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Friday, January 6, 2023

Baxter to spin off renal care

 

  • Planning to spin off the Renal Care and Acute Therapies global business units into an independent, publicly traded company in the next 12-18 months

  • Simplifying operating model and manufacturing footprint to drive strategic clarity, improve operational efficiencies and accelerate future growth

  • Exploring strategic alternatives for BioPharma Solutions business to further enhance focus and improve capital structure

  • Hosting investor call today at 7:30 a.m. CST

Baxter plans to hold an investor call today, January 6, 2023, at 7:30 a.m. CST to discuss this announcement. The call will be hosted by Joe Almeida, Chief Executive Officer, and Jay Saccaro, Chief Financial Officer. The webcast can be accessed live from a link in the Investor Relations section of the company’s website at www.baxter.com. Please see www.baxter.com for more information regarding this and future investor events and webcasts.

Biocept to Explore Strategic Alternatives and Implement Restructuring Plan

 Biocept, Inc. (NasdaqCM: BIOC) today announced that it has commenced a process to explore and evaluate strategic alternatives to enhance shareholder value. Biocept has engaged EF Hutton, division of Benchmark Investments, Inc., as its financial advisor to assist in this process.

Potential strategic alternatives that may be explored or evaluated as part of this process include an acquisition, merger, reverse merger, other business combination, sales of assets, licensing or other strategic transactions involving the company. There can be no assurance of a successful outcome from these efforts, or of the form or timing of any such outcome. The company does not intend to make any further disclosures regarding the strategic review process unless and until a specific course of action is approved by the company’s Board of Directors or until the company otherwise determines that further disclosure is appropriate.

In connection with the evaluation of strategic alternatives and in order to extend and maximize its resources, Biocept is implementing a restructuring plan that includes reducing staff by approximately 35%. The company is projecting a year-end 2022 cash balance of approximately $13 million.

https://finance.yahoo.com/news/biocept-explore-strategic-alternatives-implement-115500819.html

Alvotech, Teva: Application for AVT04, Biosimilar to Stelara, OKd

 - The U.S. Food and Drug Administration’s (FDA) regulatory review is anticipated to be completed in second half of 2023

Stelara® (ustekinumab) is prescribed to treat a variety of inflammatory conditions

https://finance.yahoo.com/news/alvotech-teva-announce-acceptance-u-120000450.html

Aurinia provides prelim revenue, reiterates above-views guidance

 Preliminary unaudited net revenue for the fourth quarter and full year 2022 of approximately $28.4 million and $134.0 million

Preliminary unaudited net product revenue for the fourth quarter and full year 2022 of approximately $28.3 million and $103.5 million

Reiterates net product revenue guidance for 2023 in the range of $120-$140 million

Approximately $388.7 million of cash, cash equivalents, restricted cash and investments as of December 31, 2022 (unaudited)

https://finance.yahoo.com/news/aurinia-provides-preliminary-unaudited-fourth-110000387.html

Chinese health authority adjusts COVID prevention and control measures

 

China's main health authority on Friday adjusted COVID-19 prevention and control measures, saying it aimed to optimise clinical categorisation and treatment nearly a month after it scrapped a rigid zero-COVID policy.

The National Health Commission said it would add positive antigen tests as a diagnostic standard and adjust the criteria for discharging COVID patients from hospital.

The adjustments came in the 10th edition of the commission's policies on COVID.

On Dec. 7, the commission announced the most significant relaxation of its COVID prevention and control protocols since the pandemic began three years ago, abandoning its tough zero-COVID policy after unprecedented protests against the rules.

https://www.marketscreener.com/news/latest/Chinese-health-authority-adjusts-COVID-prevention-and-control-measures--42671045/

TikTok freezes hiring for U.S. security deal as opposition mounts

 

TikTok has stopped a hiring process for consultants that would help it implement a potential security agreement with the United States, according to two people familiar with the matter, as opposition to such a deal among U.S. officials grows.

TikTok, a short-video app owned by Chinese technology conglomerate ByteDance, has been seeking to assure Washington for the last three years that the personal data of U.S. citizens cannot be accessed and its content cannot be manipulated by China's Communist Party or any other entity under Beijing's influence.

President Joe Biden revoked an executive order in 2021 by his predecessor Donald Trump to ban TikTok in the United States, but negotiations between his administration and the social media company have continued over a potential deal that would spare ByteDance from being forced to divest TikTok.

As part of these negotiations, TikTok has been putting together a program to assure the U.S. government that it would comply with their security agreement.

The program involves hiring a third-party monitor, a source-code inspector, and three auditors, including one dedicated to cyber security and one to ensure that U.S. user data on existing TikTok servers will be deleted following migration to Oracle Corp, according to two people familiar with the matter. These positions would be paid for by TikTok but report to U.S. government officials.

TikTok sent out requests for proposals for some of these roles in early December with an aim to put forward potential candidates for approval to the Committee on Foreign Investment in the United States (CFIUS), the security panel that has been scrutinizing ByteDance's ownership of the popular social media app.

But in a setback for the deal, TikTok informed the consultants vying for some of these roles late last month that the hiring process was on hold and that it would update them by the end of January on whether it will restart, the sources said.

In its explanation to consultants for the move, TikTok cited "recent developments", without elaborating, one of the sources said.

It is not clear what developments TikTok was referring to. Its decision to put the hiring on ice came after its admission in December that some of its employees improperly accessed TikTok user data of two journalists in a bid to identify the source of information leaks to the media.

This revelation unsettled some U.S. officials who were supportive of a security deal with TikTok and strengthened the hand of China hawks in the U.S. government calling for Biden to order ByteDance to divest the app, according to people familiar with the deliberations.

It remains unclear when the U.S. government will make a decision about the future of TikTok.

A spokeswoman for TikTok confirmed that the company had paused the hiring process for third-party security vendors because CFIUS has not yet approved the security agreement. TikTok had hoped it would have reached a deal with the U.S. government by now, the spokeswoman added.

The Treasury Department, which chairs CFIUS, and the White House did not immediately responded to a request for comments.

BLOW TO TRUST

TikTok has already unveiled several measures aimed at appeasing the U.S. government, including an agreement for Oracle to store user data in the United States and a U.S. security division to oversee data protection and content moderation. It has spent $1.5 billion on hiring and reorganization to build that unit.

Chris Griner, a Stroock & Stroock & Lavan LLP security lawyer who is not involved in the TikTok negotiations, said TikTok's misuse of journalists' data undermined previous assurances to protect user information.

"We have done many reviews before CFIUS over decades - and trust is a critical component in successful reviews," Griner told Reuters. "Once gone, it is exceedingly hard to get it back."

U.S. lawmakers seeking to crack down on China as part of broader set of disputes over trade, intellectual property and human rights have seized on the security concerns over TikTok to pressure the White House to take a hard line.

Biden signed a spending bill into law last month banning federal employees -- about 4 million -- from using TikTok on government-issued devices, following similar bans by some states and local authorities.

https://www.marketscreener.com/quote/stock/ORACLE-CORPORATION-13620698/news/Exclusive-TikTok-freezes-hiring-for-U-S-security-deal-as-opposition-mounts-42671377/

Massive waves, power outages plague California coastal community amid storms

 Harbormaster Anna Neumann dashed from vessel to vessel, business to business at the port she manages near the mouth of northern California's Noyo River, ensuring all was secure as storms bringing waves as high as a three-story building pummeled the state.

"You prep as much as you can, and then you just wait for whatever unknown issue that you didn’t prep for to happen, and then you respond,” Neumann said as she surveyed Noyo Harbor in the small fishing and tourism city of Fort Bragg.

Rain continued to fall throughout the state on Thursday, straining already swollen rivers and flood control systems from the coast to inland farmlands. In Sacramento County, southeast of Fort Bragg's Mendocino County, crews used any pauses in the rain to work to repair levees south of the state capital that had been breached by the first of several anticipated waves of storms that began on New Year's Eve, leading to flooding that killed at least three people.

In the popular seaside village of Mendocino just south of Noyo Harbor, Big River Beach was unrecognizable under heaps of debris including trees that had been ripped from the ground by winds of up to 50 miles per hour. Foamy water ponded on the sand, and the briny smell of the ocean was more pungent than usual.

Waves overnight in the area reached 33 feet, and winds reached 50 miles per hour. Waves of up to 30 feet were predicted for Thursday.

At the southern end of Mendocino county, the small towns of Point Arena and Gualala have been largely without power for around 24 hours. About 2,500 households and businesses were without power in the county, which is home to about 91,000 people.

California's storied coast road, Highway 1, is closed in four places in Mendocino County because of fallen trees, the California Department of Transportation said. Fog, flooding and rock slides contributed to closures along the highway in other parts of the state.

No fishing boats were set to go out Thursday morning from Noyo Harbor, where small recreational boats and large commercial vessels have slips, and crab, rockfish and salmon are among the typical catches.

The high tide brought swells that washed debris across the beach and its parking lot, the high waves crashing into the mouth of the Noyo River.

Professional urchin diver Grant Downie, one of several gathered to check out the high water, said he’d moved his boat out of the harbor ahead of the storm just to be safe.

It was insured, he said, but he'd rather risk its being hit by a falling tree than sinking in the wild water.

https://www.yahoo.com/news/massive-waves-power-outages-plague-004218990.html