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Novartis AG agreed to buy US biotech Regulus Therapeutics Inc. in a deal that could be valued at up to $1.7 billion.

"This can include setting up deep-tech innovation funds, building strong academia-start-up bridges and offering incentives for faster developments in hardware, AI, biotech and clean energy," it said.

U.S. trade policy, he said, appears to be: “We’ll ignore the agreement when it’s convenient for us. We’ll enforce it when it has an impact on some biotech companies.”

But their relationship had started to fray when — with success in sight — Kaspar became part owner of AveXis, a biotech startup that had snapped up the rights to his SMA drug.

Califf’s career has spanned academia, large health systems, the biotech industry, Silicon Valley and the highest echelons of the federal government.