E Negative News Day

There is a lot of news today most negative. The UK and the EU are unlikely to reach a deal by the Sunday deadline, so Britain will do a no-deal exit from the European Community. Senate Republicans are digging in their heels against another stimulus round, cutting the odds of new funding before Biden takes office.

We have a stock buy at the end of this blog and another at the beginning.

Business newspaper article

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COVID-19 news is mixed, good, and bad. Deaths are rising fast. The Australian HIV vaccine from CSL failed to block corona-virus. The virus vaccine from French Sanofi with Glaxo adjuvants failed to protect older people from infection, and therefore they are doing new tests which willl take months more to try to get a recombinant jab that stops covid-19. Older people need the protection more than young ones. UK inoculation with the Pfizer vaccine now approved for use in the US revealed that people with allergies are at risk of having dangerous reactions to the jab. That's the bad news.

Here's the good news. Britain and Russia are cooperating on a trial of the Astra-Zeneca vaccine with the Sputnik one to see if getting 2 different jabs will improve outcomes. Canada is setting out to develop a vaccine which will be developed by its National Research Council and drug companies Immunoprecise (a specialist in antibodies) and Vancouver's Zymeworks (ZYME).

*Our portfolio is both in the good and the bad news column. We own Glaxo, GSK, a British drug major, and ZYME, down 1.25%. GSK had good news on another plague, HIV. Its ViiV sub, with partners Pfizer and Shionogi, won EU OK for Rukabra (fostemsavir) to treat multi-drug resistant HIV.

*Martin Ferera writes from Canada: "Antibody developer AbCellera Biologics Inc will list in the US as ABCL. Its ipo has been over 20x oversubscribed according to The Globe & Mail. It will issue some 30 mn shares at $20/per, raising $600 mn plus a 15% greenshoe add, one of the biggest biotech IPO's ever. It will overtake ZYME as the biggest Canadian pharma stock. Peter Thiel is joining its board, adding to the allure. It artificial intelligence discovery engine spots antibodies which can be developed into drugs. It partnered with Eli Lilly earlier this year to develop bamlanivimag, an emergency transfusion for early Covid-19 infection. The US has since ordered 950,000 doses for $1.19 bn and Canada 26,000 doses for $32.5 mn. AbCellera will collect royalties. It has partnered with drug firms on 94 discovery programs and signed 71 deals. Moreover, ABCL is already profitable, a rarity among newly listed stocks in this sector. It was founded by Carl Hanson using technology developed by the U of British Columbia which will own nearly 25% of the shares and will not sell any. It is shooting out of the gates today. BUY." Vivian put in an order at $56.7261.

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