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Johnson & Johnson on Monday said that it's agreed to acquire CNS biotech Intra-Cellular Therapies for $14.6 billion in cash, or $132 per share.
Why it matters: This would be the largest biotech merger since 2023, nearly tripling the size of last year's record-holder (Vertex/Alpine Immune).
It also kicks off the JPM Healthcare Conference, which is where future mergers often get hatched.
By the numbers: Intra-Cellular shares jumped nearly 15% on Friday, on an announcement that it had settled a patent dispute with Sandoz over the bipolar drug Caplyta.
J&J is paying around a 60% premium to Thursday's closing price and a 39% premium to Friday's closing price.
Go deeper, via Bloomberg: "Intra-Cellular develops new treatments for mental health disorders and neurological conditions and is currently working on a drug for major depressive disorder that's in late-stage trials."
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Insurers who administer private Medicare plans could see a more than $21 billion pay increase in 2026 under a plan proposed by the Biden administration on Friday.
The big picture: The adjustment would be a boon for UnitedHealth Group, the country's largest Medicare Advantage insurer. Other major MA players like Humana and CVS Health would also benefit.
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The Biden administration unveiled a tuition repayment program to incentivize nurses to work in nursing homes or state agencies that monitor them as it wraps up its final days in office.
Why it matters: President Biden's marquee policy to improve nursing home care — a national staffing requirement for skilled nursing facilities — is likely to be rolled back by the incoming Republican trifecta.
Illustration: Lindsey Bailey/Axios
Entire neighborhoods in Southern California have been destroyed by deadly wildfires, displacing communities that don't know what — if anything — they'll have to return to.
The big picture: Researchers have linked wildfires to long-lasting anxiety, depression and post-traumatic stress disorder in survivors, in addition to the well-documented physical toll.
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