President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Novartis said on Monday it plans to buy AveXis for $218 per share in a cash deal totaling $8.7 billion, adding a therapy hopeful for spinal muscular atrophy (SMA) to the Swiss drugmaker's pipeline that is expected to reap billions in annual sales.
Novartis Chief Executive Vas Narasimhan, who took over on Feb. 1, is flush with cash, having just agreed to sell his company's stake in a consumer healthcare joint venture for $13 billion to GlaxoSmithKline.
The deal announced on Monday represents a 72 percent premium to AveXis's 30-day volume-weighted average stock price, U.S.-based AveXis said in a separate statement.
Narasimhan is counting on AveXis's main SMA drug, AVXS-101, as well as its gene therapy expertise and manufacturing capabilities to bolster Novartis's neuroscience business, one of the Swiss company's main focus areas.
"We believe the medicine would have a multi-billion dollar peak sales potential," Narasimhan said, on a conference call with reporters. "We've been regularly scanning and looking for bolt-in acquisition candidates."
Novartis said the acquisition would slightly hurt core operating income in 2018 and 2019, due to research and development costs, before it is expected to "strongly contribute" to profit and core earnings per share in 2020 as sales accelerate.
Narasimhan, who said the total patient population for SMA is 23,500 people in established markets, said he plans to use proceeds from the GSK transaction to help pay for AveXis, which is based in Illinois.
GSK shareholders still must approve the company's purchase of the consumer joint-venture. The AveXis transaction is expected to close in the middle of this year, Novartis said.