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Here are five things you must know for Wednesday, Aug. 24:
1. -- Just days after reaching an agreement to buy Medivation (MDVN) for $14 billion, Pfizer (PFE) - Get Report bought the commercialization and development rights to AstraZeneca's (AZN) - Get Reportlate-stage small molecule antibiotics business globally outside the U.S. in a deal that that could be valued at more than $1.5 billion.
The portfolio includes approved antibiotics Merrem, Zinforo and Zavicefta. It also includes ATM-AVI and CXL, which are in clinical development.
The deal is expected to close in the fourth quarter of 2016.
American depositary receipts of AstraZeneca traded slightly lower in premarket trading on Wednesday. Pfizer shares were inactive.
2. -- Tesla Motors (TSLA) - Get Report unveiled a new version of its Model S capable of going more than 300 miles on a single charge, the first automaker to break the 300-mile barrier in a production vehicle.
The company said the new 100-kilowatt battery would also be available on its Model X SUV, and would increase the acceleration of both models making them the fastest 0 to 60 mph vehicles in their classes. Customers who have ordered vehicles with the existing 90-kWh battery packs but have not taken delivery can upgrade their vehicles for an extra $10,000, while existing owners can upgrade the pack for $20,000.
The extra cash could be important for Tesla, which faces massive bills in the quarter to come as it finishes development and begins production on its lower-cost Model 3 sedan while continuing to build its network of retail outlets and charging stations and provides funding for acquisition target SolarCity (SCTY) .
Separately, a regulatory filing on Tuesday showed that Tesla CEO Elon Musk is buying more than half of a $124 million bond offer by SolarCity. Musk is SolarCity's chairman and its largest shareholder. Reuters reported that it appeared to be the first time that Musk has directly purchased the so-called solar bonds although SpaceX, Musk's rocket and space transport services company, has bought them in the past.
Tesla shares rose 0.6% in premarket trading.
3. -- U.S. stock futures were rising slightly Wednesday ahead of more data on the housing market and as European stocks traded mixed following a 6.2 magnitude earthquake that hit central Italy and left a reported 23 dead.
According to the Associated Press, three towns were hit hard by the quake and rescue crews raced to dig survivors out of the rubble. The death toll was expected to rise as crews reached homes in more remote hamlets.
The economic calendar in the U.S. Wednesday includes the FHFA Housing Price Index for June at 9 a.m. EDT, Existing Home Sales for July at 10 a.m., and Crude Inventories for the week ended Aug. 20, at 10:30 a.m.
Wednesday also marks the one-year anniversary of a "flash crash" that saw the Dow Jones Industrial Average drop about 1,100 points in the first five minutes of trading.
4. -- Fitbit (FIT) - Get Report didn't steal rival Jawbone's trade secrets, a U.S. International Trade Commission judge ruled on Tuesday, dashing Jawbone's hopes of securing an import ban against Fitbit's wearable fitness tracking devices, Reuters reported.
The judge, Dee Lord, said there had been no violation of the Tariff Act, which gives the commission the power to block products that infringe U.S. intellectual property, because "no party has been shown to have misappropriated any trade secret."
The ruling means Jawbone comes away with nothing from a complaint it filed with the trade agency in July 2015, accusing Fitbit of infringing six patents and poaching employees who took with them confidential data about Jawbone's business, such as plans, supply chains and technical details, Reuters noted.
Fitbit shares rose slightly in premarket trading.
5. -- Glencore (GLNCY) , the world's No.3 mining company by market value, posted first-half earnings per share of 2 cents, down from 7 cent a year earlier as weak commodity prices led to a 66% decline in first half income.
The results were largely in line with analysts' expectations but failed to impress the market. Glencore shares fell almost 3% in European trading.