Feb 28, 2019 - Economy & Business

Big investors line up to oppose Bristol's buyout of Celgene

Pharma giant Bristol-Myers Squibb is facing heat from hedge funds. Photo: Drew Angerer/Getty Images

Hedge funds Wellington Management and Starboard Value both oppose Bristol-Myers Squibb's $74 billion takeover of Celgene. Starboard said in an open letter Thursday that "other large, long-term shareholders" likewise believe it's a bad deal.

Why it matters: Bristol-Myers CEO Giovanni Caforio said in response that buying Celgene "is the best path forward for our company." But this mega-merger has a serious chance of failing if Bristol-Myers can't assuage investors' concerns about the "massive patent cliff" from Celgene's blockbuster drug Revlimid and the strength of its development pipeline.

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Axios
Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 18,387,725 — Total deaths: 696,586 — Total recoveries — 10,976,180 — Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 4,758,028 — Total deaths: 156,426 — Total recoveries: 1,513,446 — Total tests: 57,543,852 — Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — Local governments go to war over schools.
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll.
  5. Politics: Trump's national security adviser returns to work after coronavirus recovery — Republicans push to expand small business loan program.
  6. Sports: Indy 500 to be held without fans — Rafael Nadal opts out of U.S. Open.
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Dave Lawler
Updated 1 hour ago - World

At least 50 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: Lebanon's health minister said in televised remarks that more than 50 people have been killed and over 3,000 injured. Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for the past six years, per NBC.

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Sara Fischer
2 hours ago - Economy & Business

"Mulan" will head to Disney+, home to more than 60 million subscribers

An outdoor ad for Disney's "Mulan" in Hollywood, California. Photo: Rich Fury/Getty Images

Disney announced Tuesday that its most highly-anticipated blockbuster of the year, the live-action remake of "Mulan," is heading to Disney+ on Sept. 4 for consumers to purchase for a premium access fee of $29.99. The movie's theatrical debut had previously been delayed four times.

Why it matters: It's a huge blow to movie exhibitors across the country that were relying on the Disney hit to come exclusively to theaters for at least a few months before being made available to consumers at home via streaming.

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