Tuesday, 20 Oct 2020

Covestro Stock Up After Report Of Apollo Global Exploring Takeover

The power of green chemistry, part one

To watch part two of this episode, please click here. 

Roche’s Actemra Reduces Need For Mechanical Ventilation In COVID-19 Pneumonia Patients, Says Study

Roche’s (RHHBY) phase III study, which evaluated Actemra plus standard of care in patients with COVID-19 pneumonia, dubbed EMPACTA, has met the primary endpoint, demonstrating a reduced need for mechanical ventilation by day 28.

According to the trial results, patients with COVID-19 associated pneumonia who received Actemra plus standard of care were 44% less likely to progress to mechanical ventilation or death compared to patients who received placebo plus standard of care.

The cumulative proportion of patients who progressed to mechanical ventilation or death by day 28 was 12.2% in the Actemra arm versus 19.3% in the placebo arm.

However, there was no statistical difference in mortality between patients in the Actemra arm versus the placebo arm.

Actemra is an approved drug for the treatment of rheumatoid arthritis, systemic juvenile idiopathic arthritis, polyarticular juvenile idiopathic arthritis, giant cell arteritis, and CAR T cell-induced severe or life-threatening cytokine release syndrome.

Commenting on the trial results, Levi Garraway, chief medical officer and head of Global Product Development, said, “The EMPACTA trial demonstrated that Actemra can reduce the need for mechanical ventilation in patients with COVID-19 pneumonia, an important outcome in this serious disease. We plan to share this important data with the FDA and other health authorities around the world.”

The power of green chemistry, part two

To watch part three of this episode, please click here. 

SoftBank To Divest Brightstar Global Unit To Brightstar Capital Partners

Japan’s SoftBank Group Corp. (SFTBY.PK,SFTBF.PK) announced that on Thursday it has entered into a definitive agreement to sell all of its shares in unit Brightstar Global Group Inc. or BGG to Brightstar Capital Partners or BCP, a U.S.-based private equity firm. The sale price is not disclosed due to confidentiality.

SoftBank will sell the stake in BGG, the sole parent company of Brightstar Corp., a provider of end-to-end device lifecycle solutions, to a newly formed subsidiary of BCP. SoftBank acquired Brightstar in January 2014.

The consideration consists of cash proceeds and a 25% stake in the newly formed subsidiary of BCP, which will hold all of BGG shares.

The deal, subject to regulatory approvals and other customary closing conditions, is expected to close before the end of SoftBank’s fiscal year ending March 31, 2021.

Upon the deal completion, BGG and Brightstar will cease to be subsidiaries of SoftBank and will no longer be consolidated into its financial results.

Happenings – Food

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Happenings – Gigs

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City Of London Investment Trust FY Net Return Before Tax Declines On Revenue Basis

City of London Investment Trust Plc (CTY.L) recorded a loss before tax of 235.8 million pounds for the year ended 30 June 2020 compared to profit of 43.7 million pounds, previous year. Return per ordinary share was a loss of 59.69 pence compared to profit of 11.66 pence. On a revenue basis, net return before tax declined to 63.6 million pounds from 73.2 million pounds, while return per ordinary share was 15.73 pence compared to 19.76 pence.

City of London’s net asset value total return was a negative 14.6%, which was behind its benchmark, the FTSE All-Share Index. The Board decided to raise the dividend to shareholders by 2.2%, partly funded from revenue reserves.

The Group said, in respect of the current year ending 30 June 2021, it would expect to pay ordinary dividends in excess of those paid last year.

Treasury yields move higher ahead of Fed speeches

  • The latest opinion polls suggest that Joe Biden is still the most likely winner in the upcoming presidential vote, but his lead is tightening. 
  • There are no Treasury auctions scheduled.

U.S. government debt prices fell on Friday morning as investors monitored rising cases of coronavirus and polls ahead of the U.S. election. 

At around 2:20 a.m. ET, the yield on the benchmark 10-year Treasury note rose above 1% to trade at 0.6904%. The yield on the 30-year Treasury bond increased by about 78 basis points to trade at 1.4375%. Yields move inversely to prices.

The latest opinion polls suggest that Joe Biden is still the most likely winner in the upcoming presidential vote, but his lead is tightening. 

Traders are likely to follow speeches by the St. Louis Fed President James Bullard at 10 a.m. ET, Atlanta Fed President Raphael Bostic at 12 p.m. ET, and Minneapolis Fed President Neel Kashkari at 2 p.m. ET.

Treasurys

On the data front, there will be current account balance numbers at 8:30 a.m. ET, followed by consumer sentiment figures at 10 a.m. ET.

There are no Treasury auctions scheduled.

Covestro Stock Up After Report Of Apollo Global Exploring Takeover

Shares of Covestro (CVVTF.PK,COVTY.PK) were gaining around 6 percent in the early morning trading in Germany after Bloomberg reported that buyout firm Apollo Global Management Inc. is exploring a takeover of the specialty chemicals company.

The report, citing people with knowledge of the matter, said the New York-based investment firm contacted Covestro in recent weeks. Deliberations are at an early stage, and there’s no certainty they will result in a transaction, Bloomberg noted.

Covestro, which was part of drugmaker Bayer AG, was spun out in an initial public offering in October 2015. The company currently has a market value of 8.71 billion euros.

In Germany, Covestro shares were trading at 47.41 euros, up 6.13 percent.

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