Month: August 2020

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Mall Owner CBL Properties Expects to File for Bankruptcy

August 19, 2020 admin Comments Off on Mall Owner CBL Properties Expects to File for Bankruptcy

(Bloomberg) — Mall owner CBL Properties is planning to file for bankruptcy, a victim of dwindling foot traffic, shuttered retail space and rents too low to cover more than $3 billion in debt.The company said in a statement it reached an agreement with some of its creditors to hand control to holders of its unsecured notes. The company said it will keep negotiating with senior lenders and others who haven’t signed onto the deal. As currently envisioned, the “in-court process” would eliminate $900 million of debt.CBL previously warned investors it was in trouble because tenants weren’t paying their rent. The …read more […]

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TJ Maxx Owner Falls as Treasure-Hunt Experience Disrupted

August 19, 2020 admin Comments Off on TJ Maxx Owner Falls as Treasure-Hunt Experience Disrupted

(Bloomberg) — TJX Cos., the owner of the T.J. Maxx and Marshalls chains, fell the most in more than four months after predicting that sales at opened stores will drop as much as 20% in the current quarter, casting doubts about its ability to lure discount-seeking shoppers back amid the pandemic.The Framingham, Massachusetts-based company expects comparable store sales — a key metric for retailers — to decline by 10% to 20% at stores that are opened in the third quarter ending in November. Second-quarter results were hit by temporary closures for almost one-third of the period, the company said. TJX …read more […]

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J&J’s $6.5 Billion Momenta Pact Is Year’s Biggest Pharma Deal

August 19, 2020 admin Comments Off on J&J’s $6.5 Billion Momenta Pact Is Year’s Biggest Pharma Deal

(Bloomberg) — Johnson & Johnson agreed to pay $6.5 billion in cash to acquire Momenta Pharmaceuticals Inc., a maker of autoimmune-disease drugs, in the largest pharmaceutical-industry merger this year.Though the price tag falls short of some of the industry-shifting takeovers of recent years, the deal is the latest sign drug companies are looking for ways to bulk up even as the coronavirus pandemic upends other businesses.At $52.50 a share, the deal represents a premium of more than 70% to Momenta’s closing price Tuesday of $30.81. The biotechnology company had seen its shares surge 56% this year after encouraging clinical-trial data …read more […]

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J&J strikes $6.5 billion deal for autoimmune disease specialist Momenta

August 19, 2020 admin Comments Off on J&J strikes $6.5 billion deal for autoimmune disease specialist Momenta

The deal gives J&J’s Janssen unit access to Momenta’s experimental therapy, nipocalimab, being tested for myasthenia gravis, a neuromuscular disease that causes weakness in muscles, and other diseases where the immune system attacks the body. J&J hopes to get the drug approved to treat several conditions and eventually bring in blockbuster sales, as the company bulks up its pharmaceuticals unit, its largest business. Shares of Cambridge, Massachusetts-based Momenta were up 69.3% at $52.15 before the bell, just a hair’s breadth away from the offer price of $52.50. …read more […]