The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Ross played down the prospect of an agreement being reached at the G-20 meeting in Osaka on June 28-29.Paris Airshowread more
Boeing is scrambling to restore confidence in the 737 Max from regulators, customers and the flying public.Paris Airshowread more
Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Elon Musk, the CEO of Tesla and SpaceX, tweeted early on Monday morning that he "just deleted" his Twitter account.Marketsread more
Pfizer said on Monday it had agreed to acquire Array Biopharma for $10.64 billion, which will grant it access to its cancer drugs.Biotech and Pharmaceuticalsread more
Huawei CEO and founder Ren Zhengfei said that the Chinese tech company will report revenues of around $100 billion in 2019 and 2020, which would be flat growth versus 2018.Technologyread more
Bitcoin leapt across the $9,000 mark on Sunday, boosted by reports that Facebook is soon set to launch its own cryptocurrency.Cryptocurrencyread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
Facebook CFO David Wehner has joined the board of Alector, a biotech company that is working to develop treatments for Alzheimer's disease.
This is the first time that Wehner has joined a board outside of Facebook since he took the job in 2014. He previously served on the board of StubHub.
It might seem like an unusual choice for Wehner, whose career has spanned technology and finance, rather than health care. But his predecessor, David Ebersman, followed a similar path, leaving Facebook to start a mental health company called Lyra Health. Ebersman also had a background in biotech.
The appointment comes at a time when employee morale at Facebook has plunged. A recent internal survey reportedly found that 52 percent of employees were optimistic about the company's future, down from 84 percent a year ago.
Wehner isn't the only executive at the company to seek opportunities outside of his day job.
Facebook's CEO Mark Zuckerberg takes a break every quarter to hear from scientists from the Chan Zuckerberg Biohub talk about their research. (Zuckerberg is one of the largest investors in the Biohub and he serves on its board alongside his wife, Priscilla Chan, and LinkedIn founder Reid Hoffman.).
Founded in 2013, Alector is viewed as one of the more ambitious bets in the biotech world. It is looking to cure Alzheimer's disease, which is a holy grail in the biotech industry, as so many promising efforts have failed. There is currently no cure for the disease, which affects 5 million Americans.
Alector's approach to tackling disorders of the brain is a bit different than its competitors.
Most companies have focused on ways to remove or prevent the build up of amyloid plaque, which is known to degrade brain function. Alector instead is looking to stimulate the immune cells to clear away the harmful proteins associated with these conditions. It is currently working with pharmaceutical giant AbbVie on two potential treatments for Alzheimer's, and also hopes to bring its drug development program, which includes potential therapies for Alzheimer's and frontotemporal dementia, to the clinic later this year.
Along with Wehner, the company also appointed Richard Scheller, chief science officer of 23andMe, and Louis Lavigne, former chief financial officer of Genentech, to its board. "We look forward to leveraging their insights in drug development, strategic financial management, business operations and corporate growth strategies in order to accelerate transformative medicines with the goal of curing neurodegenerative diseases," said Arnon Rosenthal, Alector's CEO, in a statement.
The appointments of two CFOs to the board could signal an impending public offering for the company, which raised a $133 million round in July of this year. Its backers include the Dementia Discovery Fund, which Bill Gates contributed to, as well as GV, the venture arm of Google holding company Alphabet. It also received investments from a slew of drugmakers including Eli Lilly and Merck.