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Wednesday, January 11, 2023

Apollo-Backed Gambling Firm Lottomatica Weighs $1 Billion IPO

 Lottomatica, the Italian gambling company backed by Apollo Global Management Inc., is considering a Milan initial public offering this year that could raise about $1 billion, people familiar with the matter said.

Lottomatica is working with banks including UniCredit SpA as it evaluates the listing, which could take place as soon as the second quarter, the people said. It’s considering seeking a valuation of around $5 billion including debt, according to the people, who asked not to be identified because the information is private.

Lottomatica operates in Italy’s regulated gaming market and is active in the online, sports betting and slot machine segments. The company hasn’t set precise terms for the offering, and details of the share sale could change depending on market conditions. 

Representatives for Lottomatica, Apollo and UniCredit declined to comment. 

Sisal SpA, Italy’s oldest betting company, also took a stab at listing on the Milan exchange before being bought by Flutter Entertainment Plc in a £1.6 billion ($2 billion) deal agreed in 2021. 

https://www.bnnbloomberg.ca/apollo-backed-gambling-firm-lottomatica-weighs-1-billion-ipo-1.1868897

Twitter considered selling user names to bring in revenue - NYT

 Twitter Inc has mulled selling user names to bring in new revenue, the New York Times reported on Wednesday, citing sources familiar with the matter.

The social media firm did not immediately respond to a Reuters request for comment.

https://finance.yahoo.com/news/twitter-considered-selling-user-names-181428052.html

GE Healthcare Shares Rise After Providing 2023 Guidance

 Shares of GE Healthcare Technologies Inc. rose Wednesday after the medical-technology company issued some preliminary results for the fourth quarter and provided guidance for 2023.

The stock climbed more than 9% to $65.47 a share, making it the top gainer in the S&P 500. It's on path to set a record close, beating the high of $60.49 set on Jan. 4, its first day of trading, according to Dow Jones Market Data.

The company, which completed its spinoff from General Electric Co. last week, said Tuesday that it expects adjusted earnings before interest and taxes margin to be 15% to 15.5% in 2023. Later, during a presentation at the J.P. Morgan Healthcare Conference, company executives said GE Healthcare Technologies is targeting adjusted EBIT margin in the high-teens to 20% range on a medium-term basis.

"We see a very clear path for our margin expansion," Chief Financial Officer Helmut Zodl said. The company is changing how it thinks about pricing and its front-end sales team, he said, as well as cutting costs in some areas.

"We don't need to have a subsidiary in every country," Mr. Zodl said. The company is also seeing signs of inflation easing, he said.

Chief Executive Peter Arduini said the company's backlog is at all-time levels due to a combination of supply challenges and pent-up demand for procedures.

"One of the things that is just evident is the amount of procedures that are actually waiting to happen around the world as I talk to customers in all continents is actually unprecedented," Mr. Arduini said.

Wait times for imaging procedures have extended to months at big institutions and hospital systems are prioritizing buying GE Healthcare's equipment to improve productivity, he said.

The company also said Tuesday that fourth-quarter revenue was about $4.9 billion, growth of about 12% on an organic basis, which strips out currency fluctuations as well as recent acquisitions and divestitures.

The company expects 2023 organic revenue to grow by 5% to 7% from 2022 levels. In 2022, organic revenue grew by about 7%. The company expects free-cash flow conversion of more than 85% in 2023.

https://www.marketscreener.com/quote/stock/GE-HEALTHCARE-TECHNOLOGIE-148175835/news/GE-Healthcare-Shares-Rise-After-Providing-2023-Guidance-42713631/

BioXcel Spinout Posts Promising Results in Rare Prostate Cancer

 BioXcel Therapeutics’ foray into oncology is looking hopeful. Its subsidiary, OnkosXcel,  announced positive top-line results from a Phase II trial in patients with small cell neuroendocrine metastatic castration-resistant (SCNC) prostate cancer Wednesday morning.

BXCL701 is an innate immune activator being studied in combination with Merck’s Keytruda.

OnkosXcel spun out of BioXcel last April as a wholly owned subsidiary to focus on developing its oncology asset. The drug was acquired from Point Therapeutics years after it failed in a Phase III trial as a monotherapy for NSCLC.

Immunotherapies often fail to help cancers that appear “cold” or uninflamed to the immune system. BioXcel’s oral therapy is designed to turn cold tumors hot, lighting them up for the immune system to recognize and attack.

SCNC is a rare but growing population that emerges in approximately 20% of metastatic castration-resistant prostate cancer patients. The difficult-to-treat indication currently has no FDA-approved therapies for the nearly 11,000 patients whose cancer progressed to SCNC just last year. Experts believe numbers will only increase as checkpoint inhibitor use grows.

The trial included 28 patients on a twice-daily dose for two weeks alongside three weeks of intravenously administered Keytruda. Primary and secondary endpoints included a composite response rate, duration of response, progression-free and overall survival and biomarker evaluation.

Patients in the trial had previously failed to respond to platinum therapy. In an earlier release of interim trial data, the treatment regimen elicited a response in four out of the twelve radiographically evaluable patients. There was also evidence of a durable response rate in excess of nine months as of the last report. 

“Keytruda has a negligible response rate in this group [MS stable and TMB low population], so we are highly encouraged to see those responses,” Vincent O’Neill, Chief Research & Development Officer, OnkosXcel Therapeutics, told BioSpace.

“Bear in mind that these are elderly men who are pretty beaten up, having already had platinum chemo. We now have a duration of response in excess of nine months in a patient population that literally would have weeks or at best months to live."

O’Neill believes regulators will want evidence of individual contribution, so the next step will be a randomization of the Keytruda combo versus a noncomparative randomization of BXCL701 alone.

“We know, however, from all the preclinical work we've done, it really is the synergy between the checkpoint and 701. So we'll be having those conversations with the regulators. What type of data set would be required for us to get this drug to market?” O’Neill said.

One of the drug’s biggest differentiators from other innate immune activators is its oral delivery. TLRs and STING agents are intertumoral, injected directly into the tumor, yet a large percentage of patients don’t have an injectable lesion available. The asset also inhibits a novel target – DPP89 - for inflammasome activation.

BXCL701 has received Orphan Drug Designation from the FDA for four other indications and is being tested in a basket trial in combination with Keytruda for other types of advanced “hot” solid tumors.

https://www.biospace.com/article/bioxcel-spinout-posts-promising-results-in-rare-prostate-cancer/

Rubio calls out JPMorgan Chase CEO, sounds 'alarm' over partnership with TikTok parent

 Sen. Marco Rubio, R-Fla., sent a letter to JPMorgan Chase CEO Jamie Dimon on Wednesday, expressing "strong concern" over a reported partnership between the bank and TikTok parent ByteDance for developing in-app payment technology.

The letter warns against dealing with ByteDance due to its ties to the Chinese government, and warnings from U.S. officials about national security concerns due to the company's data collection practices.

"As you are no doubt aware, ByteDance is controlled and directed by the Chinese Communist Party (CCP), meaning that data, including private information belonging to Americans and other foreigners, available to ByteDance is also accessible to Beijing," Rubio wrote. "It is outrageous that JPMorgan Chase would elect to join ByteDance in a partnership geared toward broadening and deepening the company’s, and as a result, the CCP’s, access to countless volumes of user data."

Fox Business reached out to JPMorgan Chase for comment, but they did not immediately respond.

Rubio went on to address how senior intelligence officials have spoken out about the security risks posed by TikTok and ByteDance, as well as warnings from FBI Director Chris Wray and Central Intelligence Agency Director William Burns about how Beijing can extract data and "manipulate content" through TikTok. The senator also referenced reporting that ByteDance had used private data to track American journalists through TikTok.

"With this in mind, you can imagine my alarm when reports recently emerged that JPMorgan Chase has partnered with ByteDance to produce ‘"a real-time payments infrastructure" for ByteDance that now allows its users "to be paid instantaneously and directly into their bank accounts at any day or time," Rubio wrote.

"It is concerning enough for JPMorgan Chase to carry water for Beijing and falsely characterize ByteDance’s ‘mission [as] to inspire creativity and enrich life,’ rather than disseminate CCP propaganda and censor references to the Uyghur genocide," he continued. " Even more alarming, however, is that JPMorgan Chase is now actively working with ByteDance to enlarge its capacity for ‘real-time data exchange, track and trace’ and to ‘see and monitor payments’ in light of its gross abuses of user information."

Rubio concluded by calling upon Dimon to provide answers to a number of questions about subjects including whether this partnership is ongoing, the extent of JPMorgan Chase’s involvement, what kind of data the payment infrastructure collects from users, whether JPMorgan Chase knew about the ties between ByteDance and the Chinese Communist Party, and whether JPMorgan Chase was aware of China’s law about sharing information with the government when the partnership began.

"Assisting online companies to build out real-time payments systems, centralize banking structures, and streamline access to millions of users’ financial information is no doubt lucrative," Rubio wrote. "However, by partnering with ByteDance to develop a treasure trove of private data, including that of millions of Americans, JPMorgan Chase has effectively handed the combination to the vault to the CCP, as well."

https://www.foxbusiness.com/politics/rubio-calls-out-jpmorgan-chase-ceo-jamie-dimon-sounds-alarm-partnership-tiktok-parent-bytedance

Biden Rolls Out New Scheme To Turn Student Loans Into Welfare

 With President Biden's attempted $400 billion student-loan forgiveness scheme facing potential doom before the Supreme Court next month, the administration is pursuing an alternative path to transforming federal student loans into welfare.  

Dressed up as a "student loan safety net," this scheme will work its mega-billion-dollar mischief by changing repayment rules to slash payments for almost everyone and eliminate payments altogether for the rest.   

Once again, the White House is bypassing Congress, claiming that three different education laws give the administrative state the power to rework payback rules -- to include those that kill repayment altogether.  

"Student debt has become a dream killer," said Education Secretary Miguel Cardona. "This is a promise to the American people that, at long last, we will fix a broken system and make student loans affordable." Yes...by making them disintegrate and sticking everyone else with the tab. 

Under the Biden administration's proposed Revised Pay As You Earn (REPAYE) plan, individual borrowers who make less than roughly $30,600 won't have to make any payments at all. The same goes for any borrower in a family of four who makes less than about $62,400. 

"Lo, the administration is making college free for grads who go to work as a barista or bartender, as Alexandria Ocasio-Cortez did after graduating from Boston University," writes the Wall Street Journal editorial board. 

But wait -- it gets better for borrowers and worse for the rest of us who are pulling this overloaded wagon. Today, the federal regime cancels remaining debt after 20 or 25 years of payments. Biden's handlers want to zap the remaining balance after just 10 years for those who borrowed out $12,000 or less. Every $1,000 after that tacks on another year.   

Most ridiculous of all, in that accelerated countdown to debt evaporation, borrowers get credit for years when they aren't making any payments at all. Borrowers can even say goodbye to the accrual of interest when they're not making payments.   

Ever-focused on some races and skin colors, an administration statement said that, "on average, Black, Hispanic, American Indian and Alaska Native borrowers would see their lifetime payments per dollar borrowed cut in half." They didn't bother publicizing the impact on whiteys and Asians...because, gee, what do they matter?

Setting aside the fact that the Constitution doesn't empower the federal government to issue student loans in the first place, this rolling fiasco illustrates why the government has absolutely no business being in the loan business. 

The government amassed a colossal $1.6 trillion book of loans, only to now relentlessly seek ways to destroy it, thus creating a new avenue for the redistribution of wealth...not only to students (including those studying low-yield subjects), but also to America's increasingly Marxist colleges.

Put differently, it's the latest way for certain citizens and institutions to vote themselves wealth from the treasury, thus heralding the end of the republic.  

This is also a case study in government policy creating incentives that only magnify problems those policies are supposed to attack: 

  • Americans have too much student debt, yet this program will encourage students to take on more debt.   
  • Colleges charge way too much for what they deliver, but slashing the cost of debt makes it easier for colleges to charge even more. 
  • Legions of college graduates are either underemployed or unemployed, but the new repayment rules encourage them to keep their earnings low -- below $30,600 for individuals and $62,400 for a member of a family of four.  
  • Many students don't finish the requirements to get a degree -- but with less at stake financially, more students will feel free to abandon their studies and stick taxpayers with the bill. 
  • Too many young people are studying frivolous, low-yield topics -- but Biden's scheme eggs them on. 

The White House says the "student loan safety net" will cost $138 billion through 2032. However, if it survives legal challenges, expect the price tag to exceed estimates as all those perverse incentives wreak havoc on society. 

https://www.zerohedge.com/political/biden-rolls-out-new-scheme-turn-student-loans-welfare

We Have a Tripledemic. Not of Disease, But of Fear

 For the last few weeks, the media has been filled with stories about what The New York Times has described as our latest “viral onslaught.” It’s been dubbed a “tripledemic”—a combination of Covid-19, influenza, and respiratory syncytial virus (RSV), which is being blamed for high rates of illness and an excess of hospitalizations, especially among children.

The message is clear: fear winter respiratory viruses, and take every possible precaution you can. It’s time to slap on those N95s once more, avoid crowds, and socialize outdoors if possible.  

But the best available evidence contradicts the narrative from the media and many public health officials. The precautions being recommended are essentially unproven—akin to burning an incense stick, or wearing garlic to ward off vampires. 

The way to think of the tripledemic is that it’s just another example of what we used to call normal life. And the insistence on never-ending precautions in the face of inevitable exposure to germs is not only medically misguided, it also threatens to stigmatize the most mundane human interactions.


In the case of the tripledemic, there is one action the media and its favored experts want more than anything else: increased masking. Philadelphia schools have returned, temporarily, to masking children, including toddlers in Head Start. Two New Jersey school districts are requiring the same from pre-K until 12th grade. Boston Public Schools are asking students, teachers, and staff to wear masks (but will not discipline those who don’t). Boston Mayor Michelle Wu said the masking “will help keep our kids safely in the classroom with their peers."

Dr. John Swartzberg, an infectious disease expert at UC Berkeley’s School of Public Health, told Reuters: “If you don't want to get sick and you don't want to go to the hospital and you don't want to die of COVID or influenza, or if a very young child, RSV, then you should be wearing a mask indoors in a public place.” 

The California Department of Public Health agreed, tweeting: “There is no vaccine for RSV, so wearing a mask can significantly slow the spread and protect babies and young children who do not yet have immunity and are too young to wear a mask themselves.”  (The advice, for which there is no data, has since been removed without explanation.)

There are three important points to make about the tripledemic:

  1. There is limited evidence that it exists.

  2. There is no avoiding respiratory viruses. 

  3. There is no evidence that prolonged precautions delay the inevitable.

First, let’s consider the evidence of the so-called tripledemic. Although flu season began early, there is limited evidence that it is worse than typical years. Dr. Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, says: “It feels like it’s bad because hospitals are so understaffed, but this does not represent an outlier season.”

RSV, which is a standard childhood illness, also surged early, and it generally hits very young children and the elderly hardest. There are ongoing shortages both in terms of medicine, like Tylenol, and pediatric hospital beds. But the latter is less about the rising cases and more about the disappearance of pediatric services. Caring for children is not a major moneymaker for hospitals, and often earns less than adult hospitalization. Over the past two decades, as the Washington Post explained, there has been a major decline in pediatric beds nationally. The bottom line: we should be less afraid of RSV and more concerned about our broken ability to handle routine viral illness year to year.

Second, there is no avoiding respiratory viruses. With extreme, draconian measures, exposure to respiratory viruses can be delayed, but can never be averted. This is in contrast with, say,  our ability to avoid contaminated drinking water or sexually transmitted diseases. The difference is that human beings have to breathe every minute of every day. And, as humans are social creatures, most of that breathing will naturally be very close to other human beings.

“The piper must be paid at some point in nature; kids will get sick, and it has nothing to do with a more compromised immune system,” says Dr. Danuta Skowronski from the British Columbia Centre for Disease Control.

This point must be emphasized. It is natural, healthy, and necessary for young children to be exposed to many viruses. In order for children to build immunity to common pathogens—in order for them to develop a normally functioning immune system—they must have such exposure, which will sometimes make them sick.

And third, there is no evidence that the interventions purported to stop Covid-19, flu, and RSV will help. Before Covid-19, the evidence to support masking was thin. I co-authored a survey of masking trials that were done prior to the advent of Covid-19, examining whether masks stopped transmission of respiratory viruses. Fourteen of the 16 trials showed masks were ineffective at this. In other words, the pre-Covid evidence was clear that recommending masks for the average person was useless. This is likely one reason why Dr. Anthony Fauci, the CDC, the World Health Organization, and others initially advised against masking. 

Even worse, the evidence for masking young children for Covid-19, flu, and RSV viruses is entirely lacking.

The two best studies on the topic take advantage of natural experiments. One experiment, in the Catalonia region of Spain, looked at the effectiveness of masking children to prevent Covid-19. The authors took advantage of a unique fact: that children six years and older in this region wore masks and those younger than six did not. If masking had a protective effect, then kids just younger than six years would have higher rates of Covid than those just older. But there was no such pattern. In a separate analysis in Finland, the authors compared two towns with different policies for kids between the ages of 10 and 12. One town masked, the other didn’t. There was no benefit seen from masking there either. The spread of COVID19 was identical. There was no difference at all.

Additionally, at this point, at least 9 out of 10 American kids have already had Covid-19. We know that having had and recovered from Covid-19—which confers what’s known as natural immunity—doesn’t mean you will never get Covid again. But if you were to, the odds are that it would be milder and less severe. Masking kids who had COVID-19 is pointless in two ways. One, there is no evidence to suggest that it will delay the time until they get it again. Second, it’s being done to prevent something that—for them, at this point in the pandemic—is usually less severe than the common flu or even some cold viruses.


So what is the tripledemic in reality?  

Covid-19 disrupted all aspects of life. It disrupted immigration, travel, business, education, religious practices, family life—society itself. Some of these disruptions interfered with the spread of respiratory viruses like RSV and flu. The fact that Covid-19 continued to spread despite all this is a testament to how contagious it is, especially in a population that had at the time essentially no preexisting immunity. 

Now, as the disruptions fade, other viruses have inevitably returned. Hospitals should prepare for this. If pediatric beds are what’s in short supply, federal reimbursement should pay for pediatric beds. This would entice hospitals to expand capacity where it is needed. That’s a more productive solution than suggesting people withdraw from gatherings, or remain masked in perpetuity. Three years into the pandemic, we face a crucial question: How do we want to live the rest of our lives? Like most Americans and as a doctor, my answer is resounding: as normal.

Vinay Prasad is a practicing hematologist-oncologist and Professor at the University of California San Francisco. He is the author of 2 books, and 450 peer reviewed articles. His laboratory at UCSF studies cancer drugs, health policy, clinical trials and better decision making. Clinically, Dr. Prasad cares for patients with a wide range of benign hematologic and malignant conditions. He hosts the podcast Plenary Session, and the VPZD show, is active on Substack, and runs a YouTube Channel VinayPrasadMDMPH.

https://www.thefp.com/p/we-have-a-tripledemic-not-of-disease