Jun 17, 2019

New gene therapy has $1.8 million price tag

The price of Zynteglo, a new gene therapy made by Bluebird Bio to treat a rare genetic blood disorder, will be almost €1.6 million ($1.8 million) in Europe, the company said Friday.

What's happening: Bluebird expects to get FDA approval for Zynteglo next year and to price it similarly in the U.S., Reuters reports.

The big picture: Zynteglo becomes the second-most expensive drug in the world behind Zolgensma, the $2.1 million gene therapy made by Novartis.

Yes, but: Bluebird will only collect that full price if the treatment is effective in patients after five years, the company said. Health insurers essentially will pay $357,000 per year.

But it's unclear which entity would be responsible for paying for the treatment if, for example, a patient loses or switches health insurance.

Go deeper: The drug pricing debate is stuck in the past

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Amy Harder

Coronavirus prompting historic drop in air travel and jet fuel demand

Air travel — and the jet fuel powering it — are plummeting alongside most other parts of our modern economy as vast swaths of the world shut down to fight the coronavirus.

Go deeper3 mins ago - Health

Courtenay Brown

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restriction put in place following the bank’s customer abuse scandals.

Why it matters: One of the nation's biggest lenders said the Fed's asset cap prevented it from lending more to struggling small businesses as part of the government's aid package. Now Wells Fargo says it will reopen its application process and lend to a broader set of business owners.

Go deeperUpdated 13 mins ago - Economy & Business

Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 2 p.m. ET: 1,464,852 — Total deaths: 85,397 — Total recoveries: 315,105 — Map.
U.S.: Total confirmed cases as of 2 p.m. ET: 402,923 — Total deaths: 13,007 — Total recoveries: 22,717 — Map.
State latest: New York Gov. Andrew Cuomo issued an executive order for New Yorkers to vote by absentee ballot for June 23 primaries.
Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Dr. Anthony Fauci said.
Business updates: Roughly one-third of U.S. apartment renters didn't make April payments — The Fed will lift Wells Fargo's asset cap to help small business lending.
🎧 Podcast: The battle over billionaire coronavirus saviors
What should I do? Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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Keep ReadingUpdated 25 mins ago - Politics & Policy