It’s a big payday for Bind Therapeutics, which will be receiving as much as $200 million per potential drug from Pfizer (NYSE:PFE) for allowing the company to use its nanotechnology platform in its product development. Bind’s nanoparticles, called Accurins, can transport drugs through the body and home in on diseased cells without harming healthy tissue, according to the company’s press release. ”Pfizer has a strong legacy in targeted small molecule drug discovery and development and continues to be on the cutting edge of innovation in this area,” said Rod MacKenzie, Senior Vice President and Head of PharmaTherapeutics R&D at Pfizer. ”We look forward to working with the team at BIND Therapeutics to create targeted Accurins with the aim of optimizing the therapeutic potential of future small molecules.”
In efforts to cut its non-core assets abroad, global banking titan HSBC (NYSE:HBC) has announced it will be selling its Singapore insurance operations worth about $19.3 million, the Economic Times has reported. The business will be sold to Singapore-based AXA, the country’s number two general insurer by revenue. The move is a part of an effort by HSBC to cut $3.5 billion in expenses and contract its workforce by as many as 30,000 employees.
Shares of social network gaming firm Zynga (NASDAQ:ZNGA) have rocketed, following the live launch of a real-currency gambling game that just opened in the U.K. The company is accepting payments in American and Canadian dollars, British pounds, Japanese yen, and euros, hinting that the company is pointing to quick international expansion. ”Our long term vision is to offer … real money games on multiple platforms in regulated markets worldwide,” the company said.
British Petroleum (NYSE:BP) has announced that it is putting its wind-power business up on the block, and that the operation could be worth about $1.5 billion for the company. The move continues a trend of big oil companies retreating from renewable investments, while oil and gas operations are still offering better returns. BP’s windfarm division is one of the largest in the country. The capital from the sale would likely be put towards the $38 billion that the company has been earmarking for its settlement in the Gulf oil spill.
Paramount, a subsidiary of Viacom (NYSE:VIAB), has announced that it plans to produce the fourth installment of the Transformers franchise in tandem with two Chinese firms, and that part of the movie will be shot in China. A growing theater audience in China has sent production companies and other Hollywood forces to expand Chinese ties and operations. The last Transformers flick landed $165 million in China alone. The fourth movie is scheduled to hit theaters in late June of 2014.
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