Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
Tuesday's agreement is a coup for Innate — run by former AstraZeneca executive Mondher Mahjoubi — which gains rights to sell AstraZeneca's newly approved rare blood cancer drug Lumoxiti as its first commercial product.
AstraZeneca's purchase of 6.26 million new shares in Innate at a price of 10 euros each, or double the market rate, marks a vote of confidence in the cancer immunotherapy specialist and Innate shares jumped 29 percent on the deal news.
For AstraZeneca, the tie-up is an opportunity to expand into new areas within the fiercely competitive immuno-oncology field, particularly in colorectal cancer, where the approach of boosting the immune system has so far had limited success.
AstraZeneca's move marks the latest example of premium-priced investment in biotech by big pharma, after Novartis this month announced its acquisition of cancer drugmaker Endocyte for $2.1 billion.
A key focus for AstraZeneca is Innate's experimental immunotherapy drug monalizumab, where the British company is exercising its option to obtain full oncology rights, following an earlier 2015 collaboration.
Monalizumab is currently in mid-stage clinical trials for colorectal cancer, as well as tumors of the head and neck.
"If immuno-oncology compounds can make it into colorectal cancer, it is a big opportunity — and we believe monalizumab has the potential to get us there," AstraZeneca Chief Executive Pascal Soriot told Reuters.
In addition to the 62.6 million euro ($72 million) equity stake, AstraZeneca will also make payments totalling $170 million for rights to several experimental Innate drugs, while Innate will pay up to $75 million to AstraZeneca for Lumoxiti.
Soriot is banking on new drugs, especially in cancer, to drive a sales recovery as AstraZeneca grapples with falling sales of cholesterol-fighter Crestor due to generic competition.
To date, the only immuno-oncology drug for treating colorectal cancer is Merck's Keytruda and it is only cleared for around 10 percent of cases.
AstraZeneca will also gain access to Innate's anti-CD39 monoclonal antibody, IPH5201, plus four additional immuno-oncology molecules.
It will pay Innate $100 million in the first quarter of 2019 for the expansion of the collaboration on monalizumab, plus $50 million for IPH5201 and $20 million for the other four molecules.
Innate will pay AstraZeneca $50 million upfront and $25 million for future commercial and regulatory milestones for rights to Lumoxiti, which won U.S. approval last month for hairy cell leukemia, a rare slow-growing type of blood cancer.
"This is a defining moment for us," said Innate CEO Mahjoubi. "It really means the dream has become true and the company now is a fully integrated biotech with an opportunity to commercialize a major innovative treatment."