4th February 2021

Big Pharma Goes Green

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Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[M&A] Jazz Pharmaceuticals Plc has agreed to acquire G.W. Pharmaceuticals Plc, maker of the first drug derived from the cannabis plant to win approval in the U.S., for $7.2 billion in cash and stock.

Over60: BloombergReuters

[Regulation] Brazilian miner Vale agreed to pay $7 billion in compensation to the state of Minas Gerais, where the collapse of its dam two years ago killed 270 people, polluted rivers, and obliterated the surrounding landscape.

Over60: WSJYahoo! Finance

[Regulation] McKinsey & Company, one of the world's largest consulting firms, will pay $573 million in a multistate settlement for its work with opioid companies. The settlement comes after lawsuits unearthed a trove of documents showing how McKinsey worked to drive sales of Purdue Pharma's OxyContin painkiller amid an opioid crisis in the United States that has contributed to the deaths of more than 450,000 people over the past two decades.

Over60: The New York TimesCNN Business

[Legal] The E.U. and the U.K. are set to open in-depth competition investigations into Nvidia's $40bn acquisition of the U.K. chip designer Arm after rivals called for the deal to be blocked.

Over60: F.T.

[Automobiles] Daimler AG will split up into the world's largest makers of luxury cars and commercial vehicles, renaming itself Mercedes-Benz and listing its truck unit separately by year-end. The spinoff appeased investors who have advocated the move for years, citing a stubbornly low valuation for the group company. Daimler shares surged 8.9% to 64.56 euros on Wednesday in Frankfurt, their highest close since May 2018.

Over60: BloombergYahoo! Finance

[Economy] The number of U.S. workers seeking unemployment benefits fell to 779,000 last week, a sign that layoffs have started to ease following an increase in early January. However, this number is still significantly higher than pre-pandemic levels. According to the Labour Department, 225,000 claims were filed for the week of February 23, 2019.


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