(Bloomberg) -- Stocks advanced ed in Europe along with U.S. equity futures after manufacturing data from the euro area pointed to further signs of a recovery from the virus slump. Treasuries were steady and the dollar declined.Carmakers and banks led a broad advance in the Stoxx Europe 600 index as Purchasing Managers’ Indexes showed manufacturing in France unexpectedly returned to growth in May, while the gauge for Germany beat economists’ expectations. The euro strengthened and yields ticked higher on core European bonds.Futures on the S&P 500 rose after fluctuating earlier in the wake of White House trade adviser Peter Navarro being quoted saying the China trade agreement was over. Crude oil slid along with the offshore yuan, before all the moves began reversing when Navarro said the remark was taken “wildly” out of context. Trump later tweeted that he hoped China would continue living up to the deal. Shares rose across...
(Bloomberg) -- French drugmaker Sanofi expects to win approval for a Covid-19 vaccine in the first half of next year as it strengthens a pact with Translate Bio Inc. to develop other shots in a deal that could be valued at as much as $2.3 billion.The experimental coronavirus vaccine that Sanofi is developing with GlaxoSmithKline Plc was previously targeting approval in the second half of 2021.Sanofi’s program with Glaxo is one of dozens sprinting to deliver a vaccine to help end the pandemic. Others like the university of Oxford, working with AstraZeneca Plc, Moderna Inc. and CanSino Biologics Inc. have already started testing their experimental shots in humans, placing them ahead of the pack.Sanofi and Glaxo plan to start a study compressing the early and middle stages of clinical tests in September.The Paris-based pharma giant has a separate coronavirus vaccine candidate under development with Translate Bio, which uses so-called messenger RNA...
(Bloomberg) -- Tencent Holdings Ltd.’s shares just hit three milestones in a single day.The Chinese internet and gaming giant rose 4.9% to a record HK$497.40 in Hong Kong on Tuesday, leapfrogging Alibaba Group Holding Ltd. as Asia’s most valuable company. It’s also now doubled in value since a low in 2018, a year in which China’s restrictions on online games triggered the world’s biggest wipeout of shareholder wealth. The Shenzhen-based firm is worth $613 billion, the seventh most globally.Tencent has for years captivated investors and analysts with its massively popular online gaming business, payments system and WeChat social networking platform. After homebound players helped propel revenue during China’s Covid-19 lockdowns earlier in the year, Tencent’s integral role in the lives of hundreds of millions of Chinese is adding to optimism that it can keep up that pace of growth.Regulatory meddling from Beijing remains a key risk, with the government intensifying scrutiny...
Fosun International is in talks with Alibaba and others to sell a stake worth $1.3 billion in the e-commerce giant's Cainiao, three people said, at a time when Alibaba has been increasing its holdings in the logistics affiliate. Fosun, which owns resorts brand Club Med and controls French fashion house Lanvin among other assets, is looking to sell part or all of its 6.7% stake in Cainiao at a valuation of nearly $20 billion, two of the people said. The once-acquisitive conglomerate has been talking to Chinese investment firms and companies, including Alibaba, over the past few months about the sale, and wants to use the proceeds for new investments in consumer and healthcare businesses, the two people said....
Sanofi (SNY) and Translate Bio (TBIO) have announced that they are expanding their existing 2018 collaboration and license agreement to develop mRNA vaccines for infectious diseases.Under the expansion agreement, Translate Bio will receive a total upfront payment of $425 million, and will also be eligible for future milestones and payments of up to $1.9 billion. Of these potential payments, $360 million are anticipated over the next several years, including COVID-19 vaccine development milestones. That’s as well as tiered royalty payments based on global sales.Sanofi Pasteur will pay for all costs during the collaboration term and receive exclusive worldwide rights for infectious disease vaccines.“We are excited by the novel technology and expertise Translate Bio brings, and we believe that adding this mRNA platform to our vaccines development capabilities will help us advance prevention against current and future infectious diseases” cheered Thomas Triomphe, Executive Vice President, Sanofi Pasteur.Under the collaboration, Translate Bio is using its mRNA platform to...
