Markets

Transocean Acquires Ocean Rig for $2.7 Billion as Oil-Market Stability Bolsters Offshore Demand

Transocean Acquires Ocean Rig for $2.7 Billion as Oil-Market Stability Bolsters Offshore Demand

Transocean (RIG) will acquire Ocean Rig UDW (ORIG) for $2.7 billion including debt, adding the latter’s drillships to its energy services sector portfolio after rising oil prices brings growing demand for offshore oil production activity. Steinhausen, Switzerland-based Transocean said its shareholders will own about 79% of the combined company while current Ocean Rig investors will hold about 21%. Annual cost […]

Novartis Plans to Streamline Worldwide Production to Boost Operating Profit Margin

Novartis AG (NVS) is planning to streamline its worldwide production to give its operating profit margin a boost amid falling drug prices in the United States, Chairman Joerg Reinhardt told Swiss weekly NZZ am Sonntag, Reuters reported Sunday. In an interview, Reinhardt revealed that the proceeds from drug sales in the United States fell between 1% and 2% last year, […]

Apellis Shares Rise After Saying Co-Treating With Eculizumab and APL-2 Shows Improvement

Apellis Shares Rise After Saying Co-Treating With Eculizumab and APL-2 Shows Improvement

Apellis Pharmaceuticals (APLS) shares rose as much as 4.1% in Tuesday trading after the clinical-stage biopharmaceutical company provided an update on its US-based phase 1b Pharoah trial for patients with paroxysmal nocturnal hemoglobinuria (PHN). Shares rose 2.8% to $19.90 at 2:04 pm ET in New York on Tuesday. The Pharoah trial is evaluating treatment with APL-2, a novel inhibitor of […]