President Donald Trump announced Monday that he would "soon" issue an order sanctioning Turkish officials, hiking tariffs on Turkish steel up to 50% and "immediately" halting...Politicsread more
Bloomberg could be in for a showdown with Elizabeth Warren, whether he runs or not.2020 Electionsread more
As the season kicks into gear this week, S&P 500 firms are expected to report a 4.6% earnings decline over the same period a year agoEarningsread more
"I think that may have scared the Chinese that they were going to get into a serious trade war with access to our capital markets being cut off, among other things," Michael...China Politicsread more
David Rolfe, a longtime Berkshire Hathaway shareholder and CIO at Wedgewood Partners, is fed up with Warren Buffett.Marketsread more
Bank of America says investors should still look to stocks for value rather than bonds.Investingread more
Wall Street analysts estimate GM has lost more than $1 billion due to the United Auto Workers' strike, which began Sept. 16.Autosread more
The indexes traded in a tight range as investors looked ahead to the start of the earnings season while grappling with new worries over trade.Marketsread more
Check out the companies making headlines in midday trading:Market Insiderread more
"The Champagne should probably be kept on ice, at least until the two presidents put pen to paper," said state-owned media China Daily.Traderead more
Shares of SmileDirectClub sank to a new all-time low during Monday's trading session after a California bill regulating the dental industry was extended through 2024.Marketsread more
Arrowhead Pharmaceuticals said on Thursday Johnson & Johnson would develop and market its gene-silencing Hepatitis B drug and pick up a minor stake in the company in a deal that could be potentially worth more than $3.7 billion.
Under the deal, J&J's Janssen Pharmaceuticals unit will obtain a worldwide license for Arrowhead's ARO-HBV drug and an option to collaborate on up to three new RNA interference (RNAi) drugs, which use gene-silencing technology.
J&J will make a $75 million equity investment in Arrowhead at $23 per share, a premium of about 24 percent to the company's Wednesday close. Arrowhead will also get $175 million upfront, the company said in a statement.
Arrowhead is also eligible to receive up to $1.6 billion in milestone payments for the Hepatitis B license agreement and about $1.9 billion in option and milestone payments for the collaboration agreement related to up to three additional targets.
The deal validates J&J's interest in Arrowhead's Targeted RNAi Molecule (TRiM) technology, the Pasadena, California-based company said in a statement.
Using TRiM, Arrowhead develops RNAi medicines that treat diseases by targeting and silencing specific genetic material, thereby blocking the production of disease-causing proteins.
The deal comes a month after Arrowhead released data from an early trial testing ARO-HBV. Analysts had dubbed the drug's results as "revolutionary", saying that the company was positioned to develop a functional cure for Hepatitis B.
Hepatitis B, which affects an estimated 257 million people, is a life-threatening viral infection that attacks the liver. It is transmitted through contact with body fluids and patients risk death from cirrhosis and liver cancer.
Janssen will also fund Arrowhead to develop and test three new drugs in animals, following which the healthcare conglomerate will have the option to develop them further and sell them.
In August, Alnylam Pharmaceuticals received the first U.S. approval for an RNAi drug, affirming the gene-silencing class of drugs as a new frontier in the field of medicine.
Arrowhead's market value has risen five fold since the start of the year.