๐Ÿ’Š $4.3B Biopharma Acquisition. Nigeria Stock Index Down 3%.

Impact Capital Markets #57 looks at HolonIQ's Nigeria stock index, major impact deals, M&A, and upcoming economic releases.

Selam โ˜•

๐Ÿ“‰ Today's Global Economic Update: Australia's Consumer Confidence Index declined by 1.8% month-on-month in March 2024, following a 6.2% increase in February. Although last month saw consumer sentiments improve, the March survey update showed that progress continues to be slow.

๐Ÿ’Š Deal of the Day: Gilead Sciences acquired CymaBay Therapeutics, a biopharmaceutical company, for $4.3B.

What's New?

  • ๐Ÿฆ… Nigeria. Nigeria stock index down 3%
  • ๐Ÿ’ฐ Funding. Precision meds, biotech, eco-sourcing & mineral exploration
  • ๐Ÿ’ผ M&A. Deals in the biopharmaceutical sector
  • ๐Ÿ“… Economics. Inflation, US GDP, personal income & spending + more

๐Ÿฆ… Nigeria Stock Index Down 3%

HolonIQโ€™s Nigeria stock index declined by 3% over the past year, reflecting a correction following economic reforms in the country. President Bola Tinubuโ€™s policy decision to withdraw fuel subsidies had a chain reaction that led to 31.7% inflation levels in February 2024. The peg on Nigeriaโ€™s currency was also removed in 2023. Since then, it has observed declines of more than 200%, leading to higher import costs for businesses. This was compounded further by price increases as a result of inflationary effects globally. As firms grapple with this uncertainty, stocks in the index, including Guaranty Trust Holding Co. ($990M MCap) and Zenith Bank ($865M MCap), have observed declines.  

On February 27th, the monetary board increased its interest rate by 400 bps to 22.75%. Monetary tightening has been in place since 2022 and has been welcomed by the IMF as a means of containing inflation levels. The high-interest rates will likely incentivize investors to move away from equities towards fixed income, similar to what was seen during Sri Lanka's economic crisis.

๐Ÿ’ฐ Funding

๐Ÿ’‰ Mirador Therapeutics, a California-based precision medicine company, raised $400M Series A from ARCH Venture Partners to develop its therapeutic programs.

๐Ÿงฌ Edgewood Oncology, a Massachusetts-based biotechnology company, raised a $20M Series A from Alta Partners to advance its clinical pipeline of treatments for acute myeloid leukemia.

๐ŸŒฑ Circular, a California-based platform developed to simplify sustainable sourcing of post-consumer recycled (PCR) plastic, raised $10.5M to expand its team.

โ›๏ธ Aberdeen Minerals, a UK-based mineral exploration company, raised $6.9M from Central Asia Metals to fund its battery mineral exploration programs.

๐Ÿ’ผ M&A

๐Ÿ’Š Gilead Sciences, a California-based biopharmaceutical company, acquired CymaBay Therapeutics, a New Jersey-based biopharmaceutical company focused on developing therapies for patients with liver and other chronic diseases, for $4.3B.

๐Ÿงฌ AstraZeneca has entered into a definitive agreement to acquire Fusion Pharmaceuticals, a Canadian clinical-stage biopharmaceutical company developing radioconjugates, for approximately $2.4B.

๐Ÿ“… Economic Calendar

Inflation, US GDP, Personal Income & Spending + More

Tuesday, March 26th 2024

๐Ÿ‡ฉ๐Ÿ‡ช Germany GfK Consumer Confidence Index, April
๐Ÿ‡บ๐Ÿ‡ธ US Durable Goods Orders Data, February

Thursday, March 28th 2024

๐Ÿ‡บ๐Ÿ‡ธ US Core PCE Price Index Data, February
๐Ÿ‡บ๐Ÿ‡ธ US GDP Growth Data, Q4

Friday, March 29th 2024

๐Ÿ‡ซ๐Ÿ‡ท France Inflation Data (Preliminary), March
๐Ÿ‡ฎ๐Ÿ‡น Italy Inflation Data (Preliminary), March
๐Ÿ‡บ๐Ÿ‡ธ US Personal Income & Spending Data, February

Monday, April 1st 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Tankan Large Manufacturers Index, Q1
๐Ÿ‡จ๐Ÿ‡ณ China Caixin Manufacturing PMI, March
๐Ÿ‡บ๐Ÿ‡ธ US ISM Manufacturing PMI, March

Tuesday, April 2nd 2024

๐Ÿ‡ฆ๐Ÿ‡บ Australia RBA Meeting Minutes
๐Ÿ‡ฉ๐Ÿ‡ช Germany Inflation Data (Preliminary), March
๐Ÿ‡บ๐Ÿ‡ธ US JOLTs Job Openings, February

Wednesday, April 3rd 2024

๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Inflation Data, March
๐Ÿ‡บ๐Ÿ‡ธ US ISM Services PMI, March

Friday, April 5th 2024

๐Ÿ‡ฆ๐Ÿ‡บ Australia Balance of Trade Data, February
๐Ÿ‡จ๐Ÿ‡ฆ Canada Balance of Trade Data, February
๐Ÿ‡จ๐Ÿ‡ฆ Canada Employment Data, March
๐Ÿ‡บ๐Ÿ‡ธ US Employment Data, March
๐Ÿ‡จ๐Ÿ‡ฆ Canada Ivey PMI, March


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