Auquan's Weekly Wrap | 15th - 21st October: What you might have missed
Recap of some market activity and unique insights this week: The first-ever licensing agreement for a cancer drug. Child labour investigations in the auto sector. Lafarge's heavy terror funding penalty
Cancer Drug Development
A UN-backed public health organisation announced the first-ever licensing agreement with Novartis for a cancer drug (for chronic myeloid leukaemia). This will enable selected manufacturers to develop, manufacture and supply generic versions of nilotinib, a twice-daily oral medication used to treat chronic myeloid leukaemia. This follows Merck's announcement earlier this month, opting to develop and sell a cancer vaccine with Moderna Inc. to treat patients with melanoma.
- Novartis Pharma Signs World's 1st Licensing Deal For Cancer Drug
- Merck opts to develop, sell cancer vaccine with Moderna
- AstraZeneca (AZN) Looks to More Than Double New Cancer Drugs by 2030
Automobile Sector Child Labor Abuse
Child labor violations in US supply chains have prompted Korea's top automaker Hyundai to investigate it's suppliers in Alabama and potentially 'sever ties'. Just over a week ago the U.S. Department of Labor and the Alabama Department of Labor anounced authorities have fined SL Albama after finding children as young as 13 working at their Korean operated factories. The firm also supplies auto-maker Kia.
- Korean auto giant Hyundai investigating child labor in its U.S. supply chain
- Investor group, unions push Hyundai to address child labor at U.S. suppliers
- Hyundai, Kia auto parts supplier in Alabama fined for child labor violations
- U.S. Acknowledges Child Labour in Electric Vehicle Supply Chain
Lafarge Terror Funding Charges
Crimes against humanity and serious human rights allegations for supporting the Islamic State and terror groups have shadowed French cement maker Lafarge (part of Swiss-listed Holcim) for well over a year. Just this week, the firm pleaded guilty in US federal court, agreeing to pay $778 million and serve a term of three years probation.
- French Cement Firm Lafarge Pleads Guilty to Conspiring to Support Islamic State
- French Cement Company to Pay $780 Million Over Payoffs to ISIS
- Lafarge pleads guilty to U.S. charge of supporting Islamic State, to pay $778 million
France Utility Workers Strike
With 20 French nuclear reactors remaining disrupted by strikes, maintenance work delayed at 17 and lower production at 3, the impacts of power shortages are heavily being exacerbated at a time when Europe is already facing an energy crunch triggered by the Ukraine war. 'Heavy consequences' are predicted for the country's winter electricty supplies - causing concern for businesses shutting down or delaying production.
- Twenty French nuclear reactors affected by strike, union says
- EDF to start negotiations to end French nuclear plant strikes
- France's grid operator: EDF strikes could have heavy consequences for winter supply
- Wage negotiations with EDF will start next week
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