Cancer drug snub wipes £3bn off GSK value
In a setback for chief executive Emma Walmsley, a Food and Drug Administration (FDA) committee recommended against approving Blenrep amid concerns over side effects.
GSK was trying to revive a product pulled from US markets in 2022. Its shares fell 4.6 per cent, or 65p, to 1348p yesterday.
The pharma firm hoped two trials showed Blenrep helped reduce the risk of death and delayed cancer progression as it seeks newer drug approvals to offset declining sales from top medicines and vaccines.
GSK is also bracing for HIV patents to expire from 2028.
The FDA is due to give its formal decision next week, but bank analysts say that gaining approval is unlikely.
Side effects cited by the FDA advisory panel included blurred vision and dry eyes.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
20 minutes ago
- Telegraph
Ryanair plotting to use UK-US trade deal to escape Brussels tariffs
Ryanair is plotting to bypass tit-for-tat tariffs between Donald Trump and Brussels by diverting an order of Boeing jets to Britain. Neil Sorahan, Ryanair's chief financial officer, said the airline was exploring 'plans A, B and C' for the delivery of the US-made planes as Mr Trump threatens to trigger a trade war with the EU within weeks. The US president has set an Aug 1 deadline to conclude a trade deal with Brussels, promising tariffs as high as 30pc if no agreement can be reached. The EU has drawn up its own range of possible retaliation measures in response, including tariffs on US goods. Tariffs threaten to adds millions of euros to the cost 737 Max jets ordered by Dublin-based Ryanair if Brussels decides to target aerospace. The airline is currently expecting the delivery of 29 planes by next summer. However, the carrier has a separate British division, which runs its own fleet, and Mr Sorahan suggested Ryanair could sidestep the impact by diverting orders to the UK. The UK-US trade agreement announced by Mr Trump and Sir Keir Starmer in May included a carve-out for aviation and aerospace that made aircraft and parts exempt from reciprocal tariffs. Mr Sorahan said: 'We have five airlines, including one in the UK. Under the UK-US agreement that was signed recently aircraft are exempt, and we've seen that BA are taking Boeings into the UK that are exempt. So I wouldn't rule it out.' British Airways announced a deal for 32 Boeing 787s worth £13bn in the immediate wake of the UK-US agreement. Mr Sorahan said: 'We will look and see if there are other ways of taking the aircraft. We may have to say we are not taking the aircraft in the short term, or we may look at other jurisdictions.' The UK-US trade deal was made possible by Brexit. Ryanair may benefit despite the fact that Michael O'Leary, the airline's chief executive, was one of the most vocal overseas critics of Britain's decision to break from Brussels, which he has labelled a 'car crash' and an 'abject failure.' Just 15 or Ryanair's 618 aircraft are currently registered in the UK, even though Britain is one of its biggest markets. Mr Sorahan said that if there is no US-EU deal within 10 days 'hard conversations will start,' which may include telling Boeing to keep the aircraft. Six of the planes are due for delivery next month. He said: 'We have a fixed price agreed with Boeing and if the tariffs come to pass, it's a Boeing issue. We will work with them to help them mitigate the impact of those tariffs, but we've been very clear that it's not on us. 'We don't need those aircraft until next summer. The extra aircraft coming in are to deliver growth in the summer of 2026. 'We are just accommodating Boeing by taking those aircraft early. If we did not get them until January, February, March of next year I wouldn't lose a wink of sleep.' Ryanair is especially aggrieved at the situation because the 29 planes should already have been delivered. The order has been delayed by a production slowdown at Boeing, triggered by the mid-air blowout of a door panel from a 737 Max in January last year. Mr Sorahan said that while the outcome of trade talks was 'still hugely uncertain,' he was hopeful that aircraft would be exempted from any tariffs on safety grounds. This has been the case since an international agreement in 1979. Ryanair's profit for the three months through June more than doubled to €820m (£710m), spurred by a 21pc jump in ticket prices after a slump last year.
The Sun
20 minutes ago
- The Sun
Brits face new £185 visa fee when visiting the US under new rules
VISITORS heading to America could face a 'Visa Integrity Fee' under new rules. The new fee falls under President Donald Trump 's 'One Big Beautiful Bill' and could see Brits paying a substantial fee to visit America. 3 3 The fee will apply to anyone who needs a 'non-immigrant visa' - which includes people travelling for business, study and temporary work for more than three months. It will cost around $250 (£185.80) and is expected to be introduced before the end of 2025. The cost will also be on top of all existing visa application fees. Individuals will pay the fee once a visa is issued and if an application is denied, then you won't be charged the fee. The fee will also be reimbursed if travellers stick to their visa conditions such as not working illegally and not overstaying their visa by more than five days. The reimbursement will be given after your visa expires - although, the process is not clear yet. Once the fee is implemented, the money will go to the US treasury Department's general fund and is estimated to bring in $28.9billion (£21.3billion) over the next decade. There will also be an increase in the fee for the I-94 form, which records arrival and departure dates. The fee will rise from $6 (£4.46) to $24 (£17.84). According to CNBC, a spokesperson from the Department of Homeland Security said: "President Trump's One Big Beautiful Bill provides the necessary policies and resources to restore integrity in our nation's immigration system." Big Changes Coming to Airport Security: TSA Liquid Rule May Be Axed Soon However, under the Visa Waiver Programme (VWP) - which the UK is part of - most Brits travelling to the US for tourism or short business trips, do not need a visa. Instead, they will need to apply for an Electronic System for Travel Authorisation (ESTA). As a result, Brits eligible for and using an ESTA, will not need to pay the new Visa Integrity Fee. Brits that will be impacted by the new fee include those travelling for a purpose not covered by the VWP such as long-term study or certain types of employment or those not eligible for VWP due to their travel history, like travel to restricted countries. According to the website, travellers can apply for an ESTA via the Official ESTA Application Website or by using the ESTA mobile app. Though travellers may be unable to apply for an ESTA visa waiver if they have been arrested, have a criminal record, have been refused admission into or have been deported from the US or have previously overstayed an ESTA visa waiver. An ESTA application costs $21 (£15.60) and can take up to 72 hours to be approved. Tourist visa waiver for US holidays to cost more THE fee for an Electronic System for Travel Authorization (ESTA) is expected to rise in the future. Thanks to a new bill being passed, the price of an ESTA is set to double from $21 (£15.38) to $40 (£29.30). Before entering the US, Brits are required to apply for an Electronic System for Travel Authorization (ESTA). The fee is currently $21 (£15.38) to apply for an ESTA - a price which was introduced in May 2022. Prior to this date, the fee was $14 (£10.25) and will now rise to $40 (£29.30) although an official start date is yet to be confirmed. The rise in fees is part of US President Donald Trump's "One Big Beautiful Bill". The current rules require every visitor from the UK to apply for an ESTA to be allowed access into the United States. An ESTA is generally valid for two years from the date of approval, or until the passport used for the application expires, whichever comes first. If your passport expires before the two-year period, your ESTA will be valid only until the passport's expiration date. These are the latest travel rules for Brits heading to America after European tourists have been stopped at the border. Plus, Brits will face a new £17 visa-waiver charge to travel to Europe next year.
Reuters
20 minutes ago
- Reuters
FDA appoints George Tidmarsh as top drug regulator
July 21 (Reuters) - U.S. Food and Drug Administration commissioner Marty Makary has appointed former biotech executive George Tidmarsh as the director of the Center for Drug Evaluation and Research, the health regulator said on Monday.
