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New Alzheimer's Drug Approved, Commercial Real Estate Crisis and Jobs Report
Anna Eisenberg
July 02, 2024
Anna's Daybreak News
Wednesday, 5:16 AM
July 3, 2024
Good morning news friend! Stay in the loop with the latest updates, keeping pace with the dynamic world of current events. 📰🌟
New Alzheimer's Drug Gets FDA Approval
The FDA approved Eli Lilly's new Alzheimer's drug, donanemab, branded as Kisunla.
Kisunla will cost $32,000 annually, while a six-month supply is priced at $12,500. This positions it slightly higher than its competitor, Leqembi, which costs $26,000 per year but requires continuous treatment.
Donanemab, given as a monthly injection, finnished an 18-month trial with more than 1,700 participants. Patients on the drug had a 39% lower risk of disease progression compared to those on a placebo.
69% of patients could stop treatment within 18 months, yet their cognitive decline continued slowing. The FDA's decision came after studies revealed some risks, including brain swelling and bleeding.
Source: Read More
The FDA approved Eli Lilly's new Alzheimer's drug, donanemab, branded as Kisunla.
Kisunla will cost $32,000 annually, while a six-month supply is priced at $12,500. This positions it slightly higher than its competitor, Leqembi, which costs $26,000 per year but requires continuous treatment.
Donanemab, given as a monthly injection, finnished an 18-month trial with more than 1,700 participants. Patients on the drug had a 39% lower risk of disease progression compared to those on a placebo.
69% of patients could stop treatment within 18 months, yet their cognitive decline continued slowing. The FDA's decision came after studies revealed some risks, including brain swelling and bleeding.
Source: Read More
Record Office Vacancies and Falling Rents
Moody's reports that the vacancy rate broke the 20% barrier for the first time, reaching 20.1% in the second quarter. This follows a 19.8% rate in the previous quarter.
Office rents are falling. Effective rents dropped 0.1% in the second quarter and 0.5% over the past year. Rents have been negative or flat for four consecutive quarters.
Net absorption of office space is at its worst in three years. A net of -13.6 million square feet was recorded in the second quarter.
By 2026, nearly one-quarter of US office space might be vacant, potentially wiping out $250 billion in commercial property value.
Source: Read More
Moody's reports that the vacancy rate broke the 20% barrier for the first time, reaching 20.1% in the second quarter. This follows a 19.8% rate in the previous quarter.
Office rents are falling. Effective rents dropped 0.1% in the second quarter and 0.5% over the past year. Rents have been negative or flat for four consecutive quarters.
Net absorption of office space is at its worst in three years. A net of -13.6 million square feet was recorded in the second quarter.
By 2026, nearly one-quarter of US office space might be vacant, potentially wiping out $250 billion in commercial property value.
Source: Read More
Do you think the US will be able to avoid a recession? |
Job Market Report
In May, job openings increased to 8.1 million from April's revised 7.9 million. However, layoffs also jumped to 1.65 million from 1.54 million.
Although job openings are up, the pace is slower. The economy grew at just 1.4% annually from January to March, compared to over 3% in late 2023.
Vacancies have fallen since their peak of 12.2 million in March 2022. Now, there are 1.25 jobs for every unemployed person, a drop from 2-to-1 in early 2023.
Despite a forecast of 190,000 new jobs in June, down from May’s 272,000, the unemployment rate is expected to remain at 4%.
Source: Read More
In May, job openings increased to 8.1 million from April's revised 7.9 million. However, layoffs also jumped to 1.65 million from 1.54 million.
Although job openings are up, the pace is slower. The economy grew at just 1.4% annually from January to March, compared to over 3% in late 2023.
Vacancies have fallen since their peak of 12.2 million in March 2022. Now, there are 1.25 jobs for every unemployed person, a drop from 2-to-1 in early 2023.
Despite a forecast of 190,000 new jobs in June, down from May’s 272,000, the unemployment rate is expected to remain at 4%.
Source: Read More
Apple Joins OpenAI's Board
Apple will have an observer role on OpenAI’s board. This move strengthens the partnership between the two tech companies.
Phil Schiller, Apple's ex-marketing chief, was chosen for the observer role. He will attend OpenAI's board meetings without voting rights. This gives Apple valuable insights into OpenAI's operations.
The partnership is part of Apple’s larger AI strategy, including integrating OpenAI's ChatGPT into its devices.
Source: Read More
Apple will have an observer role on OpenAI’s board. This move strengthens the partnership between the two tech companies.
Phil Schiller, Apple's ex-marketing chief, was chosen for the observer role. He will attend OpenAI's board meetings without voting rights. This gives Apple valuable insights into OpenAI's operations.
The partnership is part of Apple’s larger AI strategy, including integrating OpenAI's ChatGPT into its devices.
Source: Read More
Baked with love,
Anna Eisenberg ❤️
What did you think of today's edition? |