Sixteen dead as blaze tears through apartment block in Dubai

A huge blaze has engulfed a residential building in Dubai, killing 16 people and injuring nine.

Firefighters rushed to the scene of the inferno in the Al-Ras area at 12:41 local time (9:41 GMT) on Saturday.

More to follow….

Prometheus Biosciences To Be Acquired By Merck

In a bid to strengthen its immunology pipeline, Merck (MRK) has agreed to acquire Prometheus Biosciences Inc. (RXDX) for $200.00 per share in cash for a total equity value of roughly $10.8 billion.

Prometheus is a biotechnology company pioneering a precision medicine approach in developing novel therapeutic and companion diagnostic products for the treatment of inflammatory bowel disease. The company’s lead drug candidate is PRA023, a monoclonal antibody that works by blocking TL1A, a target associated with both intestinal inflammation and fibrosis.

As per the acquisition agreement terms, Merck, through a subsidiary, will acquire all of the outstanding shares of Prometheus. The acquisition is dependent on the approval of Prometheus Biosciences shareholders.

The deal, which is subject to certain conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions, is expected to close in the third quarter of 2023.

RXDX has traded in a range of $21.50 to $129.60 in the last 1 year. The stock closed Friday’s trading at $114.01, up 1.02%.

PHOTOS: 2023 Arvada Kite Festival

The Arvada Kite Festival took place at Stenger Sports Complex on April 16, 2023 in Arvada.

Hundreds of people turned out for the popular event that took place under clear blue skies and cool spring temperatures. The wind was favorable but intermittent at times. People spent the day flying kites, shopping local vendors, eating local food and enjoying demos by the Rocky Mountain Kite Association.

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U.S Wholesale Inventories Inch Up Slightly Less Than Expected In February

Wholesale inventories in the U.S. edged slightly higher in the month of February, according to a report released by the Commerce Department on Monday.

The report said wholesale inventories inched up by 0.1 percent in February after falling by 0.6 percent in January. Economist had expected inventories to rise by 0.2 percent.

The uptick in inventories came as a 0.5 percent increase in inventories of durable goods was largely offset by a 0.5 percent decrease in inventories of non-durable goods.

Meanwhile, the Commerce Department said wholesale sales climbed by 0.4 percent in February, matching the growth seen in the previous month.

A 1.2 percent jump in sales of durable goods more than offset a 0.3 percent decline in sales of non-durable goods.

With sale rising by more than inventories, the inventories/sales ratio for merchant wholesalers edged down to 1.37 in February from 1.38 in January.

European Commission Approves AbbVie's Rinvoq To Treat Severely Active Crohn's Disease

The European Commission approved Rinvoq (upadacitinib, 45 mg [induction dose] and 15 mg and 30 mg [maintenance doses]) as the first oral Janus Kinase (JAK) inhibitor for the treatment of adult patients with moderately to severely active Crohn’s disease who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent, AbbVie (ABBV) said in a statement on Monday.

Crohn’s disease is a chronic, systemic disease that manifests as inflammation within the gastrointestinal tract and is progressive, potentially producing complications that require urgent medical care, including surgery.

Rinvoq is approved in the European union for the treatment of adults with radiographic axial spondyloarthritis, non-radiographic axial spondyloarthritis, psoriatic arthritis, rheumatoid arthritis, ulcerative colitis, adults and adolescents with atopic dermatitis and now Crohn’s disease.

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John Wood Group To Grant Apollo Access To Due Diligence Materials – Quick Facts

John Wood Group PLC (WDGJF.PK,WG.L) said the Board has decided to engage with Apollo Management Holdings, L.P. to see if a firm offer can be made on the same financial terms as the final proposal. The Board will grant Apollo access to due diligence materials.

On 4 April 2023, Apollo, on behalf of certain investment funds managed by it, announced that it had submitted a fifth proposal to acquire the entire issued and to be issued ordinary share capital of Wood at a final price of 240 pence per share in cash.

Wood has requested and the Takeover Panel has consented to, an extension to the date by which Apollo is required either to announce a firm intention to make an offer for Wood or to announce that it does not intend to make an offer. Such announcement must now be made by not later than 17 May 2023.

Page Group Q1 Gross Profit Up 1.8%; Sees 2023 Operating Profit In Line With View

Page Group plc (MPGPF.PK,PAGE.L) reported that its first quarter group gross profit was 262.7 million pounds, an increase of 1.8% from last year. The company said it benefited from positive foreign exchange movements, increasing its reported gross profit by 10.8 million pounds.

But quarterly group gross profit declined 2.4% in constant currencies basis.

Nicholas Kirk, Chief Executive Officer, PageGroup, said, “The Group delivered strong results in the quarter, with a record performance from EMEA, where the standout result was Germany. However, tough market conditions continued in Asia, the US and the UK.”

According to the company, the challenging conditions it saw towards the end of 2022 continued into 2023, with lower levels of both candidate and client confidence resulting in delays in decision making and candidates being more reluctant to accept offers.

The company expects 2023 operating profit to be in line with company compiled consensus of 140 million pounds.

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