Boris Johnson beat the pollsters handily and Britain (except for Scotland and Northern Ireland) went into holiday mode in advance. In Scotland, 55 of 59 seats went to the Scottish Nationalists, meaning that there will be a move for breaking away from Britain and remaining in the European Union. Sterling rose 2% against the Greenback, to $1.343 per Pound, and 1.9% against the poor Euro. The large UK stock index, the FTSE 100, filled with multinational companies, rose only 0.35% because their earnings will be nipped by the stronger currency. But the mostly local FTSE 250 of smaller companies rose 4%.

Jeremy Corbyn led a worse showing by Labour than even the last hidden Moscow politician in place in Britain, Michael Foot, mostly because he refused to renounce extreme anti-Semites among his fellow Labour candidates. I am convinced that he didn't do so because of where his funding was coming from.

Meanwhile back on Capitol Hill, the on-again-off-again trade deal with China was on again on Thursday night while the bitter fight over the impeachment remained to be passed. It is unlikely to get anywhere in the Republican-dominated Senate unless President Trump does something foolish. The drug price limits bill being pushed by the House Democrats look like it is getting nowhere which should boost pharma stocks, but that depends on their currency of operation.

However a bipartisan spending bill compromise has been reached, according to the wires.

More follows from Australia, Brazil, Britain, Denmark, Dutch Antilles, Finland, Hong Kong, Israel, Japan, Mexico, The Netherlands, Saudi Arabia, Spain, Switzerland, and the USA.

Drugs

*BioLineRx gained 21% premarket following results from its 3-drug pancreatic cancer phase II Combat-Keynote trials in 36 patients whose second-line cancer could not be treated with surgery after a return of the disease. An overall response rate of 32% and a disease control rate of 77% was observed compared to the current chemotherapy standard-of-care treatment in second-line patients of 17% and 52%. Moreover of the 7 partial responders, 4 showed a reduction in tumor burden of greater than 50%. Median duration of clinical benefit until progression for the 17 patients with disease control was 7.8 months. Progression-free and overall survival data remain on track for mid-2020. The combination was generally well tolerated. The trial has still to sign up another 4 patients but the results are very hopeful. BLRX is an Israeli small cap drug firm.Median duration of clinical benefit until progression for the 17 patients with disease control is 7.8 months.Progression-free and overall survival data remain on track for mid-2020.The combination was generally well tolerated. Pancreatic cancer until now was a death sentence.

*The European Medicines Agency's advisory group CHMP has adopted recommended approval of Eli Lilly's (LLY) Cyramza (ramucirumab), combined with Roche's (RHHBY) Tarceva (erlotinib), for the first-line treatment of adult patients with metastatic non-small cell lung cancer with activating epidermal growth factor receptor mutations. A final CHMP decision takes 30-60 days.

*Avisol Investment tipped Roche for going beyond CAR-T in treating non-Hodgkin's Lymphoma in patients where it failed because they relapsed or were resistant to it. They are being treated with monsunetzumab, a cheaper and more available general use monoclonal antibody, not one custom made. It works somewhat like CAR-T, however and uses bispecific antibodies, mosunetuzimab and CD-20-TCB. Here is the press release from THHBY

“Roche is currently developing two T-cell engaging bispecific antibodies, mosunetuzumab and CD20-TCB, designed to target CD20 on the surface of B-cells and CD3 on the surface of T-cells. This dual targeting activates and redirects a patient's existing T-cells to engage and eliminate target B-cells by releasing cytotoxic proteins into the B-cells. Mosunetuzumab and CD20-TCB differ in their structures, and both are being developed by Roche as part of our ongoing strategy to explore multiple bispecific formats, to identify those that maximise potential clinical benefits for patients. Mosunetuzumab has a structure similar to that of a natural human antibody in that it has two 'Fab' regions, but is different from naturally-occurring antibodies in that one 'Fab' region targets CD20 and the other 'Fab' region targets CD3. CD20-TCB is based on a novel structural format which we call '2:1', which refers to the structure of the antibody. It is engineered to have two 'Fab' regions which bind to CD20, and one 'Fab' region which binds to CD3. The clinical development programs for mosunetuzumab and CD20-TCB include ongoing investigations of these molecules as monotherapies and in combination with other medicines, for the treatment of people with CD20-positive B-cell non-Hodgkin lymphomas, including diffuse large B-cell lymphoma and follicular lymphoma.” The patients' own T-cells are mobilized to poison target B-cells.

*Exelixis today announced positive results from IMspire150, the phase 3 trial of atezolizumab (TECENTRIQ), cobimetinib (COTELLIC) and vemurafenib (ZELBORAF) in people with previously untreated BRAF V600 mutation-positive advanced melanoma. Genentech (a sub of Roche), EXEL's collaborator and sponsor for the IMspire150 trial, informed RHHBY that the study met its primary endpoint of progression-free survival. Adding atezolizumab to cobimetinib and vemurafenib helped to reduce the risk of disease worsening or death, compared to placebo plus cobimetinib and vemurafenib. I own EXEL, a US firm.

*Researcher presentation of pre-clinical data showed synergistic activity from the combination of Springworks Therpeutics's gamma secretas inhibitor Nirogacestat with GlaxoSmithKline's (GSK) Bcma antibody drug conjugate delantamab mafodotin at the American Society of Hematology gathering.

*GSK whose stock is down 2.5% in London today also should benefit from a ViiV pediatric drug breakthrough: Viiv is majority owned by Glaxo. It has made regulatory submissions to both the European Medicines Agency and the U.S. Food and Drug Administration seeking approval of the first-ever 5mg dispersible-tablet formulation of HIV drug dolutegravir, as well as a simplified dosing regimen to optimise use of the existing DTG 50mg film-coated tablet in pediatric HIV patients. The availability of age-appropriate formulations is essential in ensuring children around the world have access to optimal life-saving treatments. Pediatric HIV remains a global issue, with children disproportionately affected by the HIV virus.

*Bavarian Nordic A/S (BVNRY, sold) announced that it has received antitrust clearance in the U.S., Spain and Portugal of its planned acquisition of 2 commercial vaccines, Rabipur-RabAvert, and Encepur, from GSK, announced October 21. The deal will close before 2020.

*Teva (TEVA) is up 2.51% in European trading at $9.80.

*However fellow-Israeli Compugen is down 3.45% to $5.6.

*Benitec Biopharma in Oz gained 12.22% according to a report by TD Ameritrade. I sold already as it is relisting in the US.

Latin America

*Finnish Nokia got its first Latin American deal on Friday, for Internet of Things services to corporate customers of Brazilian TIM. They will get real-timer monitoring and management of their network grid and devices. NOK shares rose in the premarket by 3.23%.

*Eduardo Garcia writes: Orbia Advance Corp. (MXCHF) formerly Mexichem, plans to meet the sustainability goals of the UN by reducing contamination to improve environmental impact of its operations. It makes drip feed PVC pipes for watering crops.

*It turns out that it is not just sloppy Brazilians who allowed the Vale Brumidinho tailings dam to fail. The German safety inspector firm Toew Sued also failed to do its job.

*Cosan made another year's high on Friday. CZZ is Brazilian. We sold half because it was funding fake share recommendations but they seem to work.

Energy

*Algonquin Energy & Utilities, AQN, put out a presentation about its investment plans for the next 5 years on Friday, setting out $9.2 bn of new holdings, to touch 1/3 renewables in 2024. The cross-border US-Canada group, with one further investment in Bermuda is focusing on renewables which currently account for about 30% of its holdings: wind, solar, hydro, thermal. It has strong ability to borrow, good earnings, and good cashflow, as well as being woke. Canada's AQN reports in US$ and is NYSE listed.

*On Friday I logged on to a Motley Fool report on Schlumberger Ltd lured in by a half-hearted “buy” note from Jim Cramer. The first article was from Oct. and said to sell SLB; the second was later and said to hold it. Along with Cramer tip, that means whatever happens to SLB over some interval he will be proven right. With such lack of rigor it is easy to claim to make your fortune.

Tech

*Japanes robotics firm Fanuc is up 2.5% on Friday in Tokyo. FANUY.

*Chinese railbuilding robotics firm Hollysys is up 3.1% to overUS $16 in Hong Kong Friday. HOLI.

*Tencent is up 7.76% in Hong Kong Friday. We always sell too soon. TCEHY will push up the shares of Naspers and Prosus, remember, in South Africa (NPSNY) and The Netherlands (PROSY).

Banks

*Thanks to its heavy UK presence, Banco Santander gained over 3% on Friday in European trading. SAN.

*Royal Bank of Scotland (RBS), despite it being on the hook for overcharging customers for foreign exchange operations for years, is up because the Tories won. It will have to repay customers for padded currency trades plus interest of 8%/yr, which will further delay its privatization.

Funds

*New Ireland Fund's board decided that it is in the best interest of its stockholders to suspend its managed distribution policy. The suspension will not impact its investment objective of long-term capital appreciation through investment primarily in equity securities of Irish companies. IRL will distribute to shareholders, at least annually, substantially all of its net income from dividends and interest payments and expects to distribute substantially all of its net realized capital gains annually.

*Mexican Equity & Income announced on Friday that it began a tender offer to purchase up to 65% of MXE common shares (approximately 3,361,539 shares) at 98% of the net asset value/sh share as determined at the close of business on the Termination Date . In accordance with the rules of the U.S. Securities and Exchange Commission, the Fund may purchase additional shares not to exceed 2% of the outstanding shares without amending or extending the tender offer.

The tender offer will expire at 5:00 p.m., Eastern Time, January 31, 2020 (the “Termination Date”), unless extended. The Fund’s Board of Directors will review the results of the offer to determine whether to consider strategic alternatives, including initiating a rights offering.

*Global and emerging markets closed end and exchange traded funds appear to have boycotted the $2 bn launch of Saudi Aramco.