Amgen just bolstered Igor Golovniov/SOPA Images/LightRocket via Getty Images

Amgen has agreed to buy psoriasis drug Otezla for $13.4 billion in cash, roughly 30% more than Wall Street expected the drug would fetch.

Why it matters: Bristol-Myers needed to sell Otezla, owned by Celgene, to satisfy some federal antitrust concerns over its pending buyout of Celgene. Now the drug giant expects to complete the Celgene deal by the end of this year, but without a growing, lucrative medicine.

By the numbers: Financial analysts expect Otezla will bring in peak sales of $2.5 billion in 2023, when the drug will start to loss broader exclusivity. However, Amgen will hold Otezla's monopoly rights in the U.S. until 2028.

What to watch: Whether the divestiture wins over the Federal Trade Commission, and whether Amgen will continue Celgene's history of routinely hiking Otezla's price.

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Updated 17 mins ago - World

At least 100 killed, much of Beirut destroyed in massive explosion

Photo: Anwar Amro/AFP via Getty Images

A major explosion Beirut, Lebanon has killed at least 100 people and injured over 4,000, according to the Lebanese Red Cross.

Driving the news: Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for over six years.

Biden confidants see VP choices narrowing to Harris and Rice

Photos: Tom Williams/CQ-Roll Call, Inc via Getty Images; Win McNamee/Getty Images

Confidants of Joe Biden believe his choices for vice president have narrowed to Sen. Kamala Harris and Susan Rice — and would be surprised if he picks anyone else.

The state of play: This is a snapshot of the nearly unanimous read that we get from more than a dozen people close to him.

An election like no other

Illustration: Eniola Odetunde/Axios

The coronavirus will make the 2020 presidential election different from any in modern history: Voting that begins earlier, results that take longer, mail carriers as virtual poll workers and October Surprises that pop in September.

The big picture: Perhaps 80 million Americans will vote early, by mail or in person, Tom Bonier, CEO of TargetSmart, a Democratic political data firm, tells Axios. That's going to set up more of an Election Season than an Election Day — and increase the odds of national turmoil over the vote count.