Healthcare Headlines: Lawsuits, Bids, and Drug Approvals Shake Industry

This summary covers key developments in health news, including Mitsubishi Pharma's bidding war, legal actions involving J&J and McKinsey, Medicare coverage mandates for Biogen's ALS drug, SEC's investigation into Neuralink, and drug price hikes impacting U.S. spending.

Global private equity giants Blackstone and Bain Capital are headlining the final bidding round to acquire Mitsubishi Tanabe Pharma, a division of Mitsubishi Chemical Group. Valued between $3 billion and $3.5 billion, the sale process is managed by Goldman Sachs, with bids due by December 24.

Johnson & Johnson has filed legal action against Cigna, accusing it of collaborating with a middleman to misuse financial-assistance funds intended for patients on costly medications, as reported by The Wall Street Journal. Meanwhile, McKinsey & Co faces a $650 million settlement for advising Purdue Pharma on OxyContin sales strategies linked to the opioid crisis.

The Centers for Medicare & Medicaid Services has mandated that private Medicare Advantage plans cover Biogen's ALS treatment Qalsody, after initial denials of coverage. The SEC has reopened an investigation into Elon Musk's Neuralink and drug pricing increases by five major drugs have spiked U.S. spending by $815 million, according to a watchdog report.

(With inputs from agencies.)