NMC Health gets preliminary offers, says co-chair’s stake under legal review

NMC Health said on Monday it has received two preliminary approaches from private equity firms and that the shareholdings of its co-chair and two other major investors were under a review for inaccurate disclosures.

The offers from U.S.-based KKR and GK Investment for the UAE-based healthcare group sent its shares up 11% in early deals and came weeks after it faced a short-selling attack from Muddy Waters.
NMC said no discussion have taken place on the terms of any potential offer. KKR did not immediately respond to a request for comment, while GK Investment could not be immediately reached.
Separately, NMC said co-chairman B. R. Shetty and his advisers are reviewing interests held by him and two other major shareholders – Khaleefa Al Muhairi and Saeed Al Qebaisi – for historical inaccuracy.
Shetty owns 19.22% stake as of May last year, while NMC vice-chair Muhairi and Qebaisi owned 15.82% and 7.66%, respectively, as of Jan. 28, according to Refinitiv data.
Both Muhairi and Qebaisi had sold some shares in NMC and payments firm Finablr early last month.
Meanwhile, the payments firm, which is also co-chaired by the Indian billionaire, said independent directors are reviewing alleged arrangements between Shetty and other shareholders, which could impact its shareholding structure.

https://www.marketscreener.com/news/NMC-Health-gets-preliminary-offers-says-co-chair-s-stake-under-legal-review–29968747/?countview=0

China rejects Foxconn’s request to resume production in key Shenzhen plant

Taiwan’s Foxconn was not allowed to resume production in its plant in the southern Chinese city of Shenzhen that had been shut due to the coronavirus outbreak, a person with direct knowledge of the matter told Reuters on Monday.

Authorities in the manufacturing hub of Shenzhen will check the plant again later this week to ensure virus control measures are properly in place, the person said, adding that employees there were told not to return to work on Tuesday.
Foxconn, formally Hon Hai Precision Industry Co Ltd, makes electronic devices for global vendors including Apple.

https://www.marketscreener.com/HON-HAI-PRECISION-INDUSTR-6492357/news/China-rejects-Foxconn-s-request-to-resume-production-in-key-Shenzhen-plant-29968718/?countview=0

Coronavirus cases climb again

The total number of confirmed coronavirus 2019-nCoV cases across the world is 40,561 and 910 deaths have been reported.

Japan’s Health Ministry says another 60 people on Carnival Corporation’s (NYSE:CCL) Diamond Princess ship have tested positive to bring the total number of people infected to 130.

Capital Economics estimates the coronavirus will cost the world economy $280B in Q1 and send global GDP in reverse (quarter over quarter) for the first time since 2009. Still, the longer-term view from analysts isn’t so gloomy. “We assume the virus will be contained soon, and that lost output is made up in subsequent quarters so that world GDP reaches the level it would have done had there been no outbreak by the middle of 2021,” notes Capital Economics.

The People’s Bank of China is busy taking action to prop up the economy, injecting 1.7T yuan of liquidity into the market and instructing banks not to call in loans for companies based in the virus-stricken Hubei province.

https://seekingalpha.com/news/3539912-coronavirus-cases-climb-again

Adverum up 23% premarket on new gene therapy data

Adverum Biotechnologies (NASDAQ:ADVM) is up 23% premarket on light volume in reaction to new preliminary data from a Phase 1 dose-ranging study, OPTIC, evaluating gene therapy ADVM-022 in patients with wet age-related macular degeneration (wet AMD). The results are being presented at the Angiogenesis, Exudation, and Degeneration Annual Meeting in Miami.

Data from cohort 2 (n=6) at week 24 following a single intravitreal injection of a three-fold lower dose of ADVM-022 showed that four of six patients remained rescue injection-free at a week 24 [100% (n=6/6) of patients in cohort 1 who received the higher dose were rescue injection-free at a median of 50 weeks].

In both cohorts, vision was generally maintained and retinal anatomy improvements were achieved and maintained.

The safety profile remained favorable with no treatment-related systemic adverse events and no dose-limiting toxicities.

https://seekingalpha.com/news/3539953-adverum-up-23-premarket-on-new-gene-therapy-data

Invacare misses Q4 consensus

Invacare (IVC) Q4 results: Revenues: $232.9M (-4.8%).

Net loss: ($18.7M); loss/share: ($0.56); non-GAAP Net loss: ($9.3M) (-72.2%); non-GAAP loss/share: ($0.28) (-75.0%); CF Ops: $2.7M (+105.8%).

2020 guidance: Net sales growth (constant currency): 2% – 4%; Run-rate non-GAAP EBITDA: at least $85M – 105M; FCF generation: at least $5M.

Previously: Invacare EPS misses by $0.15, misses on revenue (Feb. 10)

https://seekingalpha.com/news/3539956-invacare-misses-q4-consensus

Vtv Therapeutics up 67% premarket on positive TTP399 data

Thinly traded micro cap vTv Therapeutics (NASDAQ:VTVT) jumps 67% premarket on robust volume on the heels of positive results from Part 2 of a Phase 2 clinical trial, Simplici-T1, evaluating TTP399 as oral adjunctive therapy to insulin in adults with type 1 diabetes (T1D).

Treatment with once-daily TTP399 resulted in statistically significant improvements in HbA1C compared to placebo at week 12 (p=0.03). Specifically, treated patients experience a 0.21% reduction in HbA1C versus a 0.11% increase in the control group (from an average baseline of 7.6%).

Also, the addition of TTP399 reduced total daily mealtime bolus insulin by 11% from baseline (p=0.02).

A registration trial is next up.

According to the company, TTP399 activates an enzyme called glucokinase (GK) which is a key regulator of glucose levels, adding that it only activates GK in the liver thereby avoiding disruption in the interaction between GK and glucokinase regulatory protein which can lead to hypoglycemia, limited durability of response and other side effects, problems that have dogged other GK activators.

https://seekingalpha.com/news/3539957-vtv-therapeutics-up-67-premarket-on-positive-ttp399-data

Yum China employee reported to have coronavirus

A Yum China (NYSE:YUMC) employee in China was confirmed to have the coronavirus, according to Global Times.

The food preparation employee reportedly worked at a Yum China location in the northwest part of China.

Shares of Yum China are down 1.25% premarket to $42.18.

https://seekingalpha.com/news/3539967-yum-china-employee-reported-to-coronavirus