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"The reclassification of employees as independent contractors, or the use of independent contracting relationships as opposed to employment, decreases access to employer-provided fringe benefits such as health care or retirement benefits," it said in one section. The treatment reverses the affects of drugs Eliquis and Xarelto in cases of life-threatening or uncontrolled bleeding. “Andexxa has currently only penetrated 3 percent of its indicated patient population so there’s substantial room for growth within the existing label,” Hantson said. While there’s an opportunity here for another short-term spike, this long-shot vaccine play remains very speculative. Soaring prices for wood have lifted the average price of a new single-family home in the U.S. by more than $24,000 since April, according to the National Association of Home Builders.Lumber prices have nearly tripled while those for boards used in residential construction have jumped more than 250% since last spring, according to the letter.“Home builders and construction firms that have signed fixed-price contracts are forced to absorb these crippling increases in materials prices and costly delays in deliveries,” the letter said, adding that “there is a significant risk that many of these firms will be forced out of business.”Costs that can be passed on will make housing less affordable, the letter said, while “other projects will no longer be economically viable, which undercuts the availability of new housing supply and further jeopardizes affordability.”No ReliefNorth American lumber prices are expected to extend gains through this year as homebuilding and renovations cause demand for wood to outstrip production, according to forecasts by Forest Economic Advisors LLC.“Production is going to have a hard time keeping up with demand growth as the world economy bounces back from Covid-19 in 2021-22,” Paul Jannke, the FEA’s principal of lumber, said Thursday during a conference hosted by the industry research group. Paul Pelosi, husband of Speaker Nancy Pelosi, bought more than $1 million of shares of investment firm AllianceBernstein in February. There could be further increases ahead as the housing sector braces for homebuying season. “We find it hard to see where this fiber’s going to come from.”(Adds details of industry letter in first three paragraphs. When Alexion bid for Portola Pharmaceuticals, Inc. (PTLA) in early May, adding a premium of more than ~131% to the stock's last traded price, … The deal values Portola stock at a 132% premium to Monday's closing price. The firm’s shares closed down 2.5% to $784 in New York.Read more: MicroStrategy CEO Will Consider Raising More Debt to Buy BitcoinThe move has resulted in MicroStrategy becoming a dual-purpose company: part software maker, part Bitcoin investor. Alexion is collaborating with Caelum Biosciences to develop CAEL-101 for light chain (AL) amyloidosis, a rare systemic disorder that causes misfolded immunoglobulin light chain protein to build up in and around tissues, resulting in progressive and widespread organ damage. Ocugen Stock May Have One More Rally in It Before It’s Over, Housing Industry Calls for U.S. Action on ‘Skyrocketing’ Lumber, Third stimulus check and more: 7 ways to get money from the new COVID law, Is your income just over the threshold for the $1,400 stimulus check? Frank Vinluan is an Xconomy editor based in Research Triangle Park. Alexion: Media Megan Goulart, 857-338-8634 Senior Director, Corporate Communications Investors Chris Stevo, 857-338-9309 Head of Investor Relations Portola: Media Emily Faucette, [email protected]portola.com. This will be the decade.”(Updates with additional purchases in 17th paragraph. Factor Xa inhibitors are used for reducing stroke risk and treating pulmonary embolism and deep vein thrombosis. The year could bring more regulatory and antitrust developments as China hashes out its approach to the digital economy. Bitcoin Hits $60,000. He added that the Portola drug diversifies and complements Alexion’s portfolio. The deal means the $22 billion biotech snaps up a promising drug to reverse anticoagulants. Rates leaped across notes and bonds, with the biggest moves in the long end, steepening the yield curve. Alexion plans to fund the transaction using cash on hand. Any sort of additional progress regarding Covaxin will produce another spike for OCGN stock. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. But the drug fell short of sales expectations, and the company’s share price has suffered as a consequence. Trading for far less than $1 per share for most of 2020, OCGN stock went into hyperdrive starting in late December. The third round of stimulus checks will start hitting bank accounts for eligible Americans as early as this weekend, the IRS said late Friday. Alexion will pay $18 per Portola share in cash, a premium of 132% to Portola's last closing price, the companies said. Expectations for inflation over the next decade lurched to a seven-year high.Yields on the 10-year benchmark rose as much as 10 basis points to reach 1.64% in U.S. morning trading, a level unseen since February 2020. Since the start of its upward surge, I’ve been skeptical about Ocugen (NASDAQ:OCGN). Alexion has also been working to build up sales of eculizumab’s successor, a PNH drug called ravulizumab (Ultomiris). "Withdrawal of the rule would allow WHD an additional opportunity to consider legal and policy issues related to the FLSA and independent contractors." But, with interim results from its Phase 3 clinical trial showing Covaxin “demonstrates 81% efficacy,” Ocugen may be one step closer to getting it approved in the States. That price is a a nearly 132 percent premium to Monday’s closing price. Portola's shares, which have fallen 68% in 2020 through Monday's close, more than doubled to trade slightly below the deal price at $17.92 pre-market. Betting on it gaining regulatory approval, speculators have sent shares up more than 30-fold since Dec. 21. He and his fellow executives, without admitting or denying the allegations, paid $11 million to the Securities and Exchange Commission in December 2000, including $1 million in fines.“It’s made us careful and humble and focused,” Saylor said. But that rule was yanked by the Trump administration soon after Trump took office in 2017. The biotech company sells Andexxa, a medicine to reverse the effects … Andexanet alfa is not exactly a rare disease drug. Alexion and Portola disclaim any obligation to update any of these forward-looking statements to reflect events or circumstances after the date hereof, except when a duty arises under law. Timing your 2020 tax return could make all the difference for your stimulus check. lumber imports will need to increase by roughly 14% to 15% this year, Jannke said. “We’ll come off a boil, but we expect that market to still run hotter than it has in the last 10 years.”North America’s lumber deficit will mean that more wood product needs to be imported from Central Europe, where a beetle infestation has killed trees and led to increased logging, according to Jannke. Tax preparers have tips to help you qualify, U.S Mortgage Rates Rise for a 4th Consecutive Week, Market Wrap: Bitcoin’s Winning Streak Ends as Prices Struggle to Break Record, Bitcoin Hoard Fuels One of World’s Biggest Crypto Fortunes, Bitcoin price under pressure as Binance faces probe, but crypto headed for 16% weekly rise, Biden’s $1.9 trillion ‘rescue plan’ eliminates taxes on cancelled student loan debt, Biden Administration Kills Trump Rule On Independent Contractor Classification, Markets set up for disappointment from Fed meeting as bond yields renew rise. Thomas Niel, contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016. As a result of the merger, Portola became a wholly owned subsidiary of Alexion. Join us on July 16 for a special two-part gathering that will take a unique and critical look at the Internet today, and where it is heading. It would be the largest deal for AstraZeneca since … Portola's treatment, Andexxa, was approved in the United States in 2018 and had brought in sales of $111.5 million in 2019. But, those looking to go long today should exercise some caution as well. Alexion is paying a healthy premium over Portola’s closing price on Tuesday. The Wage and Hour Division of the Department of Labor announced Thursday it was withdrawing the rule that had been announced by the Trump administration's WHD in its waning days. According to financial terms announced Tuesday, Boston-based Alexion (NASDAQ: ALXN) will pay $18 for each outstanding share of Portola (NASDAQ: PTLA). But that said, while there’s a chance for nimble traders to make some fast gains, this is still a big gamble. “The neurology aspect is who we are, hematology is who we are,” Hantson said. SVB Leerink analyst Geoffrey Porges noted on the conference call that the drug is reserved for emergencies and it’s intended for one-time use, whereas patients take Alexion’s drugs chronically. Mortgage rates rose for a 4th consecutive week ahead of a yield spike on Friday. Bitcoin is struggling to break above its current all-time high set in mid February. The tests include such provisions as the level of control the employer has over the worker and the "degree of permanence" in the job. Portola's shares have fallen 68% in 2020 through Monday's close. Moderna spiked when it began to work on its Covid-19 vaccine. In addition to going beyond the initial European launch of seven countries, the company also has the opportunity to bring the drug to Japan. However, this alone doesn’t guarantee that Covaxin is well on its way to getting FDA approval. The 30-year rate advanced almost 11 basis points to a session high of 2.40%, edging toward a January 2020 peak. Source: Alexion Pharmaceuticals, Inc. and Portola Pharmaceuticals, Inc. Tesla’s Crypto Bet Continues to Pay Off. The offer values Alexion at $175 a share, a 45 percent premium to the closing price on Friday. The Trump administration's WHD released guidance letters based on the proposed rule as late as just a few days before President Joe Biden took office. It was replaced by a Trump administration economic realities test that took two of the provisions and elevated them to "core factors": an employee's degree of control over the work and the worker's opportunity to profit if he or she showed initiative and drive. In a Tuesday afternoon research note, Porges pointed to the drug’s label as a possible explanation for the drug’s poor sales. But Portola shares have dropped precipitously in recent months; … Alexion said it has entered into a definitive agreement to acquire commercial-stage biopharma Portola for $18 per share in cash, or about $1.4 billion in … Portola reported that andexanet alfa generated $111.5 million in sales last year. The three combined to tip 10-year Treasury futures through Thursday’s session low, which unleashed a wave of selling.As many as 20,000 contracts changed hands in the next five minutes, the largest activity of the day to that point. FDA approved betrixaban (Bevyxxa), an anticoagulant that blocks the blood-clotting protein factor Xa, Andexanet alfa is the only approved factor Xa reversal agent in the US, Biogen’s Ehlers Leaving for Apple Tree, Steps Into Limelight as CEO, Beam Therapeutics Preps IPO and Sheds Light on Its Gene-Editing Drugs, ESMO 2019: PARP and Prostate, SeaGen’s Win, KRAS Update & More, What to Include in Your Life Sciences Company Fundraising Pitch Deck, How to Approach Life Sciences Fundraising, The Importance of Early Planning for Biotechs & Engaging with a CRO for Molecule Development. But as the WHD notes, the economic realities tests have several components, none of which are more important than others. Maybe not back to that 52-week low of 17 cents per share. What Could Come Next. The agency also reviewed what the impact of that reclassification would be. And that’s after pulling back some 46% from its highs set last month. “Every scar informs you, and I wouldn’t be who I am without having lived through those experiences.”Steady RevenueSaylor has continued to run the analytics software business he founded in 1989, and has overseen annual revenue streams of around $500 million for the last decade, though sales have dipped in recent years.Bitcoin’s price has soared in recent months, hitting a record above $58,000 last month as big investors pile in and the asset class matures.Saylor shrugs off concern about Bitcoin’s volatility and said crypto critics are behind the curve. Eight months after its first investment, the software firm has a Bitcoin holding worth more than $5 billion.Shares of MicroStrategy have rocketed almost 600% since mid-July, boosting the fortune of founder Michael Saylor, a billionaire until an accounting scandal in 2000. Outside of the vaccine candidate, the company has little else going for it that could help soften that potential blow. Quoting a legal case on the issue, employees are defined as "those who as a matter of economic realities are dependent upon the business to which they render service." The billionaire famous for value investing sees no real value in cryptocurrency. © 2007-2021, Xconomy, Inc. Of course, this is contingent on the company actually getting through the approval process with the vaccine candidate. Even with the $23 million in proceeds from its recent direct offering, Ocugen still doesn’t have the balance sheet to support that lofty number, either. The tender offer for all of the outstanding shares of common stock of Portola at a price of $18.00 per share expired as scheduled, one minute following 11:59 p.m., New York City time, on July 1, 2020. Alexion and Portola disclaim any obligation to update any of these forward-looking statements to reflect events or circumstances after the date hereof, except when a … Senior members of the establishment.”Raise DebtSaylor’s appetite to acquire Bitcoin didn’t stop after the company’s first purchase. That is the environment that led us to decide we should consider Bitcoin as a treasury reserve asset.”‘Every Scar’Not everyone agrees with the strategy.“Saylor equated Bitcoin to a bank – that’s just ridiculous,” said Marc Lichtenfeld, chief income strategist at the Oxford Club, a financial-research firm that has no stake in MicroStrategy. That’s what happened with names like Moderna (NASDAQ:MRNA) and Novavax (NASDAQ:NVAX). You can reach him at [email protected] Follow @frankvinluan. The chief executive officer is now worth $3 billion, according to the Bloomberg Billionaires Index, joining the ranks of the world’s richest crypto holders, a list that isn’t definitive since some fortunes can’t be identified or verified.MicroStrategy’s crypto fixation began soon after the pandemic hit when the firm found it had a cash-flow problem: There was just too much of it. Alexion agreed to buy Portola Pharmaceuticals and its sole approved medicine, anticoagulant reversal agent Andexxa, in a deal valued at around $1.4 billion, the drugmakers said Monday. In a move that had numerous precursors to its ultimate implementation, the Biden administration has formally withdrawn a Trump administration rule on the definition of independent contractors under the Fair Labor Standards Act. But what does it mean for those considering a position right now, at around $10 per share? Investors' negative reaction to the Portola buy––which saw Alexion lose $1.7 billion in market cap within 24 hours––drove Elliott to take its complaints with the board public, the firm said. So, if Covaxin is a bust, OCGN stock will head fast back towards its prior price levels. Yet, further positive news about Covaxin could send it soaring once more. But Hantson said that andexanet alfa can be sold via the hospital connections that Alexion has already established from selling its PNH drugs. All eyes will be on the Federal Reserve's meeting next week as traders put pressure on the central bank to prevent a de-stabilizing rise in bond yields. The Biden administration is not proposing an immediate substitute, which means previous rules are back in effect. Alexion will pay $18 per share for Portola, a roughly 130% premium over Portola's closing stock price on May 4. The same thing will likely happen with Novavax, if it can cinch approval in May. Lumber futures rallied to record highs above $1,000 per 1,000 board feet in February, driven in part by low supplies of wood products. The market’s worry is that such a move could lead to a very steep yield curve as the Fed looks past short-term spikes in inflation and growth, he added.Australian SparkThe move in global debt started in Australia, where bond futures fell heading into the market’s close to put modest pressure on Treasuries. According to financial terms announced Tuesday, Boston-based Alexion (NASDAQ: ALXN) will pay $18 for each outstanding share of Portola (NASDAQ: PTLA). It won’t take much to send it soaring again. The 10-year rate has failed to close above 1.60% since early 2020, though it has surpassed that level in volatile intraday trading several times in recent weeks.“We’re talking about a fair amount of stimulus -- both fiscal and monetary -- going forward,” BTG Pactual Asset Management’s John Fath said, referring to the $1.9 trillion pandemic-relief bill and prospects for more, along with the Federal Reserve’s pledge to stay accommodative. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. OCGN Stock Spiked on the Rumor, Could Soar on the News As I discussed back in February, the risk-return of buying Ocugen — as it trades at inflated prices — doesn’t look worth it on the surface. Alexion Pharmaceuticals has agreed to buy Portola Pharmaceuticals in a $1.4 billion deal that brings it a first-in-class therapy for treating life-threatening bleeding. Right now, borrowers who have their student loans discharged — with a few exceptions, including through Public Service Loan Forgiveness — face a tax bill on the cancelled debt. Alexion Pharmaceuticals Inc. agreed to buy Portola Pharmaceuticals Inc. for about $1.4 billion, in a deal the drugmaker expects will help it diversify after an activist investor pushed for changes. What’s the best move? Shares of Portola have been trading more than 65 percent below where they were a year ago. But as WHD said in a subheadline about the elevation of two of those standards under the economic realities test, "the rule's standard has never been used by any court or by WHD and is not supported by the [FLSA]'s text or case law." The WHD first announced in February it was considering delaying the rule that was to go into effect in March, then delayed to May and now has withdrawn it. And that’s assuming it gets through all the hurdles, obtaining the ability to sell it in the U.S. market. Alexion will pay $18 per Portola share in cash, a premium of 132% to Portola's last closing price, the companies said. It also won’t take much to send it falling back towards prior price levels. (Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli, Amy Caren Daniel and Shounak Dasgupta). For those looking to short it, watch out. More articles by John Kingston New federal rule on worker classification may not see light of day Labor Department tackles employee classification; AB5 may not be affected PRO Act with its ABC test approved in House See more from BenzingaClick here for options trades from BenzingaIncreasingly Difficult Yearly Comps Are A Distraction; The Market Is RollingPPP Money Flowing To Transportation, Warehousing At Same Rate As Before© 2021 Benzinga.com. 1, there’s still a long road ahead for Ocugen when it comes to profiting off the Bharat vaccine. Shares of Portola Pharmaceuticals more than doubled in premarket trading on news that Boston-based Alexion Pharmaceuticals is acquiring the company and its blood-disorder assets for $1.41 billion in cash.. Alexion said the acquisition of Portola will bolster its commercial portfolio and create long-term value for its shareholders. The actual amounts will be determined following the closure of the transaction Alexion (ALXN) to Acquire Portola (PTLA) for $18 Per Share Article Related Press Releases ( 1 ) Related Articles ( 2 ) Stock Quotes (2) FREE Breaking News Alerts from StreetInsider.com! The spark was Alexion’s decision to purchase Portola, a commercial-stage drugmaker that focuses on blood disorders, for $1.4 billion. Betrixaban’s approval made it one of several such drugs available on the market and late last year, Portola decided to discontinue the drug after failing to find a buyer. But, given its still a long-shot candidate, coupled with other concerns, the long-term prospects for this company and its share price remain unclear. (Reuters) - Drugmaker Alexion Pharmaceuticals Inc on Tuesday agreed to buy Portola Pharmaceuticals Inc in a deal that values the smaller rival at $1.41 billion to gain access to a treatment for reversing the effects of blood thinners. Ocugen has a deal with India-based Bharat Biotech to bring that company’s Covaxin Covid-19 vaccine candidate to the United States. Although Alexion’s stock had clawed its way back to par for 2020 following March’s selloff, the deal’s announcement on May 5 sent shares down sharply. The front end of dollar funding markets has remained relatively anchored of late with a flood of dollars and supply-demand imbalances in various money markets exerting downward pressure on rates, and even driving levels on repurchase agreements below zero.With Friday’s sudden spike, Treasury yields across the long end exceeded levels seen after the disastrous seven-year U.S. bond auction from Feb. 25. “Who were the last people to embrace this? Employee-sponsored retirement accounts would disappear with a transfer to IC status. Some parts of this page is not supported on your current browser version. On July 2, 2020, Alexion completed its acquisition of Portola through the merger of Buyer with and into Portola without a vote of Portola’s shareholders pursuant to Section 251(h) of the Delaware General Corporation Law. He said he’s also put his own money into the digital asset, amassing a personal holding worth more than $1 billion.“If you go back 10 years, how many people agreed that Facebook, Google, Apple and Amazon would own the world?” he said. But even though the offer values the South San Francisco-based biotech at $1.4 billion, it’s still a relative discount. Source: Shutterstock The reason? An estimated 3 to 5 percent of patients treated with factor Xa inhibitors experience serious bleeding, according to an Alexion investor presentation. Bitcoin traded above $60,000 Saturday. The $1.9 trillion package includes multiple forms of aid for U.S. households. Alexion Pharmaceuticals Inc., of Boston, will diversify its portfolio beyond its top-selling Soliris (eculizumab) and C5 inhibitor Ultomiris (ravulizumab) by acquiring Portola Pharmaceuticals Inc. for $1.4 billion. On the date of publication, Thomas Niel did not (either directly or indirectly) hold any positions in the securities mentioned in this article. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Ocugen Stock May Have One More Rally in It Before It’s Over appeared first on InvestorPlace. Over the years, three trends in farm subsidy programs have emerged. However, giving this thesis a second look, admittedly I gave little consideration to the possibility of investors “buying the rumor” as well as buying more on the news — if or when further developments come out regarding its vaccine catalyst. The contract, which averaged around $456 last year, was at $972 on Thursday.Renovation activity is expected to stay “extremely strong,” according to Brendan Lowney, principal of macroeconomics at FEA. Alexion will be acquiring cash currently on Portola’s balance sheet, net of debt of ~$215M that will become due upon closing. A transfer of a worker to IC status results in higher tax liabilities as the IC is obligated to pick up employer components. That means Elon Musk's bet on the cryptocurrency has netted Tesla more than a billion dollars. Benzinga does not provide investment advice. While the firm has been transparent about this change in regulatory disclosures, juggling two distinct goals isn’t something that investors are accustomed to.“If you’re a hedge fund and you want to make that kind of a concentrated bet, you’re entitled to do that,” Lichtenfeld said, but “as a software company to make this kind of a bet is completely irresponsible.”‘Critical Point’Saylor said the company has been upfront with investors throughout. The acquisition will diversify Alexion's treatment portfolio beyond drugs targeting the C5 protein, which makes up part of the immune system that can sometimes attack the body's own healthy cells. On Friday, Saylor tweeted that MicroStrategy bought 262 additional Bitcoins for $15 million in cash, bringing the total to about 91,326. The indirect bid for the 10-year sale, a proxy for international participation as it includes the likes of foreign central banks, was the lowest since August.“I was surprised to hear bullish commentaries on the U.S. Treasury auctions because to me they have showed a clear bearish pattern,” said Althea Spinozzi, a strategist at Saxo Bank A/S, who sees this week as a consolidation before the selloff resumes. Bill Gates and Warren Buffett should thank American taxpayers for their profitable farmland investments. In comments last week, Fed Chairman Jerome Powell did note the recent shift up in bond yields, but said little to indicate that officials are willing to push back against it at this stage.“The bond market is seeking a new equilibrium in the light of a vastly improved economic outlook in both the U.S. and elsewhere,” said Kit Juckes, chief currency strategist at Societe Generale SA. Ocugen Could Rally Once More, But It’s Still a Big Gamble All told, I remain skeptical on this speculative biotech play. “We potentially could grow a lot faster and inflation could come into the horizon a lot quicker,” which begets higher rates.The breakeven rate on 10-year notes, a measure of market expectations for annual consumer-price gains based on the yield gap to inflation-linked debt, topped 2.30% in early New York trading Friday, a level it hasn’t breached since early 2014. "Portola's lack of obvious strategic fit with Alexion is what drove the bulk of the market's negative reaction, in our view," the letter states. Alexion to acquire all shares of Portola’s common stock at $18/ share in cash with a premium of 132%. Alexion Pharmaceuticals is either buying Portola Pharmaceuticals on the cheap at $1.4 billion, or paying a whopping premium – it all depends on your starting date. Even with the sizable premium, however, Alexion is acquiring the biotech at a discount to the roughly $24 per share at which Portola traded to begin 2020. After cutting advertising and axing 400 jobs unsuited to home-work, the Tysons Corner, Virginia-based firm was sitting on a cash pile of $550 million with nowhere to put it. What happens if Covaxin doesn’t get a green light from the FDA? When MicroStrategy increased its Bitcoin holding, it held a Dutch auction to give shareholders time to sell their stock.“Everybody had plenty of time to digest the news and decide whether they’re on or off,” Saylor said.With all the attention he’s attracted, Saylor wants to do more than just defend a radical investment strategy. “The only way to get economic security is to invest in scarce assets that are not going to be debased by the currency expansion. “When you put your money in a bank, the value of it doesn’t go up or down by 10% a day.”Saylor has clashed with investors before. Bill Gates is now the largest owner of farmland in the U.S. having made substantial investments in at least 19 states throughout the country. The product is also designated by the FDA as an orphan drug, which gives it seven years of marketing exclusivity starting from its 2018 approval. In addition, it will pick up the cash on Portola’s balance sheet, net of debt of USD 215.00 million that will become due upon closing.
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