Wegovy doesn’t work for everyone, and no one’s quite sure why

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Good morning, everyone. Damian here with a critical look at the mounting Ozempic panic, the case against a former meme stock, and a biotech pivot with a warm reception.

The need-to-know this morning
• BrainStorm Cell Therapeutics withdrew its FDA application for NurOwn, the company’s investigational treatment for ALS, and acknowledged it will need to conduct another pivotal trial.
• Activist investor Carl Icahn is suing Illumina, claiming the company breached its “fiduciary duties” in acquiring Grail for more than $7 billion.
• Ardelyx won FDA approval for its chronic kidney disease treatment, a drug that had previously been rejected.

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