Pfizer said Monday it will buy NextWave Pharmaceuticals, a company that makes a liquid attention deficit hyperactivity disorder drug, in a deal worth as much as $700 million. The Food and Drug Administration approved NextWave's drug Quillivant XR in September, and the once-per-day drug is expected to be in pharmacies in January. Pfizer made a $20 million option payment to Cupertino, California-based NextWave in the second quarter to establish a merger agreement. The company will pay $255 million when the deal closes, and agreed to pay NextWave another $425 million based on sales milestones. Pfizer said about 9.5% of children have received a diagnosis of ADHD at some point, and around 4% of adults have the condition.
EU sees Spanish banks capitalised by mid-2013
Spain's banks, hit by a property crash that has prompted a government-forced clean-up of toxic real estate assets, should be fully capitalised by mid-2013, the European Union's antitrust chief said on Monday. The whole Spanish financial system will be fully capitalised by mid-2013 at the latest, EU competition commissioner Joaquin Almunia said in the text of a speech to be delivered at a conference in Barcelona. He said EU regulators would clear restructuring plans for nationalised lenders Bankia, Catalunya Caixa, Nova Caixa Galicia and Banco de Valencia by the end of November. Almunia also said he expected a recapitalisation plan from Banco Popular by the end of this month.
China Mobiles Q3 net up 1.3%
China Mobile, the worlds biggest mobile operator by subscribers, posted a 1.3% gain in third-quarter net profit, beating estimates slightly, after luring new users to its network with cheap handsets and cutting phone call rates. China Mobile, which has more than two times as many subscribers as the population of the US, earned 31.1 billion yuan ($4.9 billion) in July-to-September, according to a Reuters based on nine-month profit data released on Monday. That compares with an average forecast of 30.5 billion yuan in a Reuters poll of nine analysts and a net profit of 30.7 billion yuan a year earlier.
Japan exports tumble by 10.3%
Japan's exports tumbled by 10.3% in the year to September, their sharpest decline since the aftermath of last year's earthquake, and the Bank of Japan cut its outlook for local regional economies due to a row with China and weak global demand. Manufacturers' sentiment in October hit the lowest since early 2010, separate data showed, reinforcing concerns that Japan may slide back into recession as sales to China and Europe sag and rebuilding from last year's earthquake and tsunami disaster loses momentum. The fall in exports was more than a 9.6% annual decline expected by economists, down for four months in a row.
South Korea to resume Iran oil imports
South Korea is set to resume Iranian oil imports in October after crude cargoes were halted by EU sanctions in the previous two months, with shipments transported under Iranian insurance cover to avoid sanctions targeting Tehran's nuclear programme. The north Asian country's overall crude oil imports fell 2.8% in September from a year ago to 78.36 million barrels, or 2.6 million barrels per day (bpd), data from the state-run Korea National Oil showed on Monday. The world's fifth largest importer of crude oil, and one of Iran's biggest customers, imported 38.77 million barrels of crude oil from Iran in the first nine months of this year, down 41.3% year on year, KNOC said.