AstraZeneca counts cost of risky drug December 21, 2010 DRUGS company AstraZeneca has binned its experimental infant lung disease drug following objections from US regulators, costing the firm upwards of £286m. The company said yesterday its motavizumab drug would be discontinued, after Food and Drug Administration (FDA) advisers asked for more information on trials in June. The costs are linked to intellectual property and [...]
Analyst views: what does the news mean for astrazeneca? December 21, 2010 SAVVAS NEOPHYTOU | PANMURE GORDON It’s never a good sign when a pipeline asset is withdrawn, but this is financially fairly painless. It’s more evidence of AstraZenca’s struggle with its pipeline delivery. MIKE MITCHELL | SEYMOUR PIERCE It shows that AstraZenca’s strategy is higher risk than previously thought. Regulatory hurdles are hitting hard, and it [...]
Anglo to restructure debts December 21, 2010 Bondholders at Anglo Irish Bank have voted to support a restructuring of the bank’s debts. More than 90 per cent of holders of two sets of outstanding bonds have agreed to take part in the restructuring in exchange for an offer of 20 per cent of the face value of their claims. The exchange, which [...]
BG appoints new finance chief December 21, 2010 Former Vale finance chief Fabio de Oliveira Barbosa is to join BG Group as chief financial officer. Long-standing finance chief Ashley Almanza will stand down from the UK-based oil and gas company in March. Oliveira Barbosa will help to spearhead the firm’s expansion in Latin America.
Ofcom warns BT on competition December 21, 2010 Communications regulator Ofcom has warned BT it has infringed on competition law over its wholesale calls prices. The telecoms giant strongly denies the claims it squeezed margins by setting the price charged to other providers for its wholesale service at a level that would hit other operators between July 2008 and April 2009.
TD Bank buys Chrysler Financial December 21, 2010 Toronto-Dominion Bank is buying Chrysler Financial for $6.3bn (£4.1bn). Yesterday’s cash deal, which includes about $400m in goodwill, will make Canada’s second largest bank one of North America’s biggest bank-owned auto lenders. The bank won’t issue any stock to fund its purchase from Cerberus Capital Management.
BAE fined over Tanzania deal December 21, 2010 ARMS group BAE Systems yesterday received a £725,000 penalty after a probe into allegations about an arms sale to Tanzania, but a judge criticised a deal it struck with the Serious Fraud Office (SFO) to end the investigation. A London court handed down the sentence, including a £500,000 fine plus costs of £225,000, to BAE for [...]
Rio Tinto is in talks to raise Riversdale bid December 21, 2010 RIO TINTO is in talks with Australian-listed coal miner Riversdale about raising its A$3.8bn (£2.5bn) friendly takeover bid, sources close to the companies said yesterday. Riversdale suspended its shares in accordance with Australian rules yesterday, reporting that it was set to make an announcement “about a possible control transaction”. The company has requested a trading [...]
Watchdog relaxes Rolls’ engine checks December 21, 2010 EUROPEAN air safety regulators are to relax tight inspections on Rolls-Royce engines involved in a blow-out on a Qantas A380 superjumbo last month. The European Aviation Safety Agency (EASA) is to lift some checks on Rolls’ Trent 900 engines after an engine on a Qantas flight to Sydney from Singapore failed on 4 November. EASA [...]
Hurd’s HP exit probed by SEC December 21, 2010 US REGULATORS are investigating allegations around former Hewlett-Packard (HP) chief executive Mark Hurd’s exit from the company, it was announced yesterday. The Securities and Exchange Commission (SEC) is probing allegations that Hurd shared inside information with former HP events contractor Jodie Fisher, whose sexual harassment accusations led to an expenses investigation that caused him to [...]
