2023 Market Insights: UBS-Credit Suisse Deal, Biogen's FDA Win & More
Discover the top 5 essential market updates for investors today, including UBS’s acquisition of Credit Suisse, Biogen’s breakthrough Alzheimer’s drug FDA support, and key moves in the tech and EV sectors.
Market Highlights for June 12, 2023
Stay informed with the latest critical developments shaping today’s markets, from major banking mergers to groundbreaking pharmaceutical approvals.
1. UBS Finalizes $1.6 Trillion Takeover of Credit Suisse, Leading to Delisting
Swiss banking giant UBS has officially completed its acquisition of competitor Credit Suisse. The combined entity will maintain UBS and Credit Suisse as distinct units, boasting a consolidated balance sheet of $1.6 trillion and employing 120,000 people worldwide. Credit Suisse shares will be removed from both the SIX Swiss Exchange and the New York Stock Exchange, with shareholders receiving one UBS share for every 22.48 Credit Suisse shares they hold.
2. Biogen and Eisai Secure Crucial FDA Advisory Board Support for Alzheimer’s Treatment
Biogen and Japanese pharmaceutical company Eisai received pivotal backing from an FDA advisory board for their Alzheimer’s drug Leqembi. This endorsement paves the way for wider FDA approval after a positive staff review last week. Leqembi has demonstrated the ability to slow Alzheimer’s disease progression, resulting in a pre-market surge of over 4% in Biogen’s stock price.
3. U.S. Extends Chip Export Exemptions for Samsung and TSMC Amid Ongoing Restrictions
The U.S. government has renewed exemptions allowing Samsung and TSMC to bypass certain chip export restrictions that were initially set to expire in October. However, industry officials warn that these restrictions will remain in place for the foreseeable future. TSMC shares responded positively with nearly a 2% increase in early trading.
4. Nio Cuts Prices by $4,200, Signaling Intensified Competition with Tesla in China’s EV Market
Chinese electric vehicle manufacturer Nio has slashed prices by $4,200 and postponed capital and R&D projects, highlighting a mounting 'price war' with Tesla and other EV makers in China. This move follows similar price reductions earlier this year and comes amid a decline in Nio’s May deliveries to 6,155 units, down from a first-quarter monthly average of 10,000.
5. Novartis to Acquire Seattle Biotech Chinook Therapeutics for Up to $3.5 Billion
Swiss pharmaceutical leader Novartis announced plans to purchase Chinook Therapeutics, a Seattle-based biotech firm, for up to $3.5 billion. This acquisition strengthens Novartis’s late-stage drug pipeline with a promising treatment for a rare, severe kidney disease. The deal is expected to close in the latter half of 2023. Chinook’s shares soared 66% in pre-market trading, while Novartis saw gains exceeding 1%.
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