Johnson & Johnson Partner’s Stock Soars As Investors Embrace China Health, Tech

Johnson & Johnson Partner's Stock Soars As Investors Embrace China Health, Tech

“Johnson & Johnson has deep roots in China with an innovation footprint dating back nearly four decades,” Chief Science Officer Paul Stoffels said last year. Study also shows that psychological consequences are worse than for white women The high dividend alone makes the stock a good investment Continue reading…

Shares in Legend Biotech, a China business partner of Johnson & Johnson, soared on their Nasdaq trading debut on Friday, underscoring anew some of the conflicting impulses between the U.S. and China at a time of overall strained ties.

Legend, which could end up raising as much as $423.8 million through the U.S. listing, closed up 60.9% to $37.

Legend is a subsidiary of Nanjing, China-headquartered GenScript, which conducts drug research on a contract basis. GenScript founder Zhang Fangliang holds a PhD in biochemistry from Duke, and worked at Schering-Plough before he set up GenScript in 2002. Zhang’s fortune topped $1 billion in the first of last year; Forbes estimates his fortune at approximately $900 million.

Both GenScript, whose shares trade in Hong Kong, and Legend lost money in 2019. GenScript lost $96.9 million on revenue of $273.4 million; Legend lost $132.9 million on revenue of $57.2 million.

Looking ahead, however, Legend is working with Johnson & Johnson subsidiary Janssen Biotech on a treatment to fight multiple myeloma, and has other pipeline projects. In April, Legend raised $150 million from investors including Hudson Bay Capital Management LP, Johnson & Johnson Innovation — JJDC, Inc., Lilly Asia Ventures, Vivo Capital and RA Capital Management. Funds will be used for the commercialization of Legend’s pipeline programs, manufacturing, research, and general expenses, the company said in a statement.

The IPO comes amid contradictory trends affecting businesses in the two countries.   On one hand, the U.S. Senate recently moved to force the delisting Chinese companies that don’t meet the same disclosure rules as American businesses; U.S. political leaders have also complained about U.S. reliance on medical-related imports from China during the Covid-19 outbreak.

Yet at the same time, investors at U.S. and global exchanges have embraced China-based businesses such as Legend, and American pharmaceutical companies in search of new treatments and business have looked to China. For its part, Johnson & Johnson in June last year opened an incubator facility in Shanghai that will house up to 50 startups. It started with 31 resident companies at an event that was attended by Paul Stoffels, the company’s chief science officer.  “Johnson & Johnson has deep roots in China with an innovation footprint dating back nearly four decades,” Stoffels said in a statement. “We are committed to fueling innovation in the region and unleashing the power of science and technology to advance the health of people in China and around the world,” he said.

And against of backdrop of criticism of Beijing from President Trump, political leaders in the U.S. state of Massachusetts last month warmly welcomed a new investment there by China-headquartered WuXi Biologics. The company and the Worcester Business Development Corp. announced the signing of a land deal for WuXi Biologics’ clinical and commercial manufacturing facility in the city of Worcester that will create 150 new jobs.

“As the central Massachusetts biotech community continues its growth, WuXi Biologics’ arrival in Worcester will strengthen the sector and lead to ongoing economic development,” said Massachusetts Lt. Governor Karyn Polito. “Years of planning and collaboration to transform an unused property into a biomanufacturing hub has led to this exciting announcement today and I appreciate the commitment of so many to making this a reality.”

See related story:

China Delisting Wave Might Be Up To Beijing  



Author: Russell Flannery


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Coronavirus UK: BAME women suffer harder financial hit

Black, Asian and minority ethnic women in the UK are suffering greater financial and psychological consequences from the coronavirus pandemic than their white counterparts, polling suggests.

Research has already shown that BAME people are at more risk of dying from Covid-19 than white Britons. Now data collected by Survation on behalf of the Fawcett Society suggests they are suffering other effects disproportionately.

Of people who were not in employment due to disability or were retired, more than three times as many BAME women as white women reported that they had recently lost support from the government (42.5% versus 12.7%).

Overall, BAME women as a whole were most likely to believe they would end up in more debt after the outbreak, struggle to make ends meet in the next three months, and be worried about how to pay the rent or mortgage, the analysis, to be published on Monday, found. They also reported the lowest levels of life satisfaction and happiness.

Dame Donna Kinnair, chief executive and general secretary of the Royal College of Nursing, said: “This new evidence shows that those in power have avoided tackling the issues of systemic racism and structural inequalities for far too long, and this avoidance has worsened outcomes for BAME women in particular. Nurses, some of whom are BAME women themselves, see this in their work every day.

“The message is clear: equality and inclusion are the bedrock for good health, prosperity and a cohesive society. It is time for us to all talk seriously about the racism disadvantage some women face compared to the privilege of others, and take action.”

The analysis, carried out by the Women’s Budget Group, Fawcett Society, Queen Mary University of London and London School of Economics, was based on a poll of 3,280 people.

It found that of those having to go out to work, concern about having to do so was highest among BAME people, with 65.1% of BAME women and 73.8% of BAME men reporting anxiety about doing so, compared with 60.9% of white women and 52.9% of white men. BAME women working from home were more than a third more likely than white women (41% to 28.2%) to say they were working more than before the pandemic.

It was not just a lack of government support that BAME women complained about. Just under half (48.3%) of BAME women, compared with 34% of white women, said they had lost support from other people.

Sam Smethers, chief executive of the Fawcett Society, said: “As the government relaxes the lockdown, it must consider the impacts on different ethnic groups and also adopt a gendered approach. The unequal impact of this crisis is driven by existing structural inequalities and discrimination in our society.”

The report points out that many people had already lost their jobs when the government’s furlough scheme was announced and that the recently employed are not covered by it. Additionally, it highlights that a 20% salary cut is substantial for those already on low pay.

Its recommendations include removing barriers to social security, increasing economic support, and ensuring that people can work or isolate safely.

Mary-Ann Stephenson, director of the Women’s Budget Group, said: “It is particularly concerning that BAME women are reporting limited access to support from the government. It is crucial that the government carries out and publishes meaningful equality impact assessments on the impact of both the virus itself and their policies in response to it.”


Author: Haroon Siddique

Investment Note: AT&T's Dividend Yield is Extremely Attractive

Investment Note: AT&T’s Dividend Yield is Extremely Attractive

It is increasingly evident one of the last things people are giving up during economic duress in this day and age are their smartphones (and data plans). Our society is now so data-dependent that next to food, shelter and clothing, our internet access is one of the essentials.

Along with Verizon (VZ) and T-Mobile (TMUS), AT&T is one of the big three wireless data providers in the U.S. These companies have a lock on the U.S. consumer. Building out a competing network would be very cost-prohibitive (and time-prohibitive) for a new player.

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Now that markets are normalizing. I thus think it is a great time to capture this yield by going long AT&T.

AT&T has increased its dividend at a rate of 3.4% per year for the last 20 years. This has nicely exceeded the rate of inflation, which has been about 2.15% per year over this period.

With AT&T, not only do you have dividend growth, but also inflation protection and recession resistance built-in.


AT&T continues to generate copious amounts of cash flow, which easily covers the dividend, as the following chart attests.


Disclosure: The author is long AT&T.

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    Johnson & Johnson Partner's Stock Soars As Investors Embrace China Health, Tech

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