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| Hello Insiders!! Today’s Business newsletter covers: - ☀️ Superyachts go green with solar power
- 📊 Dealmaking slows as the market catches up
- 💼 Bristol buys Mirati Therapeutics for $4.8B
If you enjoy reading this newsletter, please share it with your friends and colleagues. Make sure to continue reading the Quarterly Earnings Report and the Quick Hits. Thank you!! Shriram
p/Shriram | |
| 1 | | Superyacht manufacturers are turning to solar-powered electric yachts to address environmental concerns, with the global superyacht fleet numbering approximately 5,555 and 30% of new buyers hailing from North America. The solar-powered boat market is rising, expected to reach $2.4B (14% up) by 2031, with industry leaders Silent Yachts and Sunreef Yachts pioneering solar-powered yacht technology. More: - These boats have solar panels that collect solar energy and use it to recharge lithium batteries that power the ship's demands.
- With prices for its boats ranging from $3.39M to $31.7M, Silent Yachts has an order book of $168M.
- Over 300 yachts have been produced by Sunreef, 30 of which are entirely electric, and they all feature integrated solar panels.
- Due to the lack of moving components, maintaining an electric yacht is relatively straightforward, making it a desirable alternative for customers concerned about the environment.
Q: What emerging technologies and trends in the superyacht industry could reshape the market? Join the conversation here. |     | |
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What the numbers say: Global deal value for the year until Sept. 28 amounted to $1.9T, a $1T decrease compared to 2022 levels, making it the smallest third-quarter haul in over a decade. However, there have been signs of recovery in M&A activity in September, including three of the year's top 10 transactions. Relevance: Dealmakers face more obstacles in the M&A market, demanding extra scrutiny to complete transactions. Boards, investors, and lenders are all exercising prudence due to the many agreements that have stalled and are worth tens of billions of dollars. However, as buyers and sellers adopt a more realistic approach to pricing, more significant agreements are beginning to discover financing alternatives. More data: The third quarter witnessed notable deals like Cisco's $28B Splunk purchase and the Smurfit Kappa Group-WestRock packaging merger. Investor appetite is returning, especially for broadly syndicated financings, while banks reenter the lending space for large transactions, vital for M&A's revival. | | | |
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| 3 | | Mirati Therapeutics will be purchased by Bristol-Myers Squibb for $4.8B, giving owners of Mirati $58 per share plus the possibility of further payments of $12 per share based on future milestones. By boosting Bristol's oncology treatment lineup, this strategic initiative aims to help the company manage revenue risks associated with approaching patent expirations. More: - The competition from generic versions of Bristol's blood cancer treatment Revlimid has decreased Bristol's revenue projection for this year.
- Eliquis and Opdivo, two of Bristol's best-selling medications, are also anticipated to come under generic competition later in the decade.
- After hearing of Sanofi's potential acquisition interest, Mirati's stock price increased by 45%; however, it dropped as much as 6% after Bristol's statement.
- By Friday's end, Bristol's stock had fallen as much as 1.7% and was down 21% YTD.
- Bristol's resources will help Mirati's Krazati, a second-line treatment for lung cancer with a mutant KRAS gene.
- The agreement also covers Mirati's experimental PRMT5 gene-targeting medication, which may prove helpful in preliminary studies.
Zoom Out: - Pharmaceutical companies continue to focus on cancer medications; according to IQVIA, the industry saw $196B in global sales last year.
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| 4 | | In late 2024, Kia, Hyundai, and Genesis, all part of the Hyundai Motor Group, will transition to Tesla-style charging ports for their electric vehicles in the United States, allowing EV owners of these brands to utilize Tesla chargers effortlessly. Additionally, Hyundai intends to offer adapters by 2025, enabling older Hyundai models equipped with Combined Charging System (CCS) ports to access Tesla-style chargers. More: - Hyundai, Kia, and Genesis would join forces to form the second-largest EV producer in the U.S., behind Tesla.
- In the first half of 2023, the three manufacturers combined to sell 37,800 electric vehicles, compared to approximately 330,000 sold by Tesla.
- In late 2022, Tesla's proprietary charging infrastructure was available to other automakers and charging businesses.
- With this action, these South Korean automakers are the most recent to accept Tesla's North American Charging Standard.
- Ford and General Motors were among the first automakers to declare their intention to move from CCS to Tesla's technology, aiding Tesla's expansion of its charging network.
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| 6 | | China's Golden Week holiday exhibited a weaker-than-expected consumption recovery amid a broader economic slowdown. With 826 million trips taken during the holiday, a 4.1% increase from 2019, it still fell short of the government's 896 million trip forecast, while tourist spending reached $103B, growing by 1.5% from 2019 but falling below the government's $107B projection. More: - During the Golden Week, 1.48 million individuals crossed the border daily on average, just 85.1% of the total volume in 2019.
- According to data from Alipay, the number of outbound travelers using its payment services was only 80% of what it was in 2019.
- China expected a wave of "revenge spending" to spur economic growth but encountered obstacles like declining purchasing power, shifting travel habits, and a slowing economy.
- Box office revenue in China for the holiday season was $370M, down 39% from the previous year, primarily because of weaker movie content and travel-related expenses.
- About 44,000 of Tesla's China-made EVs were sold domestically in September, a 43% decrease YoY for 74,073 units sold worldwide.
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- China-made Tesla electric vehicle (EV) sales dropped by 10.9% YoY in September, as reported by the China Passenger Car Association, causing Tesla's stock to dip around 2% before recovering later in the day.
- Google Cloud unveiled AI-driven search tools to assist healthcare professionals in swiftly accessing data from various sources, providing these capabilities through the Vertex AI Search platform for health and life sciences organizations.
- The United States' largest healthcare strike entered its second day as over 75,000 Kaiser Permanente workers across California, Colorado, Washington, and Oregon, represented by a coalition of unions accounting for 40% of Kaiser Permanente's staff, walked off the job on Wednesday.
- The number of people with a net worth of $100M or more has doubled in the last 20 years, driven by low interest rates, but growth is expected to slow in the next decade due to rising interest rates.
- monday.com and BILL drove acquisition, engagement, and retention by adding Cord's SDK to their product. You can, too.*
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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