Top 10 Latest Developments in Global Health and Biotech

Recent health news includes India's clarification on a non-current mpox case, a record rise in Summit Therapeutics shares due to a successful cancer drug trial, China's new policy on foreign-owned hospitals, MBX Biosciences' IPO plans, AstraZeneca's lung cancer drug trial results, Relay Therapeutics' promising breast cancer treatment, FDA lifting Rezolute's clinical hold, EQT's acquisition of GeBBS Healthcare, Terns Pharmaceuticals' weight-loss drug study, and India's proposed tax cut on health insurance premiums.

Following a series of impactful announcements, India's government clarified that a recently reported mpox case in a traveler is not from the current outbreak, allaying public fears. Laboratory tests confirmed it as an older strain, unrelated to recent global health concerns.

In biotech, Summit Therapeutics saw a dramatic 75% surge in share value after a Chinese trial found its cancer drug outperformed Merck's Keytruda in prolonging patient survival. Meanwhile, in a move aimed at invigorating its economy, China announced it would pilot allowing wholly foreign-owned hospitals in select regions.

Among other notable developments, MBX Biosciences is seeking a valuation up to $482.5 million in a US IPO. However, AstraZeneca disclosed their precision lung cancer drug failed to significantly improve survival rates. Conversely, Relay Therapeutics reported positive early-stage results for a breast cancer therapy, dramatically boosting its stock. Further, the FDA has lifted a partial hold on Rezolute's low blood sugar treatment trial, and EQT is set to acquire GeBBS Healthcare Solutions for over $850 million. Additionally, Terns Pharmaceuticals has shown early promise in the weight-loss drug market with an oral treatment that reduced weight by nearly 5%.

Domestically, India's GST council reached a consensus on the necessity to lower taxes on health and life insurance premiums, with final decisions pending a report next month.

(With inputs from agencies.)