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Wall Street Breakfast: Pfizer To Buy AstraZeneca Antibiotics Ops

AstraZeneca has agreed to sell its small-molecule antibiotics operations to Pfizer (NYSE:PFE) in a transaction that could eventually be worth $1.575B. The deal will allow AstraZeneca (AZN -0.15% premarket) to focus on three main therapy areas and realize value "from the strong portfolio of established and late-stage small molecule antibiotics." Pfizer will pay $550M upfront plus $175M in January 2019, and as much as $850M in milestones and sales-related payments.

Economy

An earthquake measuring 6.2 on the Richter scale and strong aftershocks have struck central Italy, bringing down buildings and killing over 35 people. The natural disaster has wrought major damage to several towns and villages, but while residents in Rome felt shaking, major population areas seem to have been spared from serious harm. Despite the quake, Milan shares were +1% at the time of writing.

Stocks

European shares and U.S. stock futures were higher at the time of writing following a mixed day in Asia as investors stayed cautious amidst the deep summer vacation slumber and ahead of a speech by Fed Chair Janet Yellen on Friday at the annual central-bankers parley in Jackson Hole, where she may or may not signal when the Fed may or may not raise rates. Japan's Nikkei closed +0.6%, apparently boosted by a fall in the yen versus the dollar.

Lloyds Bank CEO Antonio Horta-Osorio plans to stay in his job despite a tabloid newspaper reporting earlier this month that the married executive ran up a £3,826 ($4,962) hotel bill while spending time with another woman. The article in The Sun alleged that Horta-Osorio improperly claimed the spending as a business expense, although he told staff in a memo that Lloyds (NYSE:LYG) had cleared him of wrongdoing.

Better-than-expected demand for Samsung's (OTC:SSNLF) new Galaxy Note7 has caused the South Korean company to delay the launch of the premium smartphone in some markets. The...


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