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Shares of Moderna (MRNA.O) fell 4% on Wednesday after a U.S. judge issued an order that strengthened Arbutus' arguments in a patent infringement lawsuit related to Moderna's blockbuster COVID-19 vaccines. ... In a so-called "claim construction order", U.S. District Judge Mitchell Goldberg interpreted parts of the patents in ways that strengthened Arbutus' case, rejecting Moderna's proposed definitions. (4/3)

A drugmaker in China has developed a biosimilar version of Novo Nordisk's (NOVOb.CO) popular diabetes drug Ozempic and applied for approval to sell it there, in a potential challenge to Novo's expansion plans in the country. Hangzhou Jiuyuan Gene Engineering said on Wednesday in a post on its official social media account that it was seeking approval to sell the drug, which it calls Jiyoutai, to control blood sugar in patients with type 2 diabetes. (Silver and Burger, 4/3)

Value-based care was thrust into the spotlight as Kaiser Permanente closed its acquisition of Geisinger Health, solidifying plans for a new network that will focus on creating more value for patients. Kaiser will fold Geisinger into a nonprofit entity it created called Risant Health, and there are plans to add several other health systems to the network within the next five years. (Hudson, 4/3)

Pacs Group, an operator of skilled care nursing facilities, filed plans for an initial public offering and seeks to raise almost $400 million. The company, which has more than 200 skilled nursing facilities and other post-acute operations across nine states, seeks to offer just over 19 million shares at a price between $20 to $22 per share, according to a filing this week with the Securities and Exchange Commission. (DeSilva, 4/3)

Walmart Health is pulling back on parts of its plan to open dozens of new health centers this year. The mega-retailer said last year it would add more than 30 health centers across four states in 2024, but that number has since been reduced to 22 in two states, a spokesperson said Wednesday. Walmart is set to open four health centers in the Houston area this month and will roll out more clinics throughout the summer and fall, the spokesperson said. (Hudson, 4/3)

The state Health Department has returned Mount Sinai’s hotly contested application to shutter Beth Israel, after regulators determined it was missing key information to support the stated rationale for the closure. Regulators also argued the private medical center failed to adequately prove availability of emergency care post-closure, according to court records made public Wednesday. (Kaufman, 4/3)