In an interview with Swiss newspaper Finanz und Wirtschaft, Roche (OTCQX:RHHBY-0.4%)
CEO Severin Schwan said he “sees a chance” that revenues will ramp up
after 2022 driven by demand for new products. Additional points:
Tecentriq has “big” potential, can envision market boosting sales estimates after study results.
Company has “very early stage” program for COVID-19 antiviral but it will take “years” for clinical studies to wind up.
Expects 2020 revenue erosion of $4B related to Avastin, Mabthera and Herceptin.
Sorrento Therapeutics (SRNE+14.6%) is up in early trade on the heels of its announcement of positive preclinical data on STI-4398 (COVIDTRAP).
STI-4398, an ACE2 (angiotensin-converting enzyme
2)-Fc fusion protein, binds to the SARS-CoV-2 spike protein. Results
from an in vitro assay showed that it “completely inhibited” the ability
of the coronavirus to infect VERO/E6 cells (cell culture) at a low
concentration.
The company intends to advance the candidate as both a treatment and preventative therapy for COVID-19.
Last month, it announced that
another COVID-19 candidate, STI-1499, a neutralizing antibody,
completely inhibited SARS-CoV-2 infection in an in vitro experiment at
low concentration.
Shares spiked in response to the company calling it a “cure” but retraced. Including today’s action, the stock is more than 55% below the intraday high of $10.00 on May 18.
XpresSpa (NASDAQ:XSPA) +40% teams
up with HyperPointe to create its newly formed business unit XpresCheck
to provide COVID-19 screening and testing at U.S. airports.
XpresCheck has begun construction and intends to
start a pilot program at New York’s airport terminal 4 by the end of
June, offering testing for airline employees, contractors and workers,
airport concessionaires and their employees, TSA officers, and U.S.
Customs and Border Protection agents.
XpresCheck also plans to expand with locations in additional airports to serve travelers as well as industry personnel.
Legend Biotech (LEGN) has priced its IPO of
18,425,000 American Depositary Shares (ADSs) at $23, each representing
two ordinary shares. Gross proceeds should be ~$433.8M.
The Nanjing, China-based biopharmaceutical firm
develops cell therapies for cancer and other indications. Lead candidate
is LCAR-B38M (in China) for the potential treatment of multiple
myeloma. The asset is being developed ex-China by Johnson & Johnson
(NYSE:JNJ) unit Janssen Biotech as JNJ-4528.
British Airways owner IAG is
considering mounting a legal challenge to quarantine rules which are due
to come into effect on Monday.
The dramatic move marks another sign of a breakdown in relations between the airline and the UK government.
IAG boss Willie Walsh told Sky News that airlines had not been
consulted on the 14-day quarantine period for people arriving in the UK.
He said he expected other airlines to also mount legal challenges.
“We think it’s irrational, we think it’s disproportionate and we are
giving consideration to a legal challenge to this legislation, so we’re
reviewing that with the lawyers later on today,” Mr Walsh told Sky News.
“I suspect there are other airlines who are doing so, because it’s
important to point out there was no consultation with the industry prior
to enacting this legislation and we do believe it is an irrational
piece of legislation.”
Airlines and holiday firms have been arguing against a two-week
quarantine period for anyone arriving in the UK that will be enforced
from 8 June. Travellers to the UK will be required to isolate for 14
days or face a £1,000 fine.
The government has said that the period is needed to “keep the transmission rate down and prevent a devastating second wave” of coronavirus.
However, industry body Airlines UK has said quarantine “would effectively kill off air travel”.
The plans have caused friction between the government and British Airways. On Thursday the airline refused to attend a meeting with Home Secretary Priti Patel to discuss the quarantine rules.
British Airways is under huge financial strain due to the pandemic, and has said it is currently burning through its cash reserves at a rate of around £1m per hour.
Mr Walsh told Sky News that the Bank of England has loaned it £300m, which is the “maximum amount” available to it.
“We have done everything that is within our power to boost the cash
balance of British Airways. We’re exhausting every single opportunity we
can,” he said.
BA has faced heavy criticism from some MPs over a plan to slash jobs while accessing the government’s furlough scheme.
The airline has been under fire said for plans to cut 12,000 jobs and weaken terms and conditions for its remaining staff.
It announced the redundancies just weeks after putting 30,000 workers on the job retention scheme which pays workers’ wages.
On Monday, a group of 200 travel companies wrote to Home Secretary Priti Patel asking for the plans to be scrapped.
The letter said travel could be possible for people – without quarantine – between destinations “deemed safe from coronavirus”.
The so-called “air bridges” would allow visitors from countries where
coronavirus infection rates are low into the UK, without having to
self-isolate.
It is understood that the government is working on a list of
countries it is hoping to secure air bridge agreements with, which
include all major European tourist destinations such as Portugal, Spain
and France as well as Australia and Singapore.
However, the government’s official position is that the idea is “under consideration”, and not established policy. https://www.bbc.com/news/business-52938831
The U.S. unemployment rate unexpectedly fell in May and layoffs
abated, the Labor Department said on Friday in a report that showed the
latest signs the economic downturn caused by the COVID-19 pandemic was
bottoming.
The Labor Department’s closely watched monthly employment report
showed the jobless rate dropped to 13.3% last month from 14.7% in April.
Nonfarm payrolls rose by 2.509 million jobs after a record plunge of
20.687 million in April.
Economists polled by Reuters had forecast the jobless rate jumping to
19.8% in May from 14.7% in April. Nonfarm payrolls for May had been
expected to fall by 8 million jobs.
The jobs market improved considerably in the second half of May as
businesses reopened after shuttering in mid-March to slow the spread of
COVID-19. Consumer confidence, manufacturing and services industries are
also stabilizing, though at low levels, signs the worst was over.
While Novavax (NASDAQ:NVAX) missed out on the Trump administration’s Warp Speed initiative, the biotech is getting $60M to fund the manufacturing of its experimental COVID-19 vaccine from the U.S. Defense Department.
The deal includes the delivery of 10M doses of its vaccine – NVX-CoV2373 – to the DoD this year.
