Pharma About the Author Reprints [email protected] Adam Feuerstein GET STARTED By Adam Feuerstein April 9, 2018 Reprints @adamfeuerstein Log In | Learn More Tags biotechpharmaceuticals Novartis buying AveXis for $8.7 billion to strengthen gene therapy capabilities Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Senior Writer, Biotech Adam is STAT’s national biotech columnist, reporting on the intersection of biotech and Wall Street. He’s also a co-host of “The Readout LOUD” podcast. Novartis is acquiring AveXis for $8.7 billion to strengthen its gene therapy unit, adding a promising but still experimental treatment targeting a fatal childhood disease.AveXis, a small biotech based in a north Chicago suburb, is being purchased for $218 per share, or an 88 percent premium to Friday’s closing stock price, Novartis said. Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. What’s included? What is it? STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond.
Facebook LinkedIn Twitter Keywords Coronavirus, Pandemics, Investment funds, Money market funds, Regulatory reformCompanies European Securities and Markets Authority, Financial Conduct Authority Further, policymakers are contemplating whether lessons learned in the midst of that market stress should be met with rule changes.On March 26, the European Securities and Markets Authority (ESMA) launched a consultation on potential reforms to money market fund regulation in the European Union (EU).The ESMA said that it will review the stress experienced by money market funds during the onset of the Covid-19 crisis in March 2020, and consider whether the episode warrants regulatory changes.Among other things, the consultation will consider possible reforms to liquidity buffers, valuation rules, and whether fund managers should be required to use certain liquidity management tools.The ESMA also said that it will gather feedback on other potential changes linked to credit ratings, disclosure and stress testing.“The Covid-19 crisis has been challenging for money market funds,” said Steven Maijoor, chair of the ESMA, in a release.Maijoor noted that a number of funds “faced significant liquidity issues” last March amid large redemption demands, and there was also a “severe deterioration in the liquidity of money market instruments.”At the same time, the Bank of England and the U.K.’s Financial Conduct Authority (FCA) published the results of a joint survey of open-ended investment funds, which examined their response to the financial market stress in March 2020.That survey found that fund managers took divergent approaches to using the liquidity management tools at their disposal to deal with the market stress.For example, “There were significant differences in how similar funds facing similar flows applied swing pricing.”It also reported that most corporate bond fund managers “appeared to overestimate the liquidity of their holdings, and for some funds were particularly overoptimistic. Some categorized most of their holdings as liquid under almost all market conditions, which did not appear realistic on the basis of their exposure to less liquid assets.”Additionally, the report said that funds that were predominantly held by institutional investors suffered “much larger” outflows during the market stress than funds that were largely retail.“This provides an initial indication that professional investors may react more quickly in stress,” it said.While the U.K. report documented the experience of funds during the crisis, it doesn’t make any reform recommendations based on those findings.The ESMA’s consultation will run until June 30. It expects to publish the results of its review in the second half of 2021. Related news With Covid-19-related stress in financial markets subsiding, regulators are turning their minds to possible reforms.Recently, banking regulators in both Canada and the U.S. announced the withdrawal of emergency measures that were introduced in response to financial market disruption last spring. Regulators must avert looming irrelevance: IAP James Langton iStock.com / gerenme MFDA seeks to speed up account transfers Share this article and your comments with peers on social media OSC seeks market structure expertise
Manchester United boss Sir Alex Ferguson believes his side possess the firepower to end Chelsea’s unbeaten home run of 84 matches.The Blues, who went back to the top of the Premier League last weekend, have not lost at Stamford Bridge since 2005.But despite United’s poor start to the season, Ferguson is in confident mood.“Chelsea know fine well Manchester United can win on Sunday, with the ability we have it is not a daunting task,” said the Scot.“We have a big job to do and the players will be up for it.“We don’t want to come away trailing. We do not want to be nine points behind Chelsea, or anyone else for that matter.” With Luiz Felipe Scolari at the helm Chelsea have dropped just two points from five matches this season, while United are languishing in 14th place, having only scored three times in the league.Defeat would leave United nine points adrift of their west London rivals, a deficit which could prove crucial come May next year.Ferguson suggested at the start of the season that Chelsea’s ageing squad could struggle to challenge his side for major honours.But the 66-year-old insisted his comments were not meant to be derogatory.“I certainly did not say they were an old team,” he said. “I said they were an experienced team. When players get to their 30s, you do not get a lot of improvement out of them.“But they have certainly started well enough. They have only dropped two points.”With last season’s top scorer Cristiano Ronaldo close to full fitness and new signing Dimitar Berbatov recovering from a knee injury, Ferguson is confident his complement of top-class strikers will start finding the back of the net.Chelsea boss Scolari is aware of the attacking threat of Ronaldo, having given the winger his international debut as Portugal manager in 2003.Since then, the 23-year-old has developed into one of the world’s finest players and he scored 42 goals for United last season. “He is one of the three best players in the world,” said Brazilian Scolari.“He’s improved himself, very well, in the five or six years since [his Portugal debut], more in Manchester than with the national team. He lives in Manchester 11 months of the year. Only one month a year with the national team,” said Scolari.“Next season, I can see him as a captain with Portugal because people like him and he has the confidence for that. “He’s a very good man, helps the other players, a good attitude on and off the pitch. He has grown up and matured.“Now, at this time of life, Ronaldo is mature and is better than one or two years ago.”While Real Madrid are still intent on luring Ronaldo to Spain, Scolari said he welcome him to Stamford Bridge should He want to move to London – with tongue firmly placed in cheek.“When I was at Portugal, I had to choose three players every year (for Fifa World Player of the Year). One year I chose Didier Drogba as one of my three,” he said “Another year, I wrote John Terry. Another year I wrote Frank Lampard.“Now these three players are with me, and that’s very good for me. Maybe next season, Cristiano is with me. Very good. If he wants to change, I’ll open the door to that.”Source:BBC