Aug. 8 Quick Takes: Insulin cap, carried interest out, drug pricing regulation in

The version of the Inflation Reduction Act of 2022 passed by the Senate on Sunday left out a proposal to cap the price of insulin at $35 per month for a broad group of patients after it failed to muster enough Republican support. A proposal limiting the drug’s monthly cost to that amount for Medicare patients remains in the bill. Late last week, lawmakers removed a provision related to carried interest. A push by biopharma companies and investors failed to persuade lawmakers to change drug price regulations that industry has argued creates disincentives for investment in small molecules.

With sales of PARP inhibitor Rubraca rucaparib declining sequentially in 2Q22 as well as in comparison to 2Q21, Clovis Oncology Inc. (NASDAQ:CLVS) said it will require either an equity sale, a partnership or both to boost its cash reserves beyond existing holdings that would sustain the company only until February 2023. The company’s shareholders did not approve a proposed stock split that would have allowed it to raise equity; it is mulling a deal around FAP-targeting radiopharmaceutical FAP-2286, which is in Phase I testing. Clovis had $94.6 million in cash at June 30; it may access $9.8 million under a clinical trial funding agreement with Sixth Street Partners...