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🔥 ICYMI in The Lever : This Senate candidate doesn’t care if AT&T spies on you.
👇 Further down in this newsletter:
- Are taxpayers getting shortchanged by Moderna’s cancer vaccine?
- The Justice Department’s hot take machine.
- Big Oil is asking the Supreme Court for a shield.
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STORIES TO GO
In a hurry? These are some of the top stories in the country.
🏦 A global bond sell-off has ignited fears of a 2007-style financial meltdown , while the national debt hit $40 trillion for the first time in history.
🚨 A study published this month finds that undocumented migration does not contribute to crime rates.
📺 ABC is suing the Federal Communications Commission under the First Amendment, accusing the Trump administration of a “retaliatory campaign.”
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TODAY'S TOPLINES
The cure costs. Moderna’s stock value more than doubled yesterday after the pharmaceutical giant announced breakthrough late-stage clinical trials for its mRNA cancer vaccine. Moderna has partnered with fellow drug manufacturer Merck to develop a new cancer immunotherapy regimen that combines a novel drug, intismeran, with Merck’s existing cancer immunotherapy drug, Keytruda. In trials, melanoma patients who received this experimental treatment “lived longer without their cancer returning or metastasizing” than those who took Keytruda alone.
🤑 The treatment is likely to be a cash cow for Moderna and Merck; state-of-the-art cancer therapies run very expensive . As of May of this year, the list price of a six-week course of Keytruda, approved for sale in 2014, was $24,544 . Keytruda is Merck’s top product and the bestselling pharmaceutical drug in the world, racking up more than $31 billion in sales in 2025.
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