung cancer. The FDA is set to make an approval decision on the drug in the disease by Nov. 14.

Pharma tries to tamp down broad China restrictions

From STAT’s Daniel Payne: Pharmaceutical leaders are trying to convince policymakers to back off pushes for aggressive restrictions on investments in Chinese firms.

Continue to STAT+ to read the full story…