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Doctors look at a patient with spinal muscular atrophy. Photo: Lola Bou/Anadolu Agency/Getty Images

Novartis bought biotech company AveXis for $8.7 billion earlier this year, and executives are thinking about charging at least $4 million for AveXis' highly touted gene therapy to treat spinal muscular atrophy, according to Endpoints News.

Why it matters: This would be the most expensive drug in the world, by far, if it gets FDA approval, and it would raise drug pricing concerns to a new level. As Walid Gellad, a medical professor at the University of Pittsburgh who studies pharmaceuticals, mused today: "The fact that we can spread a price across thousands or millions of people does not justify a given price."

Go deeper

2 mins ago - Technology

Facebook Oversight Board overturns 4 of its 5 first cases

Illustration: Aïda Amer/Axios

Facebook's independent Oversight Board published its first set of decisions Thursday, overturning 4 of the 5 cases it chose to review out of 20,000 cases submitted.

Why it matters: The decision to go against Facebook's conclusions in 4 out of 5 instances gives legitimacy to the Board, which is funded via a $130 million grant from Facebook.

New York AG: State severely undercounted COVID nursing home deaths

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

Data from New York's public health department undercounted COVID-19-related deaths in nursing homes by as much as 50%, according to a report released Thursday by state Attorney General Letitia James.

The big picture: Gov. Andrew Cuomo's administration did not include nursing home patients who died after being transferred to the hospital in its tally of over 8,500 nursing home deaths, according to the report. Data provided to the attorney general's office from 62 nursing homes "shows a significantly higher number of resident COVID-19 deaths can be identified than is reflected" in the official count.

Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity of the past few days — a phenomenon that has gripped Wall Street and the country.