Pfizer to buy NextWave for up to $700 million
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 Mobile’s Q3 net up 1.3%
China Mobile, the world’s 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