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North Carolina Gov. Roy Cooper (D) this week signed the state’s Medicaid expansion bill into law, making it the 40^th state to do so. North Carolina currently serves 2,401,142 Medicaid beneficiaries, with more than 1.8 million enrolled in managed care plans. Blue Cross and Blue Shield of North Carolina is the market leader in managed Medicaid, serving 26.8% of beneficiaries. State officials estimate the expansion deal will bring health coverage to about 600,000 people.

Highmark Health in its year-end financials reported a revenue increase of 18% to $26 billion in 2022, along with net earnings of $47 million. The organization's positive performance across its insurance business and improved health outcomes were cited as key drivers of revenue growth. Highmark said that while it saw a net operating loss of $346 million for the year, this was offset by income from investments. The organization also disclosed that it held $11 billion in cash and investments, as well as $9 billion in net assets as of Dec. 31, 2022. Highmark is currently the largest insurer in Pennsylvania, serving 2,356,066 members.

The FDA last week approved Incyte Corp.’s Zynyz for the treatment of adults with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC), a rare form of skin cancer. The PD-1 inhibitor will join oncology heavyweights in MCC market basket — Merck’s Keytruda and Bristol Myers Squibb’s Opdivo. Under the medial benefit, Opdivo is currently the most advantaged MCC therapy, holding covered or better status for 89% of all insured lives. Keytruda follows closely behind at 88%.

The FDA last week rejected AbbVie’s drug application for ABBV-951 (foscarbidopa/foslevodopa), a treatment for motor fluctuations in adults with advanced Parkinson's disease. While the agency did not ask AbbVie to conduct additional safety and efficacy trials, they are seeking additional information about the drug’s subcutaneous pump device. AbbVie, meanwhile, said it plans to resubmit the application as soon as possible. According to Evaluate Pharma, 2022’s top-selling in the Parkinson’s space was Acadia Pharmaceuticals’ Nuplazid, which brought in $517 million in worldwide sales. Nuplazid is specifically approved to treat Parkinson’s psychosis, and holds covered or better status for 94% of all insured lives under the pharmacy benefit. Coverage often requires prior authorization and/or step therapy.

Medicare Advantage startup Clever Care Health Plan completed a $42 million round of Series C financing, led by Google Ventures. This brings its total capital fundraising to $138 million, according to a March 15 press release. The startup, which offers a “holistic approach” to MA that includes supplemental benefits such as dental, hearing, vision and acupuncture coverage, intends to use the funding to expand into new markets. Clever Care currently serves 10,826 members in California.

Startup insurer Bright Health is currently under administrative supervision in Florida. While the restrictions, under which Bright Health must give Florida regulators complete access to all of its offices and financial records, have been in place since September, they were made public when the state filed a 60-day extension of the consent order earlier this month. This is just the latest in a series of woes for the startup. Prior to its 2022 exchange exit, Bright Health was the fourth-largest insurer in Florida’s individual commercial market, serving about 275,000 lives. Its only remaining asset in Florida is a Medicare Advantage plan with 3,145 members.

Mississippi Governor Tate Reeves (R) vetoed legislation that would have required health insurance companies to speed up the prior authorization (PA) process and face fines for inequalities in provider reimbursement rates, according to a March 16 report in the Mississippi Free Press.

The FDA on March 10 approved Pfizer Inc.’s Zavzpret for the treatment of acute migraine with or without aura in adult patients. While the drug is not the first migraine nasal spray on the market, it is the first calcitonin gene-related peptide (CGRP) receptor antagonist in that format, boasting a mechanism of action that can provide pain relief in as little as 15 minutes, according to phase 3 study data. Zavzpret enters a competitive market basket, which includes Impel Pharmaceuticals’ nasal spray Trudhesa. Impel in November said the drug has generated about 50,000 prescriptions since its commercial launch in October 2021. For the treatment of acute migraine, Trudhesa currently holds covered or better status for 59% of all insured lives under the pharmacy benefit. Coverage typically requires prior authorization and/or step therapy.

French drugmaker Sanofi on March 13 revealed it has entered a $2.9 billion deal to acquire Provention Bio. The transaction nets Sanofi Tzield, Provention’s immunotherapy that stalls the progression of type 1 diabetes in adult and some pediatric patients. “The acquisition is a strategic fit for Sanofi at the intersection of the company’s growth in immune-mediated diseases and disease-modifying therapies in areas of high unmet need, and its expertise in diabetes,” the company said in a press release. Tzield was first approved by the FDA in November 2021, and Evaluate Pharma projects the drug will see $149 million in global sales by the end of 2024, growing to $1 billion in 2028.

Startup insurer Oscar Health last week said it has renewed its PBM contract with CVS Caremark. The move will extend the companies’ agreement through 2026. Oscar plans to continue to “drive formulary design” while CVS Caremark will provide “pharmacy and health engagement services,” including access to its pharmacy network. While the startup has faced financial setbacks since going public, Oscar is still the fourth-largest insurer on the Affordable Care Act exchanges, serving 1,021,634 members overall.