☕️Bumper Biotech

Good morning.

It’s a tough time to be a young professional. Beyond unattainable real estate, bonuses falling flat, and Apple watches being pulled from the shelves, now its becoming difficult to enjoy even the smaller things in life. Not only are hemp gummies sending sweet-toothed youths to the emergency ward, but without a spare $500 lying around, they might not even have their dream Tinder date to keep them company. May 2024 be full of low rates and high bonuses.

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Market movers

Biotech group Neuren Pharmaceuticals rocketed almost 30% Monday to $22.50, and continued climbing to almost $24 by close of trading Tuesday. The surge follows Neuren’s positive results on a phase-two clinical trial for its drug to treat children’s cognitive disorder Phelan-McDermid syndrome. This week’s soaring share price values the biotech at a record $2.8 billion.

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The quick sync

• Global fund managers slash cash holdings to push funds toward tech stocks and bonds, on the bet that they’ll rocket on the Fed’s incoming rate cuts. (AFR)

• Activist investor Cevian bets on UBS doubling its valuation with $1.95bn stake. (Capital Brief)

• Volkswagen is cutting 20% of administrative staffing costs to reach earnings of $6.5bn in 2024. (Capital Brief)

• Shares in Affirm jump on news the buy-now-pay-later firm will extend its partnership with Walmart. (Wall Street Journal)

• Head of Accenture says most firms lack the basic data infrastructure required to deploy AI technology at scale. (Financial Times)

• FTX filed a new proposal with Bahamian liquidators to repay billions to its creditors. (Capital Brief)

Trading floor

M&A

• Barro family, part of a joint bid for Adbri, to remain a competitor in some markets. (AFR)

• Hancock Prospecting has teamed up with Chilean mining company Sociedad Química y Minera (SQM) in a $1.7bn bid to acquire Azure Minerals. (SMH)

• Washington H. Soul Pattinson has expanded Luminis Partners' role at Perpetual, with the advisory firm now assisting the board across the group. (AFR)

• The Australian Performing Arts Conservatory (APAC), is set to be acquired by UK-headquartered Global Education Holdings (GEDU). (BNA)

• Pemba Capital acquires a 40% stake in Rennie Advisory, continuing the private equity trend in the professional services sector. (AFR)

CAPITAL MARKETS

• Stockland invests $1.3bn in 12 under-construction land and home villages from Lendlease. (SMH)

• EBOS has raised its stake in Southeast Asian medical device distributor Transmedic from 51% to 90%. (Capital Brief)

• G8 Education shares surge over 12% after trading update forecasts a full-year net profit which almost doubles 2022. (Capital Brief)

VC

• Payble, a Sydney startup streamlining payment solutions, secures $3.5m in funding. (BNA)

People moves

• None

The watercooler