Good morning from Pharma and Biotech daily: the podcast that gives you only what's important to hear in Pharma and Biotech world.BridgeBio has trimmed its gene therapy budget after data on an adrenal gland medicine fell short of expectations. Gene therapy startup Vironexis has received approval for a first-of-its-kind trial testing a cancer drug delivered via adeno-associated viruses. Candid, with $370 million in funding, is aiming to prove the worth of bispecifics in autoimmune disease treatment. The House has backed a bill restricting China's role in US biotech, and an obesity drug startup has raised $67 million. Vor's 'shielded transplant' has shown promise in clinical trials. Overall, the gene therapy industry is seeing advancements in various areas such as cancer treatment, autoimmune disease, and obesity, with companies like BridgeBio, Vironexis, Candid, and Vor leading the way in innovative research and development.Drugmakers are investing heavily in cancer research and development, with the FDA approving over nine dozen new cancer drugs since 2015. This represents about a quarter of the total medicines cleared for market during that time. The trendline explores how cancer research is evolving, with stories such as new data on enhertu potentially overtaking chemotherapy in breast cancer, the focus on ADCs in oncology, and Astrazeneca's sales plan relying on the expansion of cancer drugs.PBMs executives are standing by their controversial testimony to a House committee, despite facing potential legal action. Steward has reached a deal to reduce debt and keep most of its hospitals open. A study suggests that major PBMs are focusing on specific payer markets for dominance. California's data exchange framework is praised for improving health equity and streamlining information.Moderna plans to cut costs and streamline its pipeline by reducing research spending and terminating five programs in early development. Fulcrum shares plummeted after a Sanofi-partnered drug for muscular dystrophy failed a key test, leading to the suspension of its development. A gene therapy startup, Vironexis, has received approval for a first-of-its-kind trial testing a cancer drug delivered through adeno-associated viruses.Moderna recently announced a plan to cut its research and development budget by $1.1 billion in order to focus on building its commercial capacity. This decision has pushed back the company's target for breaking even to 2028. In contrast, BridgeBio is shifting its focus towards late-stage assets and trimming its pipeline as it approaches a crucial FDA action date for its transthyretin amyloid cardiomyopathy candidate.Pepsi is promoting its partnership with Doordash by delivering pizza in a sports car. Wrangler is leveraging its western heritage to build brand momentum. TD Bank is targeting younger, diverse consumers with its "Own It" campaign.The text discusses the evolution of the term ESG (environmental, social, and governance) to "sustainability" due to the stigma associated with ESG. Companies like Eli Lilly are focusing on sustainability efforts such as reducing carbon footprint and drug pricing transparency. Lilly is making sustainability a critical part of its long-term plan as it grows to meet the demand for diabetes and weight loss drugs. The industry is facing challenges in keeping up with the growth of cell and gene therapy research, while also dealing with regulatory and legal pressures to prioritize sustainability efforts.