Good morning. It's Tuesday, Dec. 13, and we're covering the arrest of a cryptocurrency exchange founder, this year's largest healthcare merger, and much more. First time reading? Sign up here.
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Sam Bankman-Fried, founder and former chief executive officer of bankrupt cryptocurrency exchange FTX, was arrested yesterday in the Bahamas at the request of the US government. He is expected to be extradited to the US, while his arrest charges are expected to be unsealed today, according to the US Attorney for the Southern District of New York (see statement via Twitter).
Bankman-Fried is under criminal investigation by US and Bahamian authorities following FTX's collapse last month. FTX, once valued at $32B, is headquartered in the Bahamas, where Bankman-Fried also resides. The one-time cryptocurrency billionaire's arrest comes a day before he was set to testify in front of Congress, along with the company's new CEO, John Ray III (10 am ET, see here), who oversaw Enron's 2001 bankruptcy.
FTX filed for bankruptcy following a report that it had lent and lost billions in customer deposits to its sister investor trading firm, Alameda Research. FTX and its affiliates have about $1.24B in cash balances but owe $3.1B to its largest 50 creditors. Read about FTX's balance sheet here. |
Peruvian President Dina Boluarte yesterday proposed the country should move up its general elections two years to April 2024 amid nationwide protests, which have left at least four people dead, key roads blockaded, and an airport obstructed.
The protests are primarily in support of Boluarte's predecessor Pedro Castillo—a former schoolteacher-turned-politician who was ousted and arrested last week after an attempt to dissolve the opposition-controlled Congress (see background). Protestors are demanding fresh elections for a new president and all members of Congress, the release of Castillo, and the resignation of Boluarte. Castillo's 17-month term as president included six investigations against him and three impeachment trials, among a power struggle with Congress.
The news follows years of political turmoil in the country. Boluarte also said she would propose constitutional reforms. Peru has had six presidents in the last five years, including three in a single week in 2020. |
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Pharmaceutical company Amgen Inc. agreed to buy rare disease drug manufacturer Horizon Therapeutics yesterday for close to $28B in cash at $116.50 a share, the largest US healthcare acquisition this year. The deal is expected to be complete by mid-2023.
Horizon's portfolio of rare disease therapies has seen significant revenue growth in recent quarters, promising a boost in cash flow for Amgen as it anticipates a drop in sales for several expiring patents. The 15-year-old Dublin-based company's flagship drug, Tepezza, has seen success against eye inflammation caused by thyroid eye disease, a diagnosis tens of thousands of Americans receive each year. Shares in Horizon jumped over 15% on the news.
Amgen beat out both Johnson & Johnson and Sanofi in a monthlong bidding competition for the fast-growing drug producer. It is Amgen's second acquisition since October when it purchased ChemoCentryx for $3.7B. |
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Sports, Entertainment, & Culture
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> The 2023 Golden Globe nominations announced; “The Banshees of Inisherin" tops all films with eight nominations (More) | The 2022 Black List of Hollywood's favorite unproduced screenplays released (More) |
> Richmond, Virginia, removes statue of Confederate General AP Hill, the last city-owned Confederate monument (More) |
> Argentina and Croatia kick off the World Cup semifinals today (2 pm ET, Fox), with Morocco taking on France tomorrow (2 pm ET, Fox) (More) |
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> Fusion energy breakthrough expected to be announced by US scientists this morning; reports suggest researchers have achieved controlled net energy gain from a fusion reaction for the first time (More) | Watch livestream (More, 10 am ET) | How fusion power could change the world (More) |
> Twitter relaunches Twitter Blue verification program for $8 per month ($11 for Apple devices); includes a Blue for Business tier with gold checkmarks (More) | CEO Elon Musk reportedly dissolves company's Trust and Safety Council (More) |
> Antimatter can travel thousands of light-years through the Milky Way without being absorbed; new results shed light on whether some antimatter reaching Earth may originate from dark matter (More) |
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> US stock markets close higher (S&P 500 +1.4%, Dow +1.6%, Nasdaq +1.3%) ahead of today’s November inflation report and Wednesday’s Federal Reserve rate announcement (More) |
> Grilling company Weber agrees to be taken private in $3.7B deal with controlling shareholder BDT Capital Partners, LLC; BDT to buy all outstanding shares at $8.05 per share (More) |
> Microsoft to acquire 4% stake in London Stock Exchange; LSE will also spend $2.8B on Microsoft cloud services over 10 years (More) |
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> Iran executes second person amid mass protests across the country; Majidreza Rahnavard was publicly hanged from a construction crane after allegedly fatally stabbing two security force members (More) | G-7 nations vow to continue to boost Ukraine's military capabilities, with a focus on air defense (More) | Three gunmen killed, at least 18 people injured after hotel attack in Kabul, Afghanistan (More) |
> Hawaii's last princess, Abigail Kinoiki Kekaulike Kawānanakoa, dies at 96; Kawānanakoa held no formal title but was a descendant of the royal family that once ruled the islands (More) |
> Federal judge dismisses former President Donald Trump's lawsuit that sought a special master review of classified government documents seized at his Mar-a-Lago residence (More) | Supreme Court agrees to hear second bid to revive federal student loan forgiveness program in February (More) |
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> Miniature Murder Scenes
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The Markup/The Verge | Dara Kerr. An investigation into delays by ridesharing company Uber in response to law enforcement requests after drivers are attacked by passengers and how drivers are being left vulnerable to repeated attacks. (Read) |
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