Here are five things you must know for Monday, Oct. 30:
Advanced Accelerator develops, produces and commercializes molecular nuclear medicines including Lutathera, which was approved in Europe in September for use against gastroenteropancreatic neuroendocrine tumors. The drug, which treats the kind of cancer that killed Apple Inc. founder Steve Jobs, is under review for use in the U.S.
Under the deal, Novartis will make a cash offer of $41 a share and $82 per American depositary share for Advanced Accelerator, valuing the French company at AAA at $3.9 billion.
"Novartis has a strong legacy in the development and commercialization of medicines for neuroendocrine tumors where significant unmet need remains for patients," said Novartis Oncology CEO Bruno Strigini. "With Lutathera we can build on this legacy by expanding the global reach of this novel, differentiated treatment approach and work to maximize Advanced Accelerator Applications broader RLT pipeline and an exciting technology platform."
ADRs of Advanced Accelerator were rising 10% in premarket U.S. trading.
The Dutch paints maker said it was in "constructive discussions" about a "merger of equals" of AkzoNobel Paints & Coating and Axalta, which would create a company with a market value of about $30 billion. Akzo Nobel was responding to market speculation about the talks that sent Axalta's shares up 16.95% on Friday, Oct. 27, to $33.15..
Akzo Nobel shares were up 0.7% in Amsterdam, while shares of Axalta fell 1.7% in premarket trading on Monday.
Akzo Nobel has been under pressure from activist investor Elliott Management Corp. months after it rejected a $30 billion takeover approach from PPG Industries (PPG) earlier this year.
4. -- CVS Health Corp.'s (CVS) bid for Aetna Inc. (AET) was the culmination of a wide-ranging hunt by the drugstore giant for a deal partner, the Journal reported.
CVS has been examining different deal possibilities for about six months, the Journal reported, citing sources. That process included informal and preliminary approaches to Anthem Inc. (ANTM) and UnitedHealth Group Inc. (UNH) , according to the newspaper.
5. -- Shares of HSBC PLC (HSBC) were falling 1.2% in premarket U.S. trading after the company posted solid third-quarter earnings thanks to a renewed drive into key markets in Asia but cautioned that a previous return on equity target may be delayed until next year.
Europe's biggest bank said profit for the three months ended in September grew nearly fivefold to $4.6 billion, a figure that fell largely in-line with analysts' estimates and was overwhelmingly driven by growth in Asia. However, the bank's aim for a return on equity of 10% for the full year likely won't be achieved until 2018 after hitting 8.2% for the first nine months.Here's What You Should Be Watching out of Europe This Week:
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This story has been updated to include information on special counsel Robert Mueller's probe of Russian medding in 2016 presidential election.