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Morning Read: Joslin Diabetes Center CEO forced to resign, Mallinckrodt Pharma subsidiaries want to acquire TGG Medical in $750M deal

Joslin Diabetes Center CEO John Brooks III, has been forced out after four years with the business, two Mallinckrodt Pharmaceuticals subsidiaries are preparing to offer $750 million in unsecured notes to acquire TGG Medical Solutions

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In a surprise move, Joslin Diabetes Center CEO John Brooks III has been forced out after four years with the business. He said that the board of directors made the decision.

“I was as shocked as anyone that the board made the decision to request my resignation…I was asked to resign, which I did. I wish I had the reason.”

Only last week Joslin was part of a deal with Google and Sanofi  to develop technology and analyze data to improve the way patients around the world manage their diabetes. In a statement, Brooks said he hoped that the collaboration would contribute to a broader movement to prevent diabetes and that ultimately there wouldn’t be a need for Joslin Diabetes Center except as a historic reminder.

“Technology, sensors, analytics, and digital solutions will revolutionize how blood sugars are managed, which will deliver improved quality of life, lowering the risk of complications and reducing the costs and barriers associated with diabetes care. Ultimately, I truly hope we’re able to turn the Joslin Diabetes Center into a museum.”

Too far? — The Boston Globe, Sanofi

A pair of Mallinckrodt Pharmaceuticals subsidiaries are preparing to offer $750 million in unsecured notes that will come due in 2023.

The subsidiaries are Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC. The funds will be used to finance the company’s acquisition of TGG Medical Solutions, which it said in a release is expected to be complete this month.  St. Louis Business Journal

LIFE SCIENCES

Evotec and Pfizer have entered a four-year research pact to explore innovative approaches to the treatment of multi-organ fibrosis.

 The license and collaboration agreement will see Evotec contribute its drug discovery platform while Pfizer will provide key technologies and industrial scope as well as pharmaceutical development and marketing expertise.  PharmaTimes

Five research centers funded by the National Institute of Health’s Office of Dietary Supplements and the National Center for Complementary and Integrative Health (NCCIH) will now focus on the safety of natural products, on how they work within the body and on the development of cutting-edge research technologies.

The centers, include three Botanical Dietary Supplements Research Centers and two Centers for Advancing Natural Products Innovation and Technology. Natural products include a wide variety of substances produced by plants, bacteria, fungi, and animals that have historically been used in traditional medicine and other complementary and integrative health practices.  NIH

PAYERS-PROVIDERS

Here we go again. Rochester, New York-based Excellus Blue Cross Blue Shield became the latest insurer to report a cybersecutity breach of its patient healthcare data, leaving personal records of its 10 million members vulnerable. The payer is offering two years of free identity theft protection to people affected by the breach. It set up a website at www.excellusfacts.com for signups for those services and to answer related questions. — Associated Press

St. Jude Medical Inc. has appointed Austin-area company executive Mike Rousseau as its next CEO after Dan Starks announced that he’s exiting the med-tech company he’s led for 11 years.  Austin Business Journal

Stanford Children’s Health, a family-friendly hospital for children and expectant mothers, announced plans to expand its world-renowned pediatric heart center. The $1.1 billion project will double the size of the current hospital and add 149 patient beds, allowing even more children with complex heart problems access to Stanford’s highly specialized care and services.

— Lucile Packard Children’s Hospital Stanford

TECH

A new IRB app developed by Dr Joseph Breault, the current IRB Chair of Ochsner Health Clinics in New Orleans, Louisiana will determine if a study needs approval.

The app attempts to guide you through the Federal Common Rule that all government funded research must follow. It is also the same set of guidelines the most IRBs follow across the country.  iMedicalApps

POLITICS

U.S. Senator and presidential hopeful Bernie Sanders, along with Rep. Elijah Cummings, a Democrat from Maryland, will introduce a bill to control escalating drug prices. They will anounce the Prescription Drug Affordability Act of 2015 at a news conference in Washington on Thursday.

“There is no rational reason why Americans should pay by far the highest prices in the world for prescription drugs,” Sen. Sanders said. “The result of that is people are dying and becoming much sicker because they can’t afford the medicines they need.” — The Wall Street Journal

A LITTLE BIT EXTRA

The Apple TV is an elaborate product, and it’s getting even better – especially for gamers. Apple announced a new App Store for the Apple TV, but this is just one part of the story. Its new remote that features a touchpad, a microphone and built-in accelerators and gyroscope — it works with Bluetooth 4.0 and the charge lasts three months. “Think of it as a more versatile Wiimote-like controller, and it’s perfect for gaming.” TechCrunch

Photo: Flickr user Tanya

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