Pharmaceuticals

Corona Capital: Commercial real estate, IBM

5 Jan 2021

Concise views on the pandemic’s corporate and financial fallout: Commercial office real estate is Zoom’s mirror image; IBM taps former Goldman-exec Gary Cohn.

Corona Capital: Icahn, Productivity, Natixis

4 Jan 2021

Concise views on the pandemic’s corporate and financial fallout: Carl Icahn sells half his Herbalife Nutrition stake; an ECB survey suggests Covid-19 will make big firms more productive, but that may not be all good news; and Natixis fast-tracks its overhaul.

Big Pharma’s vaccine immunity will be fleeting

18 Dec 2020

Groups like Pfizer and AstraZeneca are emerging as pandemic heroes. Their ability to rapidly test, make and distribute vital doses will help quiet the industry’s critics. However, universities and governments also played a big part. Pressure to slash drug prices will soon return.

Corona Capital: Filming drama, Spanish bank

16 Dec 2020

Concise views on the pandemic’s corporate and financial fallout: Actor Tom Cruise’s outburst about social distancing may not have been scripted, but it’s on point; Spanish bank Sabadell lines up a new leader.

EQT’s $2.8 bln pharma bet relies on sales booster

14 Dec 2020

The Swedish buyout firm is buying manufacturer Recipharm, which handles outsourced production for drug giants like Moderna. Given the target’s already heavy borrowings, delivering a decent return for EQT’s investors will depend on ramping up revenue growth.

AstraZeneca’s $39 bln deal is bold as well as big

12 Dec 2020

The UK drugmaker will buy U.S. biotech Alexion, which makes treatment for a rare immune disease. It’s growing and throws off cash. Yet competitive challenges and a wayward M&A strategy have depressed its stock. That’s an opportunity and a threat for AstraZeneca CEO Pascal Soriot.

Corona Capital: Vaccines

11 Dec 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. regulators prep to rubber-stamp the approval of Pfizer and BioNTech’s Covid-19 vaccine. Meanwhile, AstraZeneca will partner with Russia and its Sputnik V jab in a possible combination that could ease jitters.

Vaccine bottlenecks are main obstacle to recovery

3 Dec 2020

Rolling out Covid-19 jabs, as the UK will do next week, protects the vulnerable and lets authorities ease restrictions. But the logistical challenge means it could take a year to immunise two-thirds of the population. Other governments, too, will struggle with a sceptical public.

Corona Capital: Merck sells Moderna stake

2 Dec 2020

Concise views on the pandemic’s corporate and financial fallout: The U.S. drugmaker is banking its winnings on an investment in Covid-19 vaccine producer Moderna that dates back to 2015.

China’s lengthening lowball list lures lawyers

1 Dec 2020

A bid to take $4.8 bln China Biologic private is the latest underpriced offer for a U.S.-listed Chinese firm. Cayman Islands’ dockets are filling up with shareholder complaints about similar deals. Miring transactions in lawsuits may force acquirers to pay more up front.

AstraZeneca’s messaging warrants a review, too

27 Nov 2020

The $134 bln drug giant may do a new trial of its Covid-19 vaccine to clear up uncertainties over its effectiveness. Even if rivals’ look better, AstraZeneca has a good story to tell. Still, a share price dip this week reflects that overegging results is not where you want to be.

Corona Capital: Tiffany, Biden, Vaccines, Cash box

24 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: The cut-price jeweller issues less-than-sparkling results; the U.S. president-elect gets to start tackling the pandemic; Russia touts its discount vaccine; and UK firms gorge on shareholder-unfriendly equity issues.

Vaccine euphoria may be headed for a reality check

23 Nov 2020

AstraZeneca is the latest drugmaker to say its Covid-19 vaccine is effective. It’s good news and offers hope of a return to normal. But tricky logistics, supply constraints and a reluctant public could stall a mass rollout. Investors eyeing a quick recovery may be disappointed.

Corona Capital: U.S. airlines

20 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: The CDC issued a warning to Americans not to travel over the upcoming Thanksgiving holiday as Covid-19 cases surge. Airlines, once again, are going hat-in-hand to Washington.

Viewsroom: Vaccines suggest light at tunnel’s end

19 Nov 2020

Moderna and Pfizer came out with encouraging news on the fight to immunize the world against Covid-19, giving hope the pandemic’s end is near. Meantime, China’s Sinovac finds its trials are undermined by a puzzling governance disaster. Breakingviews columnists weigh in globally.

Corona Capital: Dimon weighs in, Gen Z

18 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: JPMorgan’s chief executive calls for U.S. politicians to “just split the baby” on stimulus; and Generation Z deals a new body blow to the idea that office life will emerge from the pandemic unscathed.

Moderna success is a win for poorer countries

16 Nov 2020

The U.S. pharma group has, like rival Pfizer, produced a highly effective Covid-19 vaccine. This raises the odds of others doing the same, and billions of doses being available next year. That will help hard-hit emerging economies gain access to such drugs more quickly in 2021.

Test giants have problems but a vaccine ain’t one

12 Nov 2020

Hopes of a Covid-19 remedy hit shares of diagnostic groups like Abbott and Roche. While inoculation may limit the need for mass testing, health workers and flyers still need protecting, as do anti-vaxxers. In a market worth at least $18 bln, the real challenge is meeting demand.

Corona Capital: Lyft, Vaccine minefield, Peru

11 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: The U.S. ride-hailing company is tempted by food delivery; Pfizer could face high demand for its coronavirus vaccine; and Peru gets another leadership shuffle just as Covid-19 cases soar.

Pfizer’s valuation boost is more hope than science

9 Nov 2020

Good news over its Covid-19 vaccine added over $20 bln to the drugmaker’s market valuation in a day. That would only make sense if 40% of the world receives it and pays full price. Still, Pfizer may now get a kinder hearing next time politicians take aim at high drug prices.