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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Amy Harder, author of Generate
2 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."