Author: Ludwig Burger
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Novartis buys Chinook for $3.5 billion in race to treat rare kidney disease
By Ludwig Burger (Reuters) -Novartis said it has agreed to acquire U.S. biotech firm Chinook Therapeutics for up to $3.5 billion to boost its late-stage drug development line-up, raising the stakes in the race for a rare kidney disease treatment. Seattle-based Chinook’s shareholders will receive $3.2 billion, or $40 per share, in cash under the…
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Volkswagen’s Scout to build $2 billion plant in South Carolina
Volkswagen’s off-road brand Scout Motors said Friday it would build a $2 billion manufacturing plant near Columbia, S.C., for trucks and SUVs. The investment could potentially create 4,000 or more permanent jobs and more than 200,000 Scout vehicles could be produced annually at the facility. In May, VW said it would reintroduce the Scout off-road…
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Weedkiller windfall helps Bayer top profit forecasts
By Ludwig Burger FRANKFURT (Reuters) – Agriculture and pharmaceuticals company Bayer reported better-than-expected quarterly earnings as a temporary price boost for its glyphosate-based weedkillers made up for a decline in sales of its stroke prevention pill Xarelto. The German company said in a statement on Tuesday that third-quarter adjusted earnings before interest, taxes, depreciation and…