US drug firm Perrigo buys UK’s Rosemont Pharma for $283m February 11, 2013 PERRIGO, a US manufacturer of generic and over-the-counter drugs, said yesterday it has bought UK-based Rosemont Pharmaceuticals for about $283m (£181m) in cash to gain access to Rosemont’s oral liquid formulations business. The deal is expected to add eight cents to Perrigo’s adjusted earnings per share for the remainder of fiscal 2013, Perrigo said in [...]
Balfour Beatty wins uni deal February 11, 2013 Infrastructure group Balfour Beatty said yesterday it is the preferred bidder for a £45m housing project with Aberystwyth University. The 32-year concession contract will involve the design, build and maintenance of facilities for the university. The project will provide housing for 1,000 students, as well as communal facilities. Balfour will invest 10 per cent of [...]
Sanofi boosts stake in Regeneron February 11, 2013 French drugmaker Sanofi is buying more shares in US biotech company Regeneron Pharmaceuticals, its partner in the development of potential treatments for cholesterol and rheumatoid arthritis. Sanofi controls 16.7 per cent of Regeneron, or 15.82m shares. Sanofi said in an email that it has the right to raise the stake to as much as 30 [...]
Novo hit by insulin rejection February 11, 2013 Shares in Novo Nordisk tanked 13 per cent yesterday after US regulators rejected its new long-acting insulin Tresiba until it conducts extra tests for potential heart risks, dealing a major blow to a key product for the Danish drugmaker. The firm said the Food and Drug Administration’s decision would make it harder to meet long-term [...]
Pothole insurance claims double February 11, 2013 The number of insurance claims for pothole-related damage to cars on Britain’s roads more than doubled in January compared with the same month last year, according to broker AA Insurance. The company estimates 1,000 UK cars were seriously damaged by potholes during the month and blames deteriorating roads following a period of heavy rain, flooding, snow [...]
Credit scheme eats away rates on mortgages February 11, 2013 THE HOUSING market switched up a gear as 2013 began, several sets of data have revealed. Credit costs for a range of mortgage types plunged yet again, according to Bank of England data, suggesting that the government and Bank ’s Funding for Lending Scheme (FLS) has driven funds back into the housing market. The average [...]
Insurance deals may become mobile in case of firms’ failure February 11, 2013 INSURANCE contracts could become transferable between providers in the event of a major insurer going bust, top regulator Andrew Bailey argued yesterday, calling for the watchdog to be given more powers over resolution. Insurers do not face the same risk of a run that banks do, because customers cannot simply move to another firm. Instead, [...]
Regulators fear loan insurance may be at risk February 11, 2013 TOUGHER rules are needed to make sure mortgage insurers are up to the job of protecting banks, the Basel Committee on Banking Supervision said yesterday, calling for closer supervision of the insurers. The group called for insurers to build up bigger capital buffers against potential losses as well as extra reserves to keep them safe [...]
Fallon demands banks publish local personal loan data weekly February 11, 2013 BANKS are being urged to publish mortgage lending and consumer credit decisions by region, according to a letter from business minister Michael Fallon, made public yesterday. He is following the lead from business secretary Vince Cable who last week called on banks to publish small business lending levels by constituency on a weekly basis. The [...]
OECD indicator points to firmer UK economy in middle of 2013 February 11, 2013 SIGNS from the UK economy suggest that it will recover mildly over 2013, according to the Organisation for Economic Co-operation and Development (OECD). The OECD’s latest composite leading indicator (CLI), predicting economic conditions six months from last December again increased, but this time by only 0.09 points. This follows on the heels of stronger injections [...]