Astellas Pharma Buys Xyphos Biosciences To Strengthen Immuno-oncology Pipeline

Tokyo, Japan-based Astellas Pharma Inc. (ALPMY) announced the acquisition of South San Francisco, CA-based privately held development-stage biotechnology company Xyphos Biosciences, Inc.

This total transaction is valued at $665 million, including $120 million paid upon closing of the acquisition and potential future development milestone payments. Xyphos became a wholly owned subsidiary of Astellas.

Astellas expects to gain Xyphos’ novel and proprietary ACCEL or Advanced Cellular Control through Engineered Ligands technology platform, as well as adds talent to accelerate next-generation cancer immunotherapy.

Xyphos’ first convertibleCAR-T cell product candidate is in preclinical development and scheduled to be tested in a first-in-human clinical study in 2021.

Astellas expects an limited impact from this transaction on its financial results in the fiscal year ending March 31, 2020.

Kenji Yasukawa, President and CEO, Astellas, stated, “The innovative technology in development at Xyphos fits perfectly in advancing our immuno-oncology strategy to create and deliver value for patients.”

ALPMY closed Thursday’s session at $17.11.

WESCO Announces Improved Proposal To Acquire Anixter

WESCO International, Inc. (WCC) has delivered to the Anixter (AXE) board an improved proposal. The updated consideration of $93.50 per share consists of $63.00 per Anixter share in cash plus a fixed exchange ratio of 0.2397 shares of WESCO common stock plus $16.65 of a newly created class of WESCO perpetual preferred stock. As per the terms of the revised offer, WESCO stockholders would own 84% and Anixter stockholders 16% of the combined company. WESCO anticipates the combination to be meaningfully accretive to earnings on a standalone basis in the first full year of ownership.

Separately, WESCO reported preliminary sales for the quarter-to-date period. Through December 23, 2019, revenue improved approximately 5% year-on-year. The company confirmed full year sales to be above the midpoint of outlook range of 1% to 3%.

Andrew Bailey To Be New Bank Of England Governor

UK Chancellor of the Exchequer Sajid Javid announced the appointment of Andrew Bailey as the new governor of the Bank of England.

Bailey, who is currently the chief executive of the Financial Conduct Authority, has been appointed for an eight-year term. Bailey will be the 121st Governor of BoE.

“Andrew was the stand-out candidate in a competitive field,” Chancellor said. “He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country.”

In order to provide a smooth transition, the term of the current Governor Mark Carney has been extended to March 15, 2020.

Minouche Shafik and Kevin Warsh were other frontrunners to succeed Carney.

“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as CEO of the FCA,” Carney said.

Bailey has joined the bank in 1985. He has led the FCA since July 2016, having previously held the role of deputy governor of the Bank of England for Prudential Regulation and CEO of the Prudential Regulation Authority.

The treasury said an interim chief executive of the FCA will be appointed well ahead of Bailey’s departure to manage the organization until a permanent successor is chosen.

European stocks set to open higher as Wall Street hits new record highs

• Market focus is largely attuned to the U.S.-China trade development.
• On Thursday, stocks stateside hit record highs as the year-end rally continues.  

European stocks are set for a higher start to the trading day on Friday, following the rally in stocks stateside.

The FTSE 100 points to a higher open of 11 points while the German DAX looks to open 58 points higher. Meanwhile, France's CAC 40 looks set to open 14 points higher.

Market focus is largely attuned to the U.S.-China trade development. Investors are running back into traditional assets ever since the announced they have reached a phase one trade agreement earlier this month. The two countries are in the process of translating the deal, aiming to sign it in early January.

In a regular press briefing on Thursday, the Chinese Commerce Ministry said China is in close touch with the U.S. on signing the initial trade pact. President Donald Trump said Tuesday the deal is "getting done," adding there will be a signing ceremony with Chinese leader Xi Jinping.

On Thursday, stocks stateside hit record highs as the year-end rally continues.  

Meanwhile,Oil prices rose in the afternoon of Asian trading hours, with international benchmark Brent crude futures adding 0.15% to $68.02 per barrel. U.S. crude futures also gained 0.24% to $61.83 per barrel.

Comcast in advanced talks to buy free TV service Xumo

Movie theaters look to compete against streaming services

FOX Business’ Robert Gray on how some movie theaters are trying to compete against streaming services.

Comcast is looking at bolstering its video-streaming ability.

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The company is in advanced talks to acquire Xumo LLC,  people familiar with the matter tell the Wall Street Journal.

Comcast is preparing to launch its its own streaming service, Peacock in April.

Financial terms of a possible deal could not be determined.

NBCUNIVERSAL'S PEACOCK STREAMING SERVICE SETS AFFORDABLE PRICE POINTS; REPORT

The California-based Xumo offers a free, ad-supported video-streaming service across a range of internet-connected TVs. Others include Pluto TV which is owned by ViacomCBS and Tubi TV.

Xumo TV was formed in 2011 by Viant Technology. One of Xumo’s shareholders is magazine and TV company Meredith Corp.

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Xumo’s app is available on services including Roku and on smart TVs from makers such as Panasonic, Samsung and Vizio.