Amazon Hires Dozens of Former FTC Officials, Volkswagen Discusses With Tesla to Adopt North American Charging Standard, FDA Approves First Hemophilia A BioMarin Gene Therapy: Today's Top Stories

New York Post

FTC Chair Lina Khan's Impact? Amazon Hires Dozens of Former FTC Officials

• Amazon.Com Inc (NASDAQ:AMZN) is poaching several staffers from the Federal Trade Commission as it gears up for an antitrust battle with the regulator.
• The firm battling charges of strong-arming third-party sellers into using its logistics network – has already hired around a dozen former FTC officials.
• Insiders say FTC Chair Lina Khan made Amazon's hiring spree much easier.

 

Reuters

Volkswagen May Join Other Players - It's In Talks with Tesla to Adopt North American Charging Standard

• Volkswagen AG (OTC:VWAGY) is in discussion with Tesla, Inc (NASDAQ:TSLA) to leverage its North American Charging Standard (NACS) technology. The German automaker's charging network unit Electrify America has already agreed to employ the system.
• Ford Motor Co (NYSE: F), General Motors Co (NYSE: GM), and ChargePoint Holdings, Inc (NYSE: CHPT) are among the companies that have signed up for Tesla's charging design.

Foxconn Plans $246M Investment In Northern Vietnam For Manufacturing EV Parts

• Taiwanese electronics contract manufacturer Foxconn Technology Co., Ltd. (OTC:FXCOF) has reportedly received approval from Vietnam to invest $246 million in two new projects in its northern province of Quang Ninh.
• Foxconn Singapore will undertake projects centered on manufacturing and assembling telecom and electric vehicle parts.
• Foxconn will spend $200 million on producing EV chargers and components, beginning in January 2025 with a workforce of 1,200 people.

 

Benzinga

BioMarin's Delayed Roctavian Scores FDA Nod As First Hemophilia A Gene Therapy In US

• The FDA approved BioMarin Pharmaceutical Inc's (NASDAQ:BMRN) Roctavian (valoctocogene roxaparvovec-rvox) gene therapy for adults with severe hemophilia A (congenital factor VIII (FVIII) deficiency with FVIII activity < 1 IU/dL) without antibodies to adeno-associated virus serotype 5.
• The one-time, single-dose infusion is the first approved gene therapy for severe hemophilia A in the U.S. Roctavian was approved by the European Medicines Agency in August 2022.
• In March, the FDA said it needed more time to review a three-year analysis from BioMarin's ongoing Phase 3 GENEr8-1 study of Hemophilia A gene therapy, which BioMarin submitted earlier this year.

Bausch + Lomb Poised To Boost Presence In Growing Market With Potential $1.75B Drug Acquisition Deal From Novartis

• Bausch + Lomb Corporation (NYSE:BLCO) has agreed to acquire 'front of eye' ophthalmology assets for $1.75 billion in upfront cash, plus additional milestone payments from Novartis AG (NYSE:NVS), marking the first significant move by CEO Brent Saunders since his return to Bausch + Lomb in March of this year.
• The deal includes Xiidra (an eye drop for dry eye symptoms), investigational medicine SAF312 (libvatrep) for chronic ocular surface pain, the rights for the use of the AcuStream delivery device in dry eye indications, and OJL332, a second-generation TRPV1 antagonist in pre-clinical development.
• Novartis will receive milestone payments of up to $750 million linked to anticipated future sales for Xiidra, SAF312, and OJL332. 

Lordstown Motors Receives Stock Exchange Delisting Notice

• Lordstown Motors Corp (NASDAQ:RIDE) stock is trading lower Friday after receiving a delisting notice from Nasdaq. Lordstown Motors filed for Chapter 11 bankruptcy after its rescue deal with Hon Hai Precision Industry Co Ltd (OTC:HNHPF) Foxconn failed.
• Foxconn was supposed to buy a tenth of Lordstown's equity at $1.76 per share. Lordstown executed a reverse 1-for-15 stock split to avoid delisting from Nasdaq. Foxconn claimed that the reverse stock split entitled them to purchase 62.7% of Lordstown's common stock.
• Lordstown's shares were trading at around $3.70 after the reverse split, making the purchase unappealing for Foxconn.

FDA Approves Renalytix's KidneyIntelX.dkd Prognostic Kidney Function Test

• Renalytix plc (NASDAQ:RNLX) shares are gaining after the FDA granted De Novo marketing authorization for its KidneyIntelX.dkd prognostic test to assess the risk of progressive kidney function decline in adults with diabetes and early-stage kidney disease.
• KidneyIntelX.dkd stratifies patients into three risk levels (low, moderate, and high). This result provides comprehensive information on patient risk for progressive decline in kidney function within five years, independently of the current standard of care measures. 

Spirit AeroSystems Workers End Strike At Wichita Plant By Approving New Contract Proposal

• Spirit AeroSystems Holdings Inc (NYSE:SPR) unit Spirit AeroSystems will restore operations at its Wichita plant, with complete production starting July 5.
• The Wichita plant produces Boeing Co's (NYSE:BA) narrow-body aircraft and defense and business jet structures. The resumption of operation follows a voting procedure where the union workers from the International Association of Machinists and Aerospace Workers (IAM) agreed to a four-year contract proposal for wage increases and bonuses.
• "We listened closely to our employees and brought forward a fair-and-competitive offer," said Tom Gentile, President and CEO of Spirit AeroSystems. 

Southwest Pilots On The Verge Of Strike As They Seek To Be Released From Mediation

• Southwest Airlines Co.'s (NYSE:LUV) pilots' union is reportedly moving closer to a possible strike.
• LUV's pilot union filed a request with the National Mediation Board (NMB) to be officially released from mediation.
• The union stated that talks began more than three years ago and were joined by a mediator in September 2022, but several critical problems remain unsolved.

Stellantis Invests In Kuniko For Supply Of European Battery Materials

• Stellantis NV (NYSE:STLA) has signed a battery materials supply agreement with the Norwegian company Kuniko Ltd. The financial terms were not disclosed.
• STLA has inked a binding offtake term sheet agreement securing a 35% future production offtake of nickel sulfate and cobalt sulfate from Kuniko's Norwegian exploration projects for nine years.
• In addition, Stellantis agreed to purchase €5.0 million in new equity in Kuniko, giving it a 19.99% shareholding on completion and the rights to nominate one director to the Kuniko board.

 

Wall Street Journal

PG&E Applies For ~$7B In Federal Loan To Reduce California Wildfire Risk

• PG&E Corporation (NYSE:PCG) has reportedly applied for a $7 billion federal loan.
• The loan will help PG&E fulfill its ambitious goals to reduce California wildfire risk by burying power lines and upgrading the electric grid.
• The company was invited to apply for funding from the Energy Department's Loan Programs Office, which finances critical energy projects tied to the shift away from fossil fuels, added the report. 

 

CNBC

Alibaba's Grocery Unit Expands Its Physical Stores In China 

• Alibaba Group Holding Limited (NASDAQ:AMZN) stock continues to attract investor interest despite reports suggesting a possible contraction in Chinese manufacturing in June.
• On the flip side, the company said that Alibaba's grocery unit Freshippo expanded its number of physical stores in China on Friday as it prepares to spin off from its parent company and go public.
• Freshippo, known as Hema in China, plans to open 12 stores across mainland China in significant cities, including Beijing, Shanghai, and Guangzhou.

Photo via Wikimedia Commons