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Aug 22, 2016

DealBook | Today's News Summary - August 22, 2016: Pfizer to Buy Cancer Drug Maker in $14 Billion Deal

The New York Times

Top Story
David Hung, chief executive of Medivation.
Pfizer to Buy Cancer Drug Maker in $14 Billion Deal
The frenzy over Medivation, which makes treatments for prostate and breast cancers, shows what pharmaceutical companies are willing to pay for oncology deals.

DealBook Highlights
The Mitsubishi Regional Jet, now expected in late 2018, is being billed as an instrument of national pride and industrial renewal.
Japan, Seeking to Regain Manufacturing Might, Bets on Aerospace
The Mitsubishi Regional Jet has become a symbol of national pride and industrial renewal, but it is plagued by delays and cost overruns.
Syngenta’s headquarters in Basel, Switzerland. If it is completed, the acquisition by China National Chemical Corporation would be China’s biggest foreign deal ever.
U.S. Regulator Signs Off on ChemChina-Syngenta Deal
The approval by the Committee on Foreign Investment removed one of the biggest potential obstacles to the $43 billion acquisition.
One of five turbines that make up the Block Island Wind Farm, the first offshore wind farm in the United States, off the Rhode Island coast.
America’s First Offshore Wind Farm May Power Up a New Industry
A just-completed project off the coast of Rhode Island, though relatively tiny, is at the forefront of a sea-based transition to renewable energy.
Kobe Bryant’s Venture Capital Fund
The retired N.B.A. star said he’d rather be remembered for investing than basketball. “That’s when you create something forever,” said Mr. Bryant.
Buzz Tracker
Tourists play a big role in America’s corporate credit. Not only are foreign investors still flooding the dollar-denominated credit market with cash, they’re delving into riskier securities with longer maturities. – Bloomberg Gadfly
A window of opportunity cracks open at Valeant. Easing financial conditions could give Valeant’s new finance chief an assist. – The Wall Street Journal
Canadian convenience store operator to buy U.S. chain. Alimentation Couche-Tard will buy CST Brands in a deal valued at about $4.4 billion, boosting its presence in the southeast United States. – Reuters
Looking Ahead
HP aims to build on steady personal computer sales. Hewlett-Packard is a much smaller company than it was a year ago because management split off its corporate computing businesses. But it is still the world’s second-largest maker of personal computers (after Lenovo of China), and the biggest PC printer company. On Wednesday, HP will disclose financial results for the first nine months of the fiscal year, a time when it has struggled to come out with innovative new PC designs. There are signs it is succeeding: Last month, consultants at the research firm IDC said HP shipped 5 percent more personal computers in the first six months of 2016 than it had a year earlier, despite an overall declining market for PCs. HP’s stock, however, has barely budged from last November. If PC and printer sales don’t pick up, leadership may soon announce moves into adjacent markets. – Quentin Hardy
Home sales numbers expected to dip slightly. On Wednesday, the National Association of Realtors will report the figures for existing home sales in July. Economists expect a slight decline in the pace of transactions, with the rate of annual sales falling slightly to 5.53 million from 5.57 million in June. Over all, the real estate market remains healthy in most parts of the country, buoyed by low mortgage rates and steady hiring. – Nelson D. Schwartz

Monday, August 22, 2016