☕️Ozempic Appetite

Good morning.

Drugmakers are upping the prices of 775 brand name drugs, according to the WSJ, some by as much as 10%. The increases have hit new medications designed to treat diabetes, like Ozempic and Mounjaro, which are being aggressively hunted-down by those looking to lose weight. Last year, the surge in demand forced Novo Nordisk to ration its Ozempic starter kits. Price increases are likely to impact the drugs’ accessibility even further.

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Market movers

Gina Rinehart-backed Liontown Resources plummeted over 10% on Thursday, after US-based Albemarle sold its 4% stake in the lithium producer, worth approximately $120 million. The sale ends Albermarle’s protracted efforts for an LTR takeover, which were thwarted by Rinehart notching up a 19.9% blocking stake in the company.

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The quick sync

• The Wollemi v Wollemi trademark dispute is set to re-ignite this week, as Wollemi Capital Group and Wollemi Capital battle for use of the eponymous term. (Capital Brief)

• ECB officials signal European rate-cuts to begin in June. (Bloomberg)

• Chip maker TSMC forecasts a revenue increase of over 20% this year on growing demand for chips used in AI applications. (Financial Times)

• Why is the race toward instant cross-border payments moving at a glacial pace? (Capital Brief)

• Consultation rules around offshore resources projects are set to be tightened in the coming months, following a series of legal wins by environmentalist groups that have succeeded in delaying various gas projects. (The Australian)

• Spirit Airlines is exploring restructuring options after its planned $5.8b merger with JetBlue was blocked by competition regulators. (Wall Street Journal)

Trading floor

M&A

• Action is brewing for rail freight operator Pacific National, as BlackRock’s GIP takeover could spell a capital structure revamp if the asset manager sees fit to reassess GIP’s stake in the operator. (Capital Brief)

• Battery Ventures has launched a global buyer-hunt for HR software business, PageUp. (AFR)

• MSC Trustees acquires Australian Executor Trustees Corporate Trust, overseeing $20b. (AFR)

Capital Markets

• Aussie payments tech DataMesh raises $15m ahead of Visa partnership. (AFR)

• Barrenjoey's equity desk secured the top spot in December with a 15.3% market share, driven by notable block trades, including transactions with Hub24 and IDP Education. (AFR)

• Social media platform Reddit is planning to launch IPO in March. (Reuters)

• Virgin Australia expands regional network with Link Airways code-share for loyalty boost and potential IPO preparation. (SMH)

• Bell Potter cancels investor meetings amid uranium stock surge. (AFR)

• Bell Potter readies equity raise for bricklaying robot maker FBR. (AFR)

  • FBR eyes potential sale of 300 Hadrian X robots in the US with joint venture. (BNA)

VC

• Jim Miller and Damian Secen have launched a new Melbourne-based infrastructure investment firm, Invalorem. (AFR)

People moves

• Sheryl Sandberg, Meta's former COO, to step down from board in May but will remain as an advisor. (Capital Brief)

• Qantas names Andrew Glance as leader of loyalty program, succeeding Olivia Wirth. (Capital Brief)

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