E Correcting Barron's And Loving Lazard

*Swiss Roche went with the disgraced EU health commissars for its emergency rapid antigen test for COVID-19, despite being from outside the European Union. The RHHBY share fell all the same.

*Hopes for a new assault on Alzheimer's boosted Eisai of Japan which is the partner of Biogen Idec (BIIB) for developing aducanumab. Barron's this week mistakenly said ESALY has a competing drug for the disease. Aiming at the aging Japanese population, Eisai paid a third of BIIB's trial costs. The highest dose of the drug in trials produced a 22% drop in dementia vs placebo and may mean it works.

*The other Japanese drug play, Takeda, TAK, is up 1.1%.

*GlaxoSmithKline sub Viiv got FDA approval for its Rukobia (fostemsevir) to treat multi-drug resistant HIV in adults. Its share rose a fraction. HIV is so old news. GSK.

*Dr. Reddy's, tipped by Abhimanyu Sisodia, rose briefly to over $66.5 but RDY then lost traction.


*Another huge gainer was my stock of the year for 2021, Cosan, CZZ of Brazil, a firm in sugar refining, ethanol, and logistics which is restructuring to bring its offshore holdings into the parent company. They are not in Channel Islands but in Bermuda. CZZ today announced that it was buying the no. 2 Brazil sugar cane company, Biosev, from the Groupe Louis Dreyfus of France which owns 90%. The venerable (and Jewish) French investment company is selling down its portfolio having sold its main holding company to Abu Dhabi. After announcing the deal, CZZ hit $19.57 but it may fall a bit given that some of the terms of the purchase have not been revealed. CZZ is paying $670.3 mn up front and perhaps leaving the hefty Biosev debt for Dreyfus to pay. But the terms are not clear as CZZ itself is taking a long-maturity loan to pay down debt for Biosev. It is also delivering preferred shares to Dreyfus and will pay more to the French group in 5 years. All this is confusing.

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