In the spotlight on Monday is Sanofi SA, which is set to buy hemophilia-drug maker Bioverativ Inc. for more than $11.5 billion, as the French drug manufacturer looks to clinch a big deal while bracing for generic competition for its top-selling product.
On Sunday, The Wall Street Journal reported that the deal would value the former Biogen Inc. unit at $105 a share, according to people familiar with the matter. The price would represent a premium of about 63% to where Bioverativ closed trading Friday.
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On Monday, Sanofi said the deal was approved by its board and by that of Bioverativ. The deal is expected to close within three months.
Shares were down 3.5% in afternoon trade.
One of the luxury industry's biggest firms, Compagnie Financiere Richemont SA, is gobbling up Yoox Net-a-Porter SA, one of the fashion world's most disruptive e-commerce companies.
Under the deal Richemont will spend up to EUR2.69 billion ($3.3 billion) buying the shares in YNAP that it doesn't already own. While the transaction isn't large for the Swiss luxury conglomerate that owns Cartier, among many other luxury brands, it is a measure of how the shift from brick-and-mortar to online retailing is spreading to even the most expensive and exclusive purchases.
YNAP has become a major online marketplace for the luxury industry in recent years. While major fashion labels have been slow to establish their own internet-retailing operations, YNAP has filled the vacuum.
Richemont shares were off 1.2%.
Charges related to the U.S. corporate tax overhaul pushed UBS Group AG into a fourth-quarter loss, the Swiss bank said Monday, making it the latest bank to take a short-term hit from the recently enacted legislation.
The Swiss bank reported a net loss of 2.22 billion francs ($2.3 billion) between October and December, compared with a profit of CHF636 million for the comparable period a year earlier.
The loss was slightly larger than the net loss of about CHF2.15 billion that analysts had expected.
UBS shares were 1.3% lower.
(END) Dow Jones Newswires
January 22, 2018 07:41 ET (12:41 GMT)