Financial Daily Dose 8.26.2019 | Top Story: Amgen to Pay More Than $13 Billion for Otezla

Robins Kaplan LLP

Robins Kaplan LLP

Amgen will pay $13.4 billion in cash to buy psoriasis treatment Otezla, a deal that will “pave the way for Bristol-Myers Squibb to complete its acquisition of Celgene” by addressing “regulatory concerns over their union” – WSJ

Fed Chair Powell seemed to hit just about all the right notes in Jackson Hole on Friday (with a notable exception, of course), but a fresh escalation in the Sino-American trade war meant a very, very bad day on Wall Street and a complicated global economic picture – NYTimes and WSJ and Bloomberg and MarketWatch and Law360

Oh yeah, and the White House dusted off a 1977 emergency economic powers measure to justify its surprising order to all US companies on Friday to stop doing business with China altogether – NYTimes and MarketWatch

A couple thoughts on whether that’s even possible for American companies that have spent decades working their way into China’s economy – NYTimes

And after all that, maybe the two sides are talking again? – Bloomberg and WSJ and MarketWatch

Hasbro’s recent pickup of Peppa Pig was part of a broader trend of foreign entities looking to take advantage of the Brexit-looming contracting British economy – NYTimes and WSJ

Speaking of Brexit, the Bank of England’s chief, Mark Carney, who has plenty of experience at this point with politically driven economic disruption, is calling out the trade war for its impact on global economic growth – WSJ [and Bloomberg]

Carney had some other thoughts for us, too—namely, that a Libra-like cryptocurrency should replace the dollar as the world’s go-to currency of choice. Uhhhh. Okay, Mark – WSJ

The US and Japan are reportedly closing in on a trade deal that would cut certain Japanese tariffs on US ag imports in exchange for a delay in the White House threat of new taxes on incoming Japanese autos – Bloomberg

Some rare, welcome good news for Boeing, which received word from the FAA that it can likely conduct its 737 Max certification flight in October, a “key milestone toward returning the grounded jetliner to the skies” – Bloomberg

Wells Fargo will have to “face claims that its allegedly discriminatory lending practices cost the city of Sacramento property taxes” after federal district court judge Kimberly Mueller largely rejected the bank’s motion challenging the city’s FHA-based pleadings – Law360

An increasing number of clients are pushing for female financial advisers, and wealth management firms are starting to find ways to respond to those demands in a pretty remarkable shift in the industry – WSJ

Last week the 7th Circuit threw out a $5.2 million restitution award the FTC had been awarded in an action against an “allegedly deceptive credit monitoring service,” a move that overturned precedent to “find that the statute the agency sued under doesn’t authorize such an award.” The ruling creates significant uncertainty for the commission’s enforcement program – Law360

Amazon has joined rival Walmart in accusing Tesla’s rooftop solar panels of catching fire – Bloomberg

As the crumbs settle and tweets quiet, one thing appears quite certain: the Chicken Sandwich Wars of the summer of 2019 were no accident – Bloomberg

Written by:

Robins Kaplan LLP

Robins Kaplan LLP on:

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