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☆ Al Gore is officially too old to serve on Apple’s board
▼ + stars: | 2024-01-11 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Al Gore is stepping down from Apple’s Board of Directors – but only because he’s too old to be renominated. That means it’s time for Gore, who is now 75, to retire, the company announced Thursday. Gore has served on the Apple board since 2003, the company said. The Nobel laureate received $376,894 as compensation for serving on Apple’s Board of Directors in 2023, according to an SEC filing. In 2011, Gore accidentally let loose the iPhone 5 release was coming out the next month – before Apple had officially announced it.

Persons: Al Gore, –, Gore, He’s, James Bell, Wanda Austin, Austin, “ Wanda, we’re, ”, Tim Cook, Cook, Al Organizations: New, New York CNN, Apple’s, Apple, SEC, Boeing Company, The Aerospace Corporation, Chevron, Amgen Inc Locations: New York, United States

A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. The increasingly popular Wegovy has transformed the weight-loss market since its U.S. launch in June 2021, capturing the attention of patients, investors and celebrities worldwide. Novo's news lifted shares in Europe's second-most valuable listed company after LVMH (LVMH.PA) by more than 17% to record highs. Novo said the eagerly-awaited study results, which have not been peer reviewed, showed that patients on Wegovy had a 20% lower incidence of heart attack, stroke or death from heart disease compared to those on a placebo. Lilly's shares rose nearly 15% in early U.S. trading, boosted by its upbeat quarterly results and Novo's trial data.

Persons: Jim Vondruska, Novo, Wegovy, Jeff Levin, Willis, Willis Towers Watson, Martin Holst Lange, Novo's, Eli Lilly, Mounjaro, Soren Lontoft Hansen, Maggie Fick, Nikolaj Skydsgaard, Jacob Gronholt, Ludwig Burger, Patrick Wingrove, Terje Solsvik, Josephine Mason, Sharon Singleton, Kirsten Donovan, Jan Harvey, Alexander Smith Organizations: REUTERS, COPENHAGEN, Novo Nordisk, Willis Towers, U.S, Union, Pfizer Inc, Amgen Inc, World Health Organization, Barclays, Reuters, Pedersen, Thomson Locations: Chicago , Illinois, U.S, LONDON, Europe's, Europe, United States, Novo, Wegovy, Germany, Denmark, Norway, Copenhagen, Frankfurt, New York, Oslo

☆ The Dow just posted its best winning streak since the 1980s. Why it keeps going higher
▼ + stars: | 2023-07-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Brendan McDermid | ReutersThe Dow Jones Industrial Average just won't stop going higher it seems like. The Dow on Wednesday rose for a 13th straight day, matching its longest winning streak since 1987. Both are up just 3% since the Dow's streak began. There are several reasons for the Dow's streak, but none may be bigger than recession fears easing. Stock Chart Icon Stock chart icon Dow riding 12-day winning streakNo more recession?

Persons: Brendan McDermid, Dow, Steve Eisman, Neuberger Berman, CNBC's, Michael Lewis, Jerome Powell, Goldman Sachs, Johnson Organizations: New York Stock Exchange, Reuters, Dow Jones, Dow, Nasdaq, Federal, Companies, Goldman Sachs Group, Inc, UnitedHealth, JPMorgan Chase &, Johnson, Intel, CAT Caterpillar Inc Locations: New York City, U.S, Chevron

☆ Sandoz launches rival version of AbbVie's arthritis drug Humira
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss drugmaker Novartis and its divisions Sandoz and Alcon are seen at an office building in Rotkreuz, Switzerland, January 29, 2020. REUTERS/Arnd Wiegmann/Fle PhotoJuly 1 (Reuters) - Swiss drugmaker Sandoz said on Saturday it had launched a biosimilar version of AbbVie Inc's (ABBV.N) big selling arthritis treatment Humira, adding to U.S. competition for the drug that started in January. The Novartis (NOVN.S)-owned company said its drug, Hyrimoz, will be priced at a 5% discount off Humira’s current list price of $6,922 per month, but that it was also offering an unbranded version of Humira at an 81% discount. The lower-priced version may attract healthcare systems that act as both an insurer and a provider and typically do not seek after-market discounts, as pharmacy benefit managers do. Rival Amgen Inc (AMGN.O) was the first to launch a biosimilar of Humira earlier this year, which debuted at a 5% and 55% discount to Humira, depending on who was purchasing.

Persons: Arnd, drugmaker Sandoz, drugmakers, Patrick Wingrove, Edwina Gibbs Organizations: Swiss, Novartis, Sandoz, REUTERS, Amgen, Pfizer Inc, Thomson Locations: Rotkreuz, Switzerland, KS, United States

NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.

Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London

☆ Analysis: Stelara patent deal puts J&J back on path to $57 bln 2025 revenue forecast
▼ + stars: | 2023-06-05 | by ( Patrick Wingrove | ) www.reuters.com time to read: +4 min

Stelara, introduced in 2009, has been J&J’s top-selling drug since 2019, with sales reaching $9.7 billion in 2022. J&J is forecasting $57 billion in pharmaceutical sales by 2025 after reducing its previous view of $60 billion in April, citing currency dynamics that hurt its pharmaceutical business in 2022. That would add around $4.6 billion to average estimates for pharmaceutical sales, as long as no biosimilars enter the market before 2025. Amgen said last month the confidential settlement it signed with J&J will allow it to sell its Stelara biosimilar no later than Jan. 1, 2025. “If no Stelara biosimilars enter in 2024, I think growth should continue at around 4% in 2023 and 2024,” Huynh said.

Persons: Johnson, Amgen, ”, Vamil, Trung Huynh, ” Huynh, Teva, biosimilar, Divan, Alvotech, Patrick Wingrove, Caroline Humer, Bill Berkrot Organizations: Amgen Inc, Analysts, Stelara, Reuters Graphics Reuters, Reuters, New, J, Credit Suisse, Food and Drug Administration, Alvotech’s, Thomson Locations: New Brunswick , New Jersey, Alvotech’s Reykjavik

May 18 (Reuters) - Amgen Inc (AMGN.O) has agreed not to quickly close on its $27.8 billion acquisition of Horizon Therapeutics (HZNP.O) after the U.S. Federal Trade Commission (FTC) filed suit to block the deal. Absent an agreement, Amgen could have sought to close the deal as early as Monday. Under the order, Amgen and Horizon will not close their transaction until the earlier of Sept. 15, or the second business day after the court rules on the FTC's request for a preliminary injunction. Amgen said it had made an offer to the FTC in the hope of resolving the issue. "We committed that we would not bundle the Horizon products raised as issues," Amgen said in a statement.

That would appear to contradict the FTC's practice of preventing companies from using market power to push up prices. The FTC lawsuit spurred concern among investors who had brushed off the antitrust risk in Amgen's deal because of its limited business overlap with Horizon. "Our complaint is firmly rooted in longstanding antitrust law and we look forward to making our argument in court," an FTC spokesperson said. AMGEN OFFERS REMEDYAmgen said on Tuesday it had made an offer to the FTC in hopes of resolving the issue. "These are valid concerns that FTC has raised but what a court will do about it is uncertain," he said.

WASHINGTON, May 18 (Reuters) - The U.S. Supreme Court on Thursday ruled against Amgen Inc (AMGN.O) in its bid to revive patents on its cholesterol-lowering drug Repatha over a legal challenge by French rival Sanofi SA (SASY.PA). Amgen sought to patent a group of antibodies that help reduce so-called "bad" cholesterol. In 2014, Amgen sued Sanofi and Regeneron for patent infringement over their rival drug Praluent, which works by a similar mechanism as Repatha. The justices said that Supreme Court precedent weighed against Amgen. President Joe Biden's administration, arguing in support of Sanofi, told the justices that Amgen had not disclosed the information needed to make to make its patents valid.

☆ Analysis: Amgen's antitrust woes spur wider pharmaceutical deal fears
▼ + stars: | 2023-05-17 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

Even shares of drug companies that do not have pending deals but are seen by analysts and investors as potential acquisition targets were hit. FTC officials did not respond to a request for comment on whether they planned to challenge any other pharmaceutical acquisitions. "We could see similar challenges to the Pfizer/Seagen deal" BMO analysts wrote in a note, arguing that the FTC could target other major drug companies with the resources to engage in bundling. UNDER THE RADARConversely, investors and analysts are hoping that smaller pharmaceutical acquisitions will continue to fly under the radar of regulators. Reporting by David Carnevali in New York; Editing by Greg Roumeliotis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street closes lower after Home Depot outlook, US retail sales
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. While the market is currently pricing in a rate cut by the end of the year, recent comments from Fed officials suggested they are not ready to cut rates soon. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. (This story has been corrected to say 'a rate cut,' instead of 'a rate hike,' in paragraph 8)Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ S&P 500, Dow fall, dragged by Home Depot outlook, US retail sales
▼ + stars: | 2023-05-16 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Home Depot (HD.N) shed 1.73%, the biggest drag on the Dow Industrials and among the heaviest weights on the S&P 500 after the home improvement retailer cut its annual sales forecast and projected a steeper-than-expected decline in profit. The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. The S&P 500 posted 10 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 42 new highs and 163 new lows.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." Dow Jones Industrial Average (.DJI) component Home Depot (HD.N) shed 1.4%, hitting its lowest level in over six months after the company lowered its annual sales forecast. Shares of Capital One Financial Corp (COF.N) jumped 2.4%, rising the most on the S&P 500, after Berkshire Hathaway Inc (BRKa.N) on Monday disclosed it has begun investing in the consumer lender.

☆ US FTC sues to block Amgen's $27.8 bln deal for Horizon Therapeutics
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 16 (Reuters) - The U.S. Federal Trade Commission said on Tuesday it would sue to stop Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics Plc (HZNP.O). The agency said it was opposing the deal because it would give Amgen "monopoly positions" for medicines used to treat thyroid eye disease and chronic refractory gout. The deal, which was announced in December 2022, would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and gout treatment Krystexxa. Other key drugs in Amgen's product portfolio, such as psoriasis therapy Otezla, face the loss of patent protections over the next few years. It is unusual for the agency to sue to stop a pharmaceutical deal.

☆ FTC sues to block Amgen's $27.8 bln deal for Horizon Therapeutics -statement
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 16 (Reuters) - The U.S. Federal Trade Commission said on Tuesday that it would sue to stop Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics Plc (HZNP.O). The deal, which was announced in December 2022, would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and gout treatment Krystexxa. Amgen hopes they can act as a bulwark against competition for its blockbuster arthritis drug Enbrel. Furthermore, other key drugs in its portfolio, such as psoriasis therapy Otezla, face loss of patents over the next few years. Reporting by Diane Bartz; editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." "There is little chance we will see a resolution to the U.S. debt ceiling issue today," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The negotiations will likely remain tight as Republicans ask decent spending cuts to accept a debt ceiling relief, while Biden is not willing to compromise on spending into the election year."

The main indexes started the week with modest gains as trading was range-bound amid a wrangling in Washington between the White House and Republicans. "There is little chance we will see a resolution to the U.S. debt ceiling issue today," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Shares of rival Lowe's Companies Inc (LOW.N) fell 3.2%, while retail giant Walmart Inc (WMT.N) slipped 0.4%. Focus will also be on economic data, with retail sales expected to increase by 0.8% in April after falling 0.6% in the month before. ET, Dow e-minis were down 80 points, or 0.24%, S&P 500 e-minis were down 3 points, or 0.07%, and Nasdaq 100 e-minis were up 5.25 points, or 0.04%.

☆ FTC to block Amgen's $27.8 billion deal for Horizon Therapeutics - source
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - The U.S. Federal Trade Commission is expected to file a lawsuit as early as Tuesday to block Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics PLC (HZNP.O), a person familiar with the matter told Reuters. Amgen struck a deal last year to buy Horizon to strengthen its rare diseases drugs portfolio. Senator Elizabeth Warren, an outspoken critic of corporate consolidation, wrote to the FTC earlier this year expressing her concerns about pharmaceutical deals including the Amgen purchase of Horizon. The Democratic Senator said both Amgen and Horizon Therapeutics "have engaged in brazen price increases," including on Amgen's Enbrel for arthritis and Horizon’s Krystexxa, a gout medication. The deal would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and Krystexxa.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." The S&P 500 retail index (.SPXRT) lost 0.6%. Shares of Capital One Financial Corp (COF.N) jumped 5.4%, rising the most on the S&P 500, after Berkshire Hathaway Inc (BRKa.N) on Monday disclosed it has begun investing in the consumer lender.

☆ Novo Nordisk rivals see room to compete in $100 billion weight-loss drug market
▼ + stars: | 2023-05-04 | by ( Michael Erman | ) www.reuters.com time to read: +6 min

The company has two oral GLP-1 drugs in mid-stage trials, and aims to choose one for a late-stage trial this year. He forecasts GLP-1s or similar drugs topping $100 billion in annual sales early in the 2030s, with Lilly's product accounting for more than $50 billion in sales. Smaller biotechs are also vying for a piece of the obesity market and hope large pharmaceutical companies will pay up for partnerships. "I don't know if it's $90 billion or $80 billion or $50 billion. The current GLP-1 drugs can cause nausea and vomiting.

REUTERS/Robert GalbraithCompanies Novartis AG FollowAmgen Inc Follow(Reuters) - Amgen Inc sued Novartis AG's Sandoz in New Jersey federal court Monday, accusing Sandoz's proposed versions of its multibillion-dollar bone-strengthening drugs Prolia and Xgeva of infringing several patents. Amgen asked the court to block Sandoz's biosimilars of the drugs until its patents expire. Thousand Oaks, California-based Amgen sold $3.6 billion worth of Prolia and $2 billion worth of Xgeva last year, according to a company report. The FDA accepted Sandoz's application for biosimilar versions of the Amgen biologic drugs — which are derived from living cells, unlike traditional small-molecule drugs — in February. Amgen said the proposed biosimilars infringe 21 patents covering Prolia and Xgeva.

☆ AbbVie's weak newer drug sales fan worries as Humira faces rivals
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

April 27 (Reuters) - AbbVie Inc (ABBV.N) on Thursday missed quarterly revenue estimates for its newer treatments, fueling concerns over the drugmaker's attempts to cushion the blow to sales from blockbuster Humira losing patent exclusivity. The company's shares tumbled 6% in premarket trade as investors shrugged off a raised annual profit forecast. In the first quarter, Humira recorded sales of $3.54 billion, compared with analysts' average estimate of $3.58 billion. That helped Abbvie beat sales expectations. AbbVie had trimmed its full-year profit expectations earlier this month by 8 cents, citing a $150 million hit from acquired in-process research and development (IPR&D) and milestone expenses.

The ruling blocks proposed Otezla generics until 2028. A spokesperson for Sandoz said Wednesday that the company was pleased with the decision allowing for Otezla generics in 2028 instead of 2034. Celgene sued several drugmakers over their proposed Otezla generics starting in 2018, and 17 of the 19 lawsuits have been settled since. U.S. District Judge Michael Shipp said in 2021 that Switzerland-based Sandoz and India-based Zydus' generics would infringe three Amgen patents. The case is Amgen Inc v. Sandoz Inc, U.S. Court of Appeals for the Federal Circuit, Nos.

Treasury yields dropped on the back of the report. More specifically, we looked at the rolling 100-day correlation between Nasdaq-100 stocks and the SHY ETF. Here are the five-most correlated Nasdaq-100 stocks to falling rates. Here are the five-most correlated Nasdaq-100 stocks to falling rates. Stock Chart Icon Stock chart icon Shares of Seagan are one of the more closely correlated stocks of the iShares short-term bond yield ETF.

☆ Viking joins obesity drug race after promising early trial data
▼ + stars: | 2023-03-28 | by ( Mariam Esunny | ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Viking Therapeutics Inc's (VKTX.O) experimental obesity drug helped reduce weight and was safe in an early-stage study, the company said on Tuesday, sparking a 60% rise in its shares. While Novo Nordisk (NOVOb.CO) already has its obesity drug, Wegovy, in the market, Eli Lilly is expecting approval for its treatment later this year. That could also make Viking a potential acquisition target, Laidlaw & Company analyst Yale Jen said. Viking said it was planning to test higher doses of the drug over a longer treatment window in a mid-stage trial, versus a shorter limit in the current, early-stage trial. Shares of Viking were trading at $14.15, bringing the drugmaker closer to a market capitalization of $1 billion.

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