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Good morning, everyone. Damian here with the precarious case of gene therapy in Europe, a long-awaited coup for Novavax, and the unwinding of Amgen’s success story.


The need-to-know this morning
• Sanofi will spend up to $1.5 billion to co-develop and co-commercialize Teva’s experimental arthritis drug as a treatment for inflammatory bowel disease.
• Eli Lilly announced a reshuffling of its leadership, including promoting David Hyman to chief medical officer.

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