E Market Mania

It was so overcast today that I overslept and found that overnight Microsoft had updated my computers and cut off my access to my laptops. The good news is that my TD Ameritrade revere ACAT has gone through in 3 days.

Market mania of the past few days with Apple AAPL valued at $2 bn reminds me of tulip-mania and the South Sea bubble, written up in 1841 by Charles MacKay in Extraordinary Popular Delusions and the Madness of Crowds. Today markets reversed a bit. but are still fluffy. Some news follows.

Pharma

*Takeda TAK of Japan sold its over-the-counter drug portfolio to Blackstone Fund for 42.37 bn to help pay the costs last year to acquire Squire.

*Tsoris galore for TEVA now accused also of misselling opioids by my state, a day after it was charged with kickbacks for using charities to cut the cost to multiple sclerosis sufferers for its Copaxone drug. I think the rather idealistic Israeli generics officers, including Dan Suesskind whose father was a German classmate of mine, were unable to deal with the greedy ways of doctors and the drug firm detail men who offered them goodies for prescribing their products. Then Teva went into a boardroom coup after too much spending on buying other drug companies. Today TEVA started delivery of it migraine drug Ajovy 225 mg in Canada. After losing 10% yesterday today it only fell by 3.3%.

*India's Dr. Reddy's RDY launched there a COVID-19 drug for mild to moderate infection licenses from Japanese Fujifilm.

*Swiss Roche RHHBY with Regeneron REGN will make 3.5 mn doses of a future virus jab.

*Other vaccines are also coming, with Glaxo GSK combining 5 variants of Meningitis in a single shot in phase III trials against Beero and Menveo.

*Quel horreur! BCE in Canada is renaming its French service Noovo.

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