H&M Group Slips To Loss In Q2 – Quick Facts

AbbVie: FDA Issues Complete Response Letter To BLA For Abicipar Pegol

Allergan, an AbbVie Company (ABBV), and Molecular Partners announced the FDA has issued a Complete Response Letter to the Biologics License Application for Abicipar pegol, an investigational DARPin therapy for patients with neovascular age-related macular degeneration.

The Response Letter indicates that the rate of intraocular inflammation observed following administration of Abicipar pegol 2mg/0.05 mL results in an unfavorable benefit-risk ratio in the treatment of neovascular (wet) age-related macular degeneration. AbbVie plans to meet with the FDA to discuss the comments and decide next steps.

Akouos Prices Upsized IPO Of 12.5 Mln Shares At $17/Shr

Akouos, Inc. (AKUS) announced the pricing of initial public offering of 12.5 million shares at $17.00 per share for gross proceeds of $212.5 million. The offering is expected to close on or about June 30, 2020.

Earlier on Thursday, Akouos filed an amendment and the size of the IPO was increased to 12.5 million shares at an expected offer price of $17.

The company has originally filed to sell 8.33 million shares of common stock in the offering at an expected price of between $14.00 and $16.00 per share.

Akouos shares to begin trading on Nasdaq Global Select Market under the ticker symbol “AKUS” on June 26, 2020.

Akouos has granted the underwriters an option for 30 days to purchase up to 1.875 million additional shares at the initial public offering price, less underwriting discounts and commissions.

BofA Securities, Cowen and Piper Sandler are acting as joint book-running managers for the offering.

Vonovia Buys 2.6% Stake In Dutch Residential Fund Vesteda

Vonovia SE (DAIMF), a German residential property company, announced Friday that it is entering Dutch Residential Market with the acquisition of a 2.6 percent stake in Vesteda Residential Fund. The financial terms of the deal were not disclosed.

The planned closing date for the acquisition of the stake is June 30.

In the Netherlands, Vesteda holds about 27,000 residential units primarily located in the highly attractive Randstad region. Netherlands is one of the four non-German residential target markets for Vonovia.

This acquisition reconfirms Vonovia’s ambition to build on its track record of scale and efficiency in Germany and to largely replicate this success story in comparable markets.

Rolf Buch, CEO of Vonovia, said, “While the newly acquired stake is clearly only a small step in this direction, it puts us in an ideal position on which we can further build if and when opportunities arise.”

Brazilian President Bolsonaro Says He Thinks He’s Had Covid-19

Brazilian President Jair Bolsonaro said he believes he’s already had the coronavirus, after denying he’d had it and months spent downplaying its seriousness as he mingled with supporters without a facemask.

The 65-year-old president made the unexpected announcement during a live webcast on Facebook Thursday evening. “I can take a test to see if I have antibodies,” he added.

Suspicions that Bolsonaro had been infected arose shortly after a number of aides who accompanied him on a March trip to Mar-a-Lago to meet with President Donald Trump tested positive. At the time, Bolsonaro denied that he had the virus, emphasizing his strength as a reason for why he had not caught it. He also fought to keep his exam results private, though months later they would be revealed and show that he tested negative.

Brazil is second only to the U.S. in deaths and cases from the pandemic, with 1,141 deaths and 39,483 new cases reported Thursday. Earlier in the week, a federal judge ordered president to wear a face mask while out in Brasilia.

HUL completes acquisition of female hygiene brand VWash from Glenmark

The company has not disclosed the value of the transaction.

Leading FMCG player Hindustan Unilever (HUL) on Friday said it has completed the acquisition of VWash from pharma major Glenmark Pharmaceuticals.

The company, however, did not disclose the value of the transaction.

The acquisition was announced in March and was subject to certain closing conditions, which have now been fulfilled, the FMCG firm said in a filing to BSE.

VWash was launched by Glenmark in 2013 and the brand has established itself as the market leader in the female intimate hygiene category backed by strong product proposition, consumer endorsements and brand building investments.

HUL has acquired intellectual property rights including trademarks, design and knowhow related to the VWash brand worldwide, the company said.

“VWash acquisition is strategic and gives us an entry into rapidly growing female intimate hygiene segment. It enables us to serve consumer needs through scientific solutions. This acquisition is also timely given the heightened focus on health and hygiene,” HUL Chairman and Managing Director Sanjiv Mehta said.

With this acquisition, HUL is looking to scale up the brand by building awareness, driving penetration, leveraging distribution and enhance offering for chemist channel.

The shares of HUL were trading at ₹2,149 apiece on BSE, down 1.15% from their previous close.

H&M Group Slips To Loss In Q2 – Quick Facts

Swedish retailer Hennes & Mauritz AB or H&M Group (HNNMY.PK,HMRZF.PK,HEN.L) reported that its second-quarter loss after tax, which excluded IFRS 16, was 5.03 billion Swedish kronor compared to net income of 4.57 billion kronor in the prior year.

The group’s loss after tax for the latest-quarter was 4.99 billion kronor or 3.02 kronor per share.

Excluding IFRS 16, loss after financial items was 6.53 billion kronor, compared to net income of 5.93 billion kronor in the prior year.

Net sales for the second-quarter decreased 50 percent to 28.66 billion kronor from last year’s 57.47 billion kronor. In local currencies, net sales decreased by 50 percent. During the quarter stores were temporarily closed in many markets; in mid April around 80 percent of the group’s stores were temporarily closed.

But, online sales increased by 36 percent in Swedish kronor and 32 percent in local currencies.

H&M group plans to establish an EMTN programme in July 2020 to allow the issue of bonds, primarily in EUR and SEK.

For full-year 2020 the pace of closures is being increased and the number of openings reduced compared with what was previously planned. Around 170 closures and around 130 openings are planned, resulting in a net decrease in the number of stores of around 40.