SVB and COVID IP

Today, more news and resources on Silicon Valley Bank, plus how you can weigh in on the proposal to expand the waiver of COVID IP. (533 words, 2 minutes, 39 seconds)

The latest and resources on SVB

As we continue to monitor the federal takeover of Silicon Valley Bank, we have more news on one biotech company's experience this week and where you can find resources.

What they're saying: Paul Hastings, CEO of Nkarta Inc. (and BIO Board Chairman), told the San Francisco Business Times his company had no problem obtaining payroll funds through a custodial account at another bank that used SVB as a go-between.

Let the system work: The small amount of funds Nkarta held in a direct SVB account would also be available, Hastings said: "If you let the system work, it's going to work."

Where can I get more information? These resources can help answer questions.

• FDIC FAQ on Silicon Valley Bank
• FDIC FAQ on Signature Bank
• FDIC FSC Fact Sheet on Silicon Valley Bank Failure
• Bank Term Funding Program to assist impacted financial institutions

BIO members: BIO will hold a members-only call today at 4:30 p.m. ET with Cooley partner Danielle Natfulin, who has been working on issues that have arisen relating to SVB's collapse—check your inbox for details.

Time’s running out to weigh in on COVID IP waiver

The U.S. government is accepting comments through the end of the week to help decide whether to support the international waiver of IP protections for COVID-19 therapeutics and diagnostics, with a public meeting scheduled for March 29th and 30th—here’s what you need to know.

ICYMI: After agreeing to a waiver of IP protections for COVID-19 vaccines, the World Trade Organization (WTO) has been considering a proposal to expand the waiver to therapeutics and diagnostics.

The Biden administration’s take: The U.S. Trade Representative (USTR) requested an analysis from the U.S. International Trade Commission (USITC) before deciding whether to support the expansion.

Specifically: USTR asked USITC to report on the market dynamics for existing COVID-19 therapeutics and diagnostics, the impact of an IP waiver on products not yet on the market and on products with other indications, the relationship between IP and research in the health sector, and the impact on jobs..

BIO’s take: BIO opposes the waiver and expansion, which “would send U.S.-developed innovative technologies and biomanufacturing jobs overseas,” BIO CEO Rachel King wrote to U.S. Trade Rep. Ambassador Katherine Tai and White House COVID-19 Response Coordinator Ashish Jah.

Why it matters: Strong IP rights enabled the rapid development of COVID-19 vaccines, therapies, and diagnostics. Removing those rights for political reasons threatens innovation without improving the distribution of medicine.

What you can do: USITC is accepting requests to speak at the hearing through the end of today; they’ll take pre-hearing briefs and statements until Friday and written submissions through May 5—learn more here and stay tuned for coverage of the March 29- 30 meeting.



More Health News:

Reuters: Bristol Myers, Pfizer, AbbVie drugs likely to face U.S. price negotiation
“The blood thinner Eliquis from Bristol Myers Squibb, Pfizer’s breast cancer drug Ibrance and AbbVie’s leukemia treatment Imbruvica are likely to be among 10 big-selling medicines subject to U.S. price negotiations for 2026, according to five Wall Street and academic analyses shared with Reuters.”

President Biden’s Wednesday: Visiting Las Vegas to tout his efforts at controlling prescription drug costs, as KTNV reports.

What’s Happening on Capitol Hill: Silicon Valley Bank is expected to come up in a Senate Budget Committee hearing on Biden’s budget plan.