Gilead Sciences To Buy Immunomedics In $21 Bln Deal
Gilead Sciences Inc. (GILD) agreed to buy Immunomedics (IMMU) for $88.00 per share in
cash, valuing the company at about $21 billion, the two companies said in a statement on Sunday.
The deal provides Gilead access to Immunomedics’ breast cancer treatment drug, Trodelvy. The drug was granted an accelerated FDA approval in April.
Immunomedics plans to submit a supplemental Biologics License Application to support full approval of Trodelvy in the United States in the fourth quarter of 2020. It is also on track to file for regulatory approval in Europe in the first half of 2021.
As per the terms of the deal, Gilead will commence a tender offer to acquire all of the outstanding shares of Immunomedics’ common stock for $88.00 per share, representing a 108 percent premium to Immunomedics’ closing price on September 11.
The tender offer will be funded through about $15 billion in cash on hand, as well as about $6 billion in newly issued debt.
The Immunomedics deal is expected to be neutral to accretive to Gilead’s non-GAAP earnings per share in 2023 and significantly accretive thereafter.
The transaction is expected to close in the fourth quarter of 2020.
Tropical depression Twenty likely to become powerful hurricane, says US NHC
MIAMI, FLORIDA (REUTERS) – Tropical depression Twenty is forecast to strengthen into a “powerful hurricane” over the central Atlantic by the latter part of the week, US National Hurricane Centre (NHC) said on Sunday (Sept 13).
The system is located about 1,645km west of Cape Verde Islands, packing maximum winds of 55kph, and is moving west-northwest, the NHC said.
Health Workers Oppose Philippines’ Move to Ease Distancing Rules
A group of medical frontline workers in the Philippines opposes the government’s decision to ease distancing rules in public transport, saying it will further increase coronavirus infections in the country.
“It’s still too early,” Healthcare Professionals Alliance Against COVID-19 spokesman Antonio Dans said in a virtual briefing Monday, referring to the timing of the government’s decision toallow more passengers in public transport by gradually easing the 1-meter distancing rule. “Our coronavirus cases will most likely increase, and our recovery will slow,” he said.
The Department of Health said in a statement Sunday that people should still opt for transport with at least 1 meter of distancing, and “be extra vigilant” if they’re unable to. The Philippines has the highest number of coronavirus infections in Southeast Asia, with over 261,000 cases as of Sept. 13.
New COVID Cases, Deaths Falling In US
On a day India overtook Brazil as the country second worst-hit by coronavirus, the United States recorded one of the lowest tolls in recent months in both new cases and deaths due to the pandemic.
With 33174 new cases reporting in the last 24 hours, the total number of infections in the country rose to 6277902 as of Johns Hopkins University’s latest update Monday.
406 COVID-infected deaths were reported in the same period, taking the national total to 185747.
These are the second lowest figures in 76 days.
The fall in new infections in the most populous states of California, Florida and Texas are reflected in the national total.
But COVID-19 cases are rising in 22 U.S. states, mostly the less-populated Midwest and Southern states, according to Reuters.
Meanwhile, US Surgeon General Dr. Jerome Adams reminded state governments to get ready to distribute a COVID vaccine by November 1 “just in case” it is developed by that time.
India has become the country with the second-highest number of COVID cases after it recorded more than 90,000 new cases in the past 24 hours.
This is a national record in daily spike in India.
For the last seven days, an average of 75,000 new infections have been emerging in India per day.
On Monday, it increased to 90,802.
With a total of 4204613 cases, India surpassed Brazil, and is second only to the worst-affected country of the United States.
However, in the number of COVID-related deaths, India is still third (71642), behind Brazil (126650).
Djokovic Disqualified From US Open
Top seed Novak Djokovic was disqualified from the US Open after a ball he aimlessly hit in despair accidentally hurt a lady line judge.
The incident took place as he was trailing his Spanish opponent Pablo Carreno Busta 5-6 in the first set of his fourth-round match Sunday.
In the one set contested, Carreno Busta tried to play more aggressively against his higher-ranked opponent, and he had little trouble holding his serve, as Djokovic made some uncharacteristic unforced errors.
After his serve was broken at 5-5, he took a ball out of his pocket and hit it behind him in anger, which struck a line umpire.
The ball hit the throat of the umpire, and the Serb superstar instantly apologized to her.
After prolonged discussion, officials ruled the 33 year-old player would be defaulted from the match.
“Because he was defaulted, Djokovic will lose all ranking points earned at the US Open and will be fined the prize money won at the tournament in addition to any or all fines levied with respect to the offending incident,” the USTA said in an official statement.
“This whole situation has left me really sad and empty. I checked on the lines person and the tournament told me thank God she is feeling ok,”
Djokovic wrote on Instagram.
With the unexpected exit of Djokovic, the US Open 2020 will see a first-time Grand Slam champion in men’s singles for the first time since 2014.
Seventeen-time Grand Slam Champion Djokovic is leaving the flushing Meadows unable to move closer to Rafael Nadal’s 19 Grand Slam fete.
No. 20 seed Pablo Carreno Busta is a 2017 US Open semifinalist.