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’CDS report: Mixed US data weigh on market
Gavan Nolan of Markit wrote this CDS report
The European credit markets took a turn for the worse this afternoon following another session of mixed US economic data. The Markit iTraxx Europe was trading around 88bp (3.5bp,
Vaccines give a boost to pharma M&A
A recent flurry of deals in the pharmaceutical sector highlights what savvy investors have known for some time — vaccines are the new M&A targets.
The Wall Street Journal notes on Monday that the recent health scares over global pandemics and the growing involvement of governments in purchasing vaccines en masse have become key driving forces in the thriving world of pharma M&A.
Abbott reinforces consolidation trend
Abbott, the US pharmaceutical company, reinforced the growing trend of consolidation in the global pharma sector with a €4.5bn ($6.5bn) agreed purchase of the drugs arm of Belgium’s Solvay Group on Monday.
Abbott in €4.5bn deal for Solvay unit
Abbott Laboratories will announce on Monday the €4.5bn ($6.6bn) acquisition of Solvay’s pharmaceutical company, ending a five-month takeover battle. The US drugmaker beat UCB of Belgium and Nycomed of Switzerland to buy the Solvay unit,
Snap news
Breaking pre-market news on Tuesday,
- Deutsche Telekom and France Telecom plan to merge T Mobile UK and Orange – statement.
- Plus Markets Group to begin liquidity scheme to attract higher trading volumes – statement.
Solvay weighs just two suitors
Solvay has whittled down the list of bidders for its pharmaceuticals business to Nycomed, the privately held Swiss company, and Abbott Laboratories of the US. A sale could generate more than €5bn for the Belgian chemicals and drugs company.
Sanofi stalks Solvay
Sanofi-Aventis, the world’s fourth biggest drug maker, has been circling the pharmaceuticals division of Belgium’s Solvay, FT Alphaville has learned.
Sanofi is understood to have made a direct approach to Solvac,
Solvay bid talk boosts drugs stocks
Belgium’s Solvay was in focus on Tuesday amid talk that a large European drugmaker was eyeing a possible bid for the chemicals and pharmaceuticals group. One suggestion was that a larger peer might try to prise away Solvay’s drug business.