Indian Billionaire Bajaj On Insurance Sector Outlook
Bajaj Finserv Chairman & MD Sanjiv Bajaj discusses his outlook for India's insurance industry, after German insurance company Allianz entered into binding agreements with Bajaj Finserv to sell the stakes in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance to Bajaj Group. He speaks with Haslinda Amin on "Insight with Haslinda Amin." (Source: Bloomberg)
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BioNTech buys mRNA, courtroom rival CureVac in all-stock deal
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. COVID vaccine maker BioNTech is buying rival CureVac, announcing Thursday an all-stock deal weeks before the two companies were due to face off in a German court over potentially billions of dollars worth of royalties related to intellectual property on messenger RNA drugs. Per deal terms, each CureVac share will be exchanged for about $5.46 worth of BioNTech's U.S.-listed shares, valuing the company at $1.25 billion. Upon the deal's close, CureVac shareholders will own between 4% and 6% of BioNTech. In the early days of the COVID-19 pandemic, BioNTech and CureVac were among the companies racing to develop the first coronavirus vaccines. BioNTech, however, partnered with Pfizer and won approval of the first COVID-19 shot, while CureVac's program never made it to market. The two companies have since been embroiled in patent litigation. CureVac was a leading candidate to develop the first COVID-19 vaccine, launching rumors, later denied, that the U.S. government might even buy the company or its research. But while BioNTech and fellow mRNA drugmaker Moderna succeeded in making vaccines that saved millions of lives and earned billions of dollars in revenue, CureVac fell short. Its initial project wasn't effective enough at preventing sickness, prompting it to scrap development. A year later, CureVac sued BioNTech, claiming it infringed four patents. CureVac has since changed course, selling off most rights to influenza and COVID-19 vaccines to partner GSK and focusing on cancer instead. But its legal spat with BioNTech has lingered. The European Patent Office had upheld two CureVac patents, and a trial in a Dusseldorf regional court was set on July 1 to determine if BioNTech had infringed on them. A separate trial in the U.S. was scheduled to begin Sept. 8 in Virginia. Some Wall Street analysts, as a result, speculated that BioNTech's primary purpose is buying CureVac is to sidestep the risk of a loss in court. A single-digit percentage royalty awarded to CureVac could've cost BioNTech as much as $3 billion, Evercore ISI analyst Umer Raffat wrote in a note to clients. 'It seems to us that [BioNTech] assessed the cost of a cash settlement as substantially greater than the cost of buying [CureVac] outright,' Raffat wrote. The deal could also help BioNTech further its oncology ambitions. Like CureVac, BioNTech has made cancer research a top priority. It's invested in a variety of programs, from cell therapies to mRNA vaccines and a coveted type of bispecific antibody. Some are in advanced testing. CureVac's cancer vaccines are in earlier phases of development. A brain cancer shot has delivered early clinical data, while a lung cancer immunotherapy was cleared in April for human testing. The deal should help CureVac because of 'the early stage of the oncology pipeline and the need for a development partner to effectively compete in personalized cancer vaccines – which [BioNTech] is well positioned to execute,' wrote Leerink Partners analyst Mani Foroohar. Raffat, of Evercore ISI, however, wrote that the deal ascribes 'very little value' to CureVac's pipeline. Recommended Reading Recursion to acquire two Canadian drug discovery startups Sign in to access your portfolio
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8 hours ago
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David Lynch Explains Florian Wirtz's Liverpool Move
Liverpool's Elite Move for Florian Wirtz Signals a Bold New Era Florian Wirtz Deal Shows Liverpool Are Shopping Top Shelf Liverpool supporters woke up to a seismic shift on Friday the 13th. Contrary to superstition, it proved a day of jubilation as the club confirmed a deal with Bayer Leverkusen for Florian Wirtz. As revealed on Anfield Index's Media Matters podcast, journalist David Lynch was unequivocal in describing it: 'This is a huge, huge transfer.' Speaking with host Dave Davis, Lynch highlighted the rarity and scale of this kind of signing: 'To win one of those races is rare… Liverpool have seen off every competitor to sign one of the most exciting young players in world football.' That list of competitors, notably including Bayern Munich and Manchester City, makes the capture all the more impressive. Recruitment Confidence and a Club on the Rise Though Liverpool's recruitment strategy has historically leaned towards undervalued talents, Lynch was quick to stress that this isn't a shift in philosophy. 'People at Liverpool actually suggest to you this isn't actually a departure from our approach,' he said. 'Every time there's a transformational signing on the market who wants to join us… we will push the money out there.' Advertisement He added that the attacking profile naturally drives the fee up — reported in UK media as £100 million plus £16 million in potential bonuses — but reaffirmed confidence in the club's current recruitment staff. 'They've been able to convince him this is the right place in sporting merit over other places,' said Lynch. The role of key Liverpool figures also came under praise. Lynch noted, 'Well done to Richard Hughes… well done to Arne Slot.' It's understood that their meeting with Wirtz was pivotal, showcasing not just a vision of collective success but also a tailored development path. More Than Just a Fee: Wirtz's Character and Commitment What stands out is not just the financial package or the skill set Wirtz brings, but the player's decision-making. 'City would have been the easy option. Bayern Munich would have been the easy option,' Lynch emphasised. 'To come to Liverpool, to accept lesser wages because you believe in the sporting project… for me is something special.' Advertisement While Lynch acknowledged he's no expert on German football personalities, he drew a telling comparison with another transformative Liverpool signing. 'It was hugely significant that Virgil van Dijk chose Liverpool,' he explained. Wirtz's decision to join despite more lucrative options, in Lynch's eyes, hints at a character aligned with Liverpool's ethos. What Wirtz Brings to Liverpool's Attack On the pitch, the excitement is just as real. Lynch pointed to the statistical dominance of Wirtz's performances. 'The numbers are unbelievable… assists, goals, chance creation — he's good at absolutely everything in the final third.' There is still uncertainty around where Wirtz will line up under Slot. Lynch admitted, 'I haven't heard anything specifically on position yet,' though speculation around a number 10 role or even as a false nine remains strong. Advertisement What is certain is Wirtz's versatility and quality. As Lynch put it, 'He defends a little bit like an attacking midfielder rather than an out-and-out number 10.' With Liverpool having 'walked the league last season,' adding such a dynamic talent could widen the gap even further. 'If you're one of the rivals… you'd be seriously worried,' said Lynch. Final Word: A Statement of Intent 'This is not normally like Liverpool,' said Dave Davis during the discussion, and he's right. This signing is bolder, louder and utterly deliberate. It speaks of a club ready not just to maintain its position but to dominate. Liverpool have made their move. The Premier League has been warned.
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Oil prices surge after Israel strikes Iran
Crude oil prices surged after Israel launched strikes at Iran. West Texas Intermediate and Brent crude oil futures both made significant gains. Oil prices jumped due to concerns over supply disruptions from the Middle East. Crude oil prices surged on Friday after Israel launched strikes at Iran, prompting fears of energy supply disruptions from the Middle East. US benchmark West Texas Intermediate crude oil futures jumped as much as 14% late Thursday. They've since come off highs and were trading almost 8% higher at about $73 a barrel at 8:30 a.m. ET. International benchmark Brent crude oil futures gained as much as 13% and were up about 7% above $74. JPMorgan analysts wrote on Friday that further Israeli strikes and Iranian retaliation could have a significant impact on global energy markets. "Our comfort zone remains with oil prices in the $60-65 range, as sustained gains in energy prices could have a dire impact on inflation, reversing the months-long trend of cooling consumer prices in the US." "This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions," wrote Warren Patterson, the head of commodities strategy at ING, on Friday. The strikes could mean higher gasoline prices and lower the chance of interest rate cuts, said Mohamed El-Erian, chief economic advisor at Allianz and president of Queens' College, Cambridge. "It's another shock to the stability of the US-led global economic order … whatever way you look at it, it's negative short-term and negative long-term," he told BBC Radio 4. Iran is the fourth-largest oil producer in the Organization of Petroleum Exporting Countries and has repeatedly threatened to close the Strait of Hormuz, a key oil shipping route for oil and gas that connects the Persian Gulf to the Gulf of Oman. Nearly a third of global seaborne oil moves through the Strait of Hormuz, wrote Patterson. Qatar, which accounts for one-fifth of the world's liquified natural gas trade, also uses this route to ship the fuel. "Unfortunately, there is no alternative route," wrote Patterson. "This would leave the global LNG market extremely tight, pushing European gas prices significantly higher." The sharp upswing in oil comes after a period of lull in the oil markets due to ample supply and slow demand. Until now, crude prices were broadly moving lower this year. Any sustained rise in energy prices would push up inflation and pump prices at a time of heightened economic uncertainty amid President Donald Trump's import tariffs. The spike in uncertainty following Israel's strike on Iran is putting a huge damper on market sentiment that had only been recovering recently after volatility in April following "Liberation Day." Just a few days ago, the S&P 500 was near its record high. Stock market futures were trading lower at 8:30 a.m. ET. S&P 500 futures: down 0.8% at 5,998 points Dow futures: down 0.9% at 42,600 Nasdaq futures: down 1.1% at 21,689 "This morning's alarming escalation is a blow to risk sentiment and comes at a crucial time after macro and systematic funds have rebuilt long positions and investor sentiment has rebounded to bullish levels," wrote Tony Sycamore, a market analyst at IG. Sentiment is likely to worsen ahead of the weekend as investors cut positions to avoid risk, he added. "Markets are on high alert, justifiably fearing a rapid escalation in the conflict, that may spiral into an unbridled war," wrote Vishnu Varathan, Mizuho's head of macro research for Asia, excluding Japan. European stock markets opened lower with the Stoxx Europe 600 index down almost 1% and Germany's Dax down 1.5%. London's FTSE 100 fell 0.4%, with oil major BP up 2.8% and Shell adding 1.6%. In Asia, Japan's Nikkei 225 closed 0.9% lower. Hong Kong's Hang Seng Index and China's CSI 300 ended down 0.6% and 0.7% respectively. Traditional haven assets were higher, with spot gold above $3,400 an ounce. US Treasurys rallied, with 10-year bond yields down to 4.35%, their lowest level in a month. The US dollar index was trading 0.6% higher after hitting a three-year low on Thursday. Israel's military launched a major preemptive strike against Iran's nuclear program on Friday morning local time. Israeli Prime Minister Benjamin Netanyahu said in a video statement on Friday that the operation will continue "for as many days as it takes." Netanyahu said Iran had produced enough highly enriched uranium for nine atom bombs, but did not provide any evidence to back his claim. Iran's nuclear program presents "a clear and present danger to Israel's very survival," he added. Israel's strike on Iran comes as the US was engaging Iran on a deal regarding its nuclear program. In Truth Social posts on Friday, President Donald Trump urged Iran to make a deal, warning of "even more brutal" Israeli attacks if it did not. Secretary of State Marco Rubio said in a statement on Thursday, after the attack, that Israel had taken "unilateral action" against Iran. "We are not involved in strikes against Iran and our top priority is protecting American forces in the region," he said. Read the original article on Business Insider
