AstraZeneca shells out $500m for US cancer firm to boost pipeline August 26, 2013 ASTRAZENECA took a further step to bolster its pipeline of new cancer drugs on yesterday by agreeing to acquire privately held US biotech company Amplimmune for up to $500m (£321m). The deal is the second within 24 hours in the cancer drug space, following Amgen much larger acquisition of Onyx Pharmaceuticals for about $10.4bn. Amplimmune [...]
Pritzker buys TMS for $687m August 26, 2013 THE billionaire Pritzker family will buy scrap mill servicing company TMS International for about $687m (£440.5m) in cash, it said yesterday. The offer of $17.50 from the Pritzker Organization represents a premium of about 12 per cent to TMS’s Friday close of $15.57. Including debt, the deal is valued at about $1bn. The Pritzker Organization [...]
Amgen pays $10bn for Onyx August 26, 2013 AMGEN has struck a deal to buy cancer drug maker Onyx Pharmaceuticals for about $10.4bn (£6.4bn), as it moves to restock its product pipeline in response to declining sales of its flagship anaemia drugs. The acquisition – which ends a two-month-long auction of Onyx – represents the fifth-largest biotechnology deal in history. It gives Amgen [...]
City Moves for 27 August 2013 | Who’s switching jobs August 26, 2013 Lloyds Bank The bank’s commercial banking arm has announced the appointment of Jacqueline Keogh as director of global trade. Keogh has over 25 years’ experience in the banking industry. She was most recently at Standard Chartered, where she was managing director, and regional head of banks for Europe in its transaction banking division. B Capital [...]
Best of the Brokers for 27 August 2013 August 26, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com SERCO Panmure Gordon rates Serco a “buy” with a target price of 700p and predicts upbeat first half results on Thursday. However it calls for caution as analysts say “the fall-out from the electronic tagging contract is not clear in its core business”. [...]
London Week Ahead: Mark versus market in first public speech August 26, 2013 BANK of England governor Mark Carney’s keynote lunch speech to business leaders in Nottingham tomorrow has already been dubbed “Mark versus Market” – with market watchers dubious about Carney’s claims for long-term low interest rates. Rob Wood, economist at Berenberg Bank, said: “Growing momentum in the economy, rapidly rising house prices, and wide disagreements on [...]
CNBC Comment: Emerging Asia is in a dangerous situation August 26, 2013 THE STORY of money being withdrawn from emerging markets is arguably overdone. But just as it chased a more thrilling adventure in a risk-free world of easy monetary policy, money is now seeking the comforts of home as markets price in tighter conditions. That spells a dangerous road for Asia’s shining hopes. Take Indonesia, often [...]
DailyFX: Analyst picks August 26, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Neither the euro-dollar nor the dollar-yen are behaving as desired, but of the two the dollar-yen is acting more in-line with what’s been expected. Last week I was waiting for [...]
Any Other Business – 27/08 August 26, 2013 Pork processor Cranswick held a lunch for private client brokers last week and The Capitalist hears that finance director Mark Bottomley was trotting out the sausage trivia in abundance. Brokers were entertained with sizzling facts from Bottomley, such as if one were to lay all the sausages which were produced by the company during the [...]
US new home sales see biggest drop since May 2010 August 23, 2013 US new home sales have seen a massive fall, dropping from 0.455m (revised from 0.497m) to 0.394m in July. Economists had forecast a fall from the unrevised figure to 0.485m. On a more-reliable 3-month average, new home sales have slipped, but haven't cratered. See the chart. pic.twitter.com/bo91LpBMtc — Rex Nutting (@RexNutting) August 23, 2013 That [...]