Illustration: Axios Visuals

Lundbeck, a Danish pharma company focused on brain disease, agreed to buy Alder BioPharmaceuticals, a Bothell, Washington-based developer of migraine drugs, for almost $2 billion in cash.

Why it matters: This is the patent cliff in practice. Lundbeck soon will lose patent protection on Parkinson's drug Northera and hopes that Alder's lead drug candidate (eptinezumab) will get regulatory approval to fill the revenue gap.

  • Details: Alder will pay $18 per share upfront, representing a 79% premium on Friday's closing price and another $2 per share if European regulatory approval is obtained.

The bottom line: "If the FDA approves eptinezumab in February, the drug will become the fourth anti-CGRP drug available in the U.S. ... Those drugs racked up sales of $233 million in the first half of 2019 and are tipped for further growth. Lundbeck, which plans to file for approval in the EU next year, will need to find a way to persuade payers and physicians to choose eptinezumab over the competition," writes Nick Paul Taylor of FierceBiotech.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 12,009,301 — Total deaths: 548,799 — Total recoveries — 6,561,969Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 3,053,328 — Total deaths: 132,256 — Total recoveries: 953,420 — Total tested: 37,532,612Map.
  3. Public health: Houston mayor cancels Republican convention over coronavirus concerns Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: United warns employees it may furlough 45% of U.S. workforce How the pandemic changed mobility habits, by state.
  5. Education: New York City schools will not fully reopen in fallHarvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.

Transcripts show George Floyd told police "I can't breathe" over 20 times

Photo: Gary Coronado/Los Angeles Times via Getty Images

Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.

Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.

5 hours ago - Health

Fighting the coronavirus infodemic

Illustration: Sarah Grillo/Axios

An "infodemic" of misinformation and disinformation has helped cripple the response to the novel coronavirus.

Why it matters: High-powered social media accelerates the spread of lies and political polarization that motivates people to believe them. Unless the public health sphere can effectively counter misinformation, not even an effective vaccine may be enough to end the pandemic.