BioNTech predicts return to revenue growth in 2025

 BioNTech said on Tuesday it expects to return to revenue growth in 2025 when the ongoing decline in its COVID-19 vaccine business would bottom out, and that it would invest to scale up its oncology business thereafter.

The German biotech firm, which works with Pfizer on COVID shots, predicted total revenue of about 3 billion euros ($3.28 billion) for 2024, down from revenue of about 4 billion to 5 billion euros it had targeted for 2023.

"BioNTech expects to grow its topline again in 2025," it said in a statement.

BioNTech's German traded shares were down 0.9% at 1235 GMT as the target for this year fell short of an average analyst revenue estimate, provided by LSEG, of between 3.6 billion and 3.8 billion euros.

According to slides of a presentation to be held at the JP Morgan Healthcare Conference in San Francisco on Tuesday, the company's forecast for 2025 would be helped by higher prices for shots amid a shift from government-sponsored schemes during the pandemic to commercial market models.

Shots combining the company's established mRNA technology against COVID with vaccination against other respiratory diseases such as seasonal flu could also be a revenue booster, the slides showed.

Citing at least 10 late-stage cancer drug studies targeted by the end of 2024, BioNTech said it mapped out plans to launch its first oncology drugs from 2026 onwards, renewing a focus on its traditional roots in oncology.

"We continued our vaccine leadership in the fight against COVID-19 and significantly expanded our mid- and late-stage oncology pipeline," said Ugur Sahin, BioNTech's CEO and co-founder.

https://finance.yahoo.com/news/1-biontech-predicts-return-revenue-121259842.html

AbbVie expects Botox market share to stay strong despite newer rivals

 AbbVie expects its share of Botox in the aesthetics market to remain strong in the fourth quarter, despite recent launches of newer, longer-acting products by rivals, a company executive said on Wednesday.

Botox, especially for aesthetic use, has been under pressure in the last few quarters due to economic uncertainties, with the pharma major's investors also concerned about its product facing an eroding market share because of competition from newer rivals like Revance Therapeutics' Daxxify and Evolus's Jeuveau.

"We've been incredibly efficient at maintaining our leading share position of about 68%," AbbVie's Chief Commercial Officer Jeffrey Stewart said at the J.P.Morgan healthcare conference.

Revance's Daxxify has been of particular concern to AbbVie's investors because its effects last about six months - nearly twice as long as Botox.

https://finance.yahoo.com/news/abbvie-expects-botox-market-share-164335310.html

'Global activist investors pressed companies to sell or spin in 2023 as M&A dropped off'

 "Sell" or "split" was the favorite word for activist investors across the world last year when their demands for companies to pursue some form of mergers and acquisition-related activity hit a new record and appeared in roughly half of their 2023 campaigns even as M&A activity dropped off, according to new data from Barclays.

Hedge funds Elliott Investment Management, ValueAct Capital, Jana Partners and others urged target companies to merge, split off units or sell themselves, with these demands show up in 49% of all campaigns last year. In the previous four years, mergers and acquisitions requests averaged 42%, the data show.

"The activists told corporations that this is the new reality and it is time to move on," said Jim Rossman, global head of shareholder advisory at Barclays.

But their requests came during a year takeover activity dropped to its lowest level in a decade, according to Dealogic data, leaving many with little to show for their calls.

As total deal volume fell 18% to about $3 trillion, senior dealmakers described the year as one of the toughest in recent memory. Deals weren't getting done because potential partners couldn't agree on price and it was tougher to secure financing as interest rates rose.

Still many seasoned activists summoned the self-confidence to make demands to corporate management even if they knew it would take longer than usual to get to the finish line, several fund managers and bankers said.

Elliott, one of the industry's busiest activists, called on wireless tower owner Crown Castle to consider selling the business while Jana Partners pushed Frontier Communications to launch a sales process and ValueAct pressed Seven & i Holdings to spin off its 7-Eleven convenience store chain. Irenic Capital Management and Starboard suggested News Corp spin off its digital real estate division.

While they might have to wait longer for a proposed outcome, activists described their demands last year when market conditions allowed them to build positions for less money.

https://finance.yahoo.com/news/global-activist-investors-pressed-companies-131314318.html

Ecuador president says country is at war as gangs hold prison staff hostage

 Ecuador President Daniel Noboa said on Wednesday that his country was "at war" with drug gangs who are holding more than 130 prison guards and other staff hostage and who briefly captured a TV station live on air and set off explosions in a surge of violence that has left city streets deserted.

Noboa on Tuesday named 22 gangs as terrorist organizations, making them official military targets. The president took power in November pledging to tackle a growing security problem caused by a rise in drug-trafficking gangs transporting cocaine through Ecuador.

"We are at war and we cannot cede in the face of these terrorist groups," Noboa told radio station Canela Radio on Wednesday.

The hostage-takings, which began in the early hours of Monday, and the apparent escape of Los Choneros gang leader Adolfo Macias from prison over the weekend, spurred Noboa to declare a 60-day state of emergency.

He hardened the decree on Tuesday after a series of explosions around the country and a dramatic takeover of a TV station by gunmen live on air.

The government has said the violence is a reaction to Noboa's plan to build new high-security prisons for gang leaders and Noboa told the radio station that a design for two new facilities will be made public tomorrow.

"We are making every effort to recover all the hostages," Noboa said, adding the armed forces have taken over the rescue effort. "We are doing everything possible, and the impossible, to get them safe and sound."

The SNAI prisons agency has said guards account for 125 of the hostages, while 14 are administrative staff. Eleven people were freed on Tuesday, it said.

Videos circulating on social media showed prison staff being subjected to extreme violence, including being shot and hanging. Reuters could not immediately verify the authenticity of the videos.

https://finance.yahoo.com/news/1-ecuador-president-says-country-162218720.html

'Bitcoin ETF hopefuls still expect SEC approval despite social media hack'

 U.S. asset managers remain hopeful the securities regulator will permit the trading of spot bitcoin exchange-traded funds (ETFs), even after a fake post on the agency's social media account saying they had been approved sparked confusion on Tuesday.

The Securities and Exchange Commission (SEC) will decide on Wednesday whether to approve an application from asset managers Ark Investments and 21Shares to launch a spot bitcoin ETF. More than a dozen bitcoin ETF applications, including from BlackRock, Fidelity and VanEck, are also pending with the agency.

The products would be a game-changer for bitcoin, offering institutional and retail investors exposure to the world's largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals.

Several industry executives told Reuters earlier this week they expected the SEC will approve the Ark/21Shares product along with many others. They declined to be identified because the discussions are private.

The SEC has not said how it will rule and a spokesperson said the agency cannot comment on applications.

Industry insiders and media outlets were caught off guard Tuesday evening when an unknown party posted on the SEC's X account that all the products had been approved, sending executives scrambling to figure out what was happening.

The SEC quickly disavowed and deleted the post, and has said the authorities are investigating the incident. X confirmed late on Tuesday that the SEC's account was compromised and said it was because of an "unidentified individual" obtaining control of a phone number associated with the agency's account through a third party.

On Tuesday evening, several of the sources said they did not expect the apparent hack to derail the process.

Issuers this week disclosed their planned ETF fees, usually one of the final details nailed down before a launch. At least three firms have filed or were preparing to file requests for SEC approval to launch their products on Thursday, said three sources.

https://finance.yahoo.com/news/bitcoin-etf-hopefuls-still-expect-110339046.html

US, UK forces repel 'largest attack' by Houthis in Red Sea

 U.S. and British naval forces shot down 21 drones and missiles fired by Yemen-based Houthis on Tuesday towards the southern Red Sea, the United States said, with Britain hinting at further measures to protect international shipping lanes.

British Defence Secretary Grant Shapps said it was the largest attack in the area by the militants to date as the three-month-long war between Israel and Hamas in Gaza spills over into other parts of the Middle East.

"This is an unsustainable situation," Shapps told reporters, adding "watch this space" with regards to further possible action by Britain and its international partners.

"This cannot continue and cannot be allowed to continue."

U.S. Central Command said no injuries nor damage were reported, adding that this was the 26th Houthi attack on commercial shipping lanes in the Red Sea since Nov. 19.

Later in the day, Houthi military spokesperson Yahya Saree said the Iranian-backed militants fired a large number of ballistic and naval missiles and drones at a U.S. ship that was "providing support" to Israel.

In a televised speech, Saree did not say when the Houthi strike had occurred or what damage, if any, the vessel had suffered, but that the operation was a "preliminary response" to a previous U.S. attack that killed 10 Houthi fighters.

The U.S. Fifth Fleet, which is based in the Gulf region and has along with Britain deployed naval forces to protect Red Sea shipping from an upsurge in Houthi attacks, did not immediately respond to a request for comment.

It was not clear whether the missile and drone salvo against the U.S. ship reported by the Houthi official had anything to do with the U.S. and British naval action.

The Houthis, who control most of Yemen, have been targeting Red Sea shipping routes to show their support for Hamas, a Palestinian Islamist group. Germany's foreign ministry said the latest attacks were a "clear escalation".

The attacks have seriously disrupted international commerce on the key route between Europe and Asia that accounts for about 15% of the world's shipping traffic.

Many shipping companies have been forced to reroute vessels, taking the longer journey around Africa, although several oil majors, refiners and trading houses have continued to use it.

U.S. Central Command said 18 drones, two anti-ship cruise missiles and one anti-ship ballistic missile were shot down by the two navies in the incident on Tuesday.

Shapps said that Royal Navy ship HMS Diamond, which repelled the attacks along with U.S. warships, may have been specifically targeted, adding there was also "a generalised attack on all shipping".

The Houthis have vowed to continue attacks until Israel halts the conflict in Gaza, and warned they would attack U.S. warships if the militia group itself was targeted.

German shipping group Hapag Lloyd said on Tuesday it would continue to avoid the Suez Canal and around the Cape of Good Hope for security reasons, while its Danish rival Maersk has said it would avoid the route "for the foreseeable future".

Retailers across the world have also been stocking up on goods before China's Lunar New Year holiday and seeking air or rail alternatives to avoid empty shelves this spring.

https://news.yahoo.com/us-uk-forces-shoot-down-020421570.html

Cytokinetics Deal Rumors Take Traders on White-Knuckle Ride

 

• Drug developer surged 200% on December trial data, deal hopes
• Stock faltered this week on disappointment over lack of a bid

Traders expecting to make good on Cytokinetics Inc. takeover bets found themselves on a white-knuckle ride as prospects for a deal whipsawed shares.

Cytokinetics was already a takeover favorite when a batch of positive trial data hit in December. In the weeks that followed, shares soared nearly 200% amid multiple reports of buyer interest. But when a key meeting — the JPMorgan Healthcare Conference, a mecca for deals — opened with a flurry of transactions but no bid for Cytokinetics, shares started to fade only to be reignited by new rumors before hopes were dashed again.

https://www.bloomberg.com/news/articles/2024-01-10/cytokinetics-deal-rumors-take-traders-on-white-knuckle-ride