Jun 8, 2020 - Economy & Business

AstraZeneca approached Gilead Sciences about possible merger

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

AstraZeneca approached Gilead Sciences last month about a possible merger, although the two companies aren't currently in formal talks, as first reported by Bloomberg.

Why it matters: This still feels highly unlikely but, if consummated, would be the largest health care merger in history. AstraZeneca has a current market cap of around $140 billion, while Gilead's is $96 billion. It also could portend a rash of pharma deal-talk ahead of treatments or vaccines for COVID-19.

The bottom line: "Most large biopharma deals arise from a position of distress, not strength, and Gilead today is far from distressed," per an SVB Leernik analyst note.

"It may suggest that AZN is looking to leverage its valuation and current strategic position by making a large acquisition to diversify away from dependence on its blockbuster oncology franchise."
"Other targets, such as perhaps Biogen, Amgen, or Alexion, may be equally suitable for these purposes, and could prove more amenable to overtures."

Go deeper: Wall Street forecasts blockbuster sales for Gilead's coronavirus drug remdesivir

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 1 p.m. ET: 11,137,846 — Total deaths: 526,156 — Total recoveries — 6,003,824 — Map.
U.S.: Total confirmed cases as of 1 p.m. ET: 2,809,108 — Total deaths: 129,509 — Total recoveries: 883,561 — Total tested: 34,213,497 — Map.
States: America's exceptionally uneventful Fourth of July — ICU beds in Arizona's hot spot reach near capacity.
Public health: U.S. coronavirus infections hit record highs for 3 straight days.
Politics: Trump extends PPP application deadline — Kimberly Guilfoyle tests positive.
World: Mexican leaders call for tighter border control as infections rise in U.S.
Sports: 31 MLB players test positive as workouts resume.
1 📽 thing: Drive-in movie theaters are making a comeback.

Go deeper (<1 min. read)

2 hours ago - Health

U.S. coronavirus infections hit record highs for 3 straight days

Illustration: Aïda Amer/Axios

The U.S. has reached new highs in single-day coronavirus infections for three consecutive days this week, per data from Johns Hopkins and the COVID Tracking Project.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Witherspoon and Caitlin Owens report.

Go deeper (<1 min. read)

Updated 2 hours ago - Politics & Policy

Colorado police chief fires officers who reenacted Elijah McClain's death

LaWayne Mosley, father of Elijah McClain, wears a t-shirt with is son's picture on it during a press conference in Oct. 2019. Photo: Andy Cross/MediaNewsGroup/The Denver Post via Getty Images

Interim Aurora, Colo., police chief Vanessa Wilson fired two officers for reenacting the death of 23-year-old Elijah McClain and a third officer for commenting on the photo that captured the "despicable act," The Washington Post reports.

Why it matters: McClain died in the summer of 2019 after police officers held him in a chokehold and paramedics used a sedative, ketamine. People have been protesting McClain's death recently after the police killing of George Floyd revitalized the movement against police brutality.

Go deeper (1 min. read)