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FDA approves new non-opioid painkiller made by Vertex, sending its shares higher

Vertex Pharmaceuticals’ share price rose Friday morning after the Food and Drug Administration approved its novel non-opioid painkiller, Journavx.

Vertex Pharmaceuticals is the first drugmaker in decades to have a non-opioid approved to treat moderate to severe acute pain. The FDA said the approval of Journavx underscores its efforts to bring more non-opioid painkillers to the market.

Opioids, a class of drugs that includes heroin, are highly addictive because they trigger a surge of dopamine, the body’s reward system. How Journavx works, in the FDA’s words: Journavx reduces pain by targeting a pain-signaling pathway involving sodium channels in the peripheral nervous system, before pain signals reach the brain.

Opioids to treat pain, first championed by now defunct Purdue Pharma, have been widely blamed for the opioid epidemic that has led to countless deaths and addictions. Generic opioids are still produced by companies like Teva Pharmaceuticals and McKesson.

Opioids, a class of drugs that includes heroin, are highly addictive because they trigger a surge of dopamine, the body’s reward system. How Journavx works, in the FDA’s words: Journavx reduces pain by targeting a pain-signaling pathway involving sodium channels in the peripheral nervous system, before pain signals reach the brain.

Opioids to treat pain, first championed by now defunct Purdue Pharma, have been widely blamed for the opioid epidemic that has led to countless deaths and addictions. Generic opioids are still produced by companies like Teva Pharmaceuticals and McKesson.

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“Madden” maker EA surges on report it’s nearing $50 billion deal to go private

Shares of video game giant Electronic Arts are surging up more than 15% Friday following a Wall Street Journal report that the company is nearing a roughly $50 billion deal to go private.

According to the WSJ, an investment group including Saudi Arabias Public Investment Fund and PE firm Silver Lake (which is also part of the TikTok deal) could announce a deal next week.

In its fiscal first quarter that ended in June, EA delivered a disappointing net bookings outlook for the fiscal year.

Shares of EAs most intimidating competitor, Grand Theft Auto publisher Take-Two Interactive, climbed nearly 5% on the report.

In its fiscal first quarter that ended in June, EA delivered a disappointing net bookings outlook for the fiscal year.

Shares of EAs most intimidating competitor, Grand Theft Auto publisher Take-Two Interactive, climbed nearly 5% on the report.

$12.5B 🛍️

Uber’s relying less on pad thai from 0.8 miles away. The company expects gross bookings (what customers spend) of non-restaurant deliveries to grow to $12.5 billion by the end of the year, according to reporting by Bloomberg.

The new forecast marks a 25% boost from the $10 billion estimate Uber shared in May for the delivery of groceries and items from retail partners like Best Buy.

Through the first half of the year, Ubers total delivery gross bookings climbed to more than $42 billion, up about 18% year over year. That nearly matches the gross bookings of its ride-hailing business in the same period.

NikeSKIMS

Nike, trying to break out of its funk, launches its high-stakes collab with Kim Kardashian’s Skims

The partnership champions women athletes and tests how far Kim K’s star power can stretch in the women’s activewear arena.

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