The video this transcript is based on appeared on December 19.
NEW YORK (TheStreet) -- The U.K.'s AstraZeneca and Germany's Bayer spend up to a combined $7.2 billion shoring up their portfolios. Laura Board reports from London.
Globally markets are still reacting to the Federal Reserve's tapering decision and for more on that we now go to Laura Board with deals London newsroom, bringing us the latest on indices as well as individual stocks. Laura?
Thanks John. Yes, markets here in Europe looking really good, people feeling well reassured about those Federal Reserve words about what will happen to rates when the unemployment rate in the US dips below 5.5 percent. Two interesting drug deals today. AstraZeneca (AZN) of the UK has agreed to spend up to 4.3 billion dollars buying out its partner Bristol Meyers Squibb (BMY) of New York from a diabetes joint venture. AstraZeneca wants to make use of its strong presence in emerging markets to tap into random answer diabetes treatments in those countries as economic growth brings on western-style ailments such as diabetes. Over in Germany and Norway Bayer has sweetened its offer for Algeta to about 2.9 billion dollars in order to reel in these prostate cancer drug they've been developing together. Some analysts backing event when the first proposal became public said Bayer was already paying a little too much. The Algeta stock had already risen more than twice in the past year. However, both shares are up marginally today and Algeta, luckily for Bayer, is holding just below that 362 Norwegian krone price the two companies agreed upon.
Over in Sweden a bit of excitement hit some European aerospace. Saab has received a 4.5 billion order for fighter jets from Brazil. A little geo-political twists on the NSA spying scandal, the talk is that Brazil is packed with the US and therefore has chosen Saab instead of Boeing for this big order over 10-year periods. Saab shares right now up about 25 percent on the news. Back to you John.
Thank you Laura. That was Laura Board in The Deal's London studios.
Written by Jon Marino in New York.