Large labs scramble biotechs

Without biotech, no future for pharmacy? You might think so, judging by the proliferation of mergers and alliances between biotechs and large laboratories, those companies that manufacture drugs from living organisms. Last transaction date, redemption, announced Tuesday, the small American biotech Spoiler Therapeutics by Roche. The Swiss laboratory would cost initially $ 25 million to access the expertise of spoiler, an innovative technique allows the insertion of active ingredients targeted at the heart cells. If the results are inconclusive and that the products are finally sold, Roche may pay up to 1.1 billion dollars.

On Monday, the Swiss lab had already announced the purchase of another biotech, the California BioImagene for about 100 million dollars. And the other major labs are no exception.Sanofi-Aventis has announced the July 1 takeover of the U.S. biotech TargeGen. That's about the 25th agreement reached by the French laboratory with a biotech since arriving at his head Chris Viehbacher in December 2008. These alliances are not confined to Europe and the United States. Earlier this year, bioMérieux has acquired, for 10 to 15 million euros, a Chinese group, Meikang Biotech specializes in the manufacture of rapid tests.

"The major laboratories multiply this kind of agreement from two to three years to overcome a deficit increasing need for innovation in-house and access to proprietary technology platforms," said Vincent Genet, director of the activity of the firm Alcimed health."Smaller biotechs, in turn, can not afford to assume alone the costs of development of their drug candidates."

Progressive Funding

But it is rare that manufacturers take immediately all the risk. Most operations are based on incremental funding. Paid as and drug development, they can be supplemented by royalties on the commercialization of products.

These operations, which often have no impact on buyers for several years, have "nothing to do with mergers with large biopharma," says Vincent Genet. After the acquisition of Genentech by Roche last year for $ 47 billion, Sanofi-Aventis discussed today a merger with Genzyme. The operation seems to stumble on the price.According to the American press, Genzyme seeks in effect more than 18.4 billion dollars (14 billion euros) that Sanofi would have offered.

These mergers, which provide great laboratories of developing products and marketed drugs, may provide access to "a very different economic model," said Vincent Genet. This changes the perception of the laboratory, giving it a more focused biotech. This may also contribute favorably to income through sales made. A biotech can also expand the universe of which seizes lab. This is the case of the manufacturer of Botox, Allergan, valued near $ 20-billion. It would give the buyer access to the cosmetics market and emerging countries.

The Elysee revises down growth in 2011

The Elysee has ruled. The growth forecast for 2011 was revised downwards to 2%, against 2.5% initially announced by President Nicolas Sarkozy after a meeting between Prime Minister François Fillon and the ministers of Bercy , held at Fort Brégançon.

Accordingly, the government will fall further fiscal austerity. The state spending will be frozen in value over three years. Ten billion euros of tax loopholes and social will be removed in the fall. In contrast, neither income tax nor corporation tax will be increased. VAT will not hit.

"Are we going to save the plane on social niches and tax everything to create employment, all that is relevant, all that sustains the economy, the answer is yes," said on RTL Budget Minister Francois Baroin.

If the government recognizes that 2011 will be worse than expected, the growth target for 2010 of 1.4%, should be well met, "or even exceeded, welcomes the Elysee. "On the pressure of potential revenue will be fully allocated to deficit reduction."

"After a GDP growth of 0.2% in the first quarter, a growth of 0.6% was recorded in the second quarter," said the Elysee. "Given the rebound in activity, the prospect of growth of 1.4% will be reached or exceeded for the year 2010.This also allows, in line with OECD projections, forecast growth of 2% for 2011. "

Find 3000000000

"[This] leads us to the end of September, that is to say, the presentation of the draft budget law to the Cabinet, to be between 3 and 3.5 billion more, which is perfectly achievable, "said Baroin.

The downward revision in growth was expected. Economists considered the unrealistic assumption of the government and rely for their part in an average growth of between 1.5 and 1.8%. For its part, the International Monetary Fund deemed "too optimistic" the official forecast. Recently, Bercy also acknowledged work scenario around 2%.

Auto: sales of "Big Three" climb

"The recovery is slow but it is there." On Tuesday, the director of U.S. sales of General Motors (GM), Don Johnson, was optimistic. Exited bankruptcy in July 2009, restored and relieved of some of its debts, the manufacturer claims for the month of July sales in the U.S. rose 5.4% year on year to 199,692 units. Off Hummer, Saturn and Pontiac, being closed, and Saab, sold to the Dutch Spyker, sales of the first American manufacturer reached 199,432 units, up 24.6% year on year.

In detail, the Cadillac and Buick brands saw sales increase by respectively 142% and 137%. In contrast, Chevrolet, which represents the bulk of group sales with 139,916 units sold last month rose more slowly (12% on a year). The manufacturer announced the transition of its sales jumped 22.2% on a year in China last month.

Ford, the second of the Big Three, has published sales up 5% to 166,092 units sold on American soil. This increase remains well below the 13% expected by the markets awarded the title in stock (-1.44% to 12.97%). The increase is mainly attributed to the addition of trucks (+27.4%). Sales of the Ford Focus for example, have plunged nearly 30%.

The third U.S. manufacturer, Chrysler, reported an increase in sales of the same order: 5% year on year to 93,313 units, driven by the success of the new Jeep Grand Cherokee (54%). The 2011 version of this model was launched only two weeks ago. This is the first new model since the release of the bankruptcy group in June 2009."The vehicle has good national and international journals", says sales manager, Fred Diaz.

Toyota and Honda fall

The Asian competitors are not far behind. The South Korean Hyundai and Kia in particular have seen their sales increase by 19% and 21%. Japanese ad for Nissan's share of sales up 14.6%.

By contrast, Toyota saw its shipments drop 6.8% in the United States to 169,224 units. Honda also reported performance against the trend, with a decline of 5.6% of new car registrations last month.

Reassured

Analysts said the figures show an upturn for the industry according to figures from June which had emerged down compared to May "After the June data, everyone had said that, finally, the sector was not yet out of.Now, it appears that this month was a hiccup, "has said Al Castignetti, commercial director for the Nissan brand to the U.S. market.

On July alone, the American automotive market is expected to exceed the million new vehicles sold. On an annualized basis, analysts on average expect a market to 11.4 million vehicles in July, against 11.2 million a year ago and 11.08 million in June

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Novelli creates a commission on sales buoyant

Final figures will not be available before school, but this last day of summer sales, the Secretary of State for Trade Herve Novelli wished to reiterate its appreciation for this vintage 2010, one year better than the two previous Both declined. Visiting a temple Parisian trade, Galeries Lafayette on Boulevard Haussmann, the minister reiterated that the period of the balance which has just passed an average increase in turnover of between 5% and 15%.

Apart from e-tailers (Sarenza, Brandalley …) announced on Tuesday that rates of double-digit growth for the period, many professionals do not share the enthusiasm of Herve Novelli.The Federation of clothing stores (FEH) regretted that such an influx of customers from the first two weeks have calmed down a lot, accusing the floating balances, these balances traditional free-off period – established by law to modernize the economy in 2008.

"I heard here and there a number of criticisms concerning the treatment of sales", said the minister explained that the decision to introduce these additional weeks of balances had not been taken lightly and was the result of months consultation. Nevertheless, he announced the creation of a commission before 15 September 2010 to review progress on this measure for any amendments. Issue which does not entail, for now, its membership.

Echoing the complaints of his guest of the day, Philippe Houze, chief executive of Galeries Lafayette, Herve Novelli also Secretary of State for Tourism has benefited from his visit to criticize the mayor of Paris. Bertrand Delanoe has indeed refused classification of the Boulevard Haussmann department stores and in tourist areas, preventing their opening Sunday.

Extolling the benefits of overseas customers which is keen to encourage the arrival, the Minister expressed his disappointment, and denounce the importance of the shortfall caused by this decision. "We must understand the economic and tourism sector", he said, recalling that the vast majority of Parisians (70%) would not oppose the opening of large stores in the area on Sunday.

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Banier: 710,000 euros per year L'Oreal

The case Bettencourt rebounds in the economic field. Le Monde said in its edition dated 31 July, the bonds that unite Francois-Marie Banier, this time not to Liliane Bettencourt directly, but to society that it is the first shareholder, L'Oreal. The newspaper said the cosmetics group had concluded in 2001 a "sponsorship agreement" and a "service contract" with society Héricy, founded in 1996 by Francois-Marie Banier. The friend of Liliane Bettencourt would receive each year and 710,000 euros per year under these two contracts, and until December 31, 2011. Income is slightly lower than, for example, the patron of Michelin, Michel Rollier.

The day of the signing of these agreements, whose existence was confirmed by lawyer Francois-Marie Banier, it would have sent a letter to the former CEO of L'Oreal, Lindsay Owen-Jones, making reference to payments "Dear Lindsay, It is with great emotion that I have just signed the contract that allows me to work even for ten years without the desire to please," wrote François-Marie Banier, already accused by Francoise Bettencourt Meyers, the daughter of Liliane Bettencourt, "abuse of weakness" on the person of his mother.

This time, it is the shareholders who turned against Francois-Marie Banier. According to Le Monde, citing the lawyer Frederik-Karel Canoy, a sixty shareholders have decided to join the approach of Michel Tiphineau, a retiree who has already filed complaints against Francois-Marie Banier 5 July last for abuse of corporate assets .The Paris prosecutors opened a preliminary inquiry, which has been entrusted to police the financial police.

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Growth looks strong in Europe

Slew of good news on the front of the European economy. Drawn by the strong upturn in Germany, data released Thursday confirmed that the recovery is underway in the euro zone. What promise strong growth in the third quarter.

The economic sentiment index for the euro area published by the European Commission rises to 101.3 points in July, against 99.3 in June. It is the highest level since March 2008. The consensus of economists had forecast a flat to 99 points. Nevertheless, inflationary pressures remain subdued.

Increases in this index is due to "more optimistic about the general economic situation and a significant easing fears about the job in Germany, which are descended from 20-4 points, analyzing the Commission. The German unemployment, published also on Thursday, returned to 7.6% in July against 7.7% in June

"There's Germany side, and the rest of Europe on the other," summarizes economists Exane BNP Paribas. In Germany, the economic sentiment has jumped four points to 110.1, its highest level in three years. France is no exception, with an improvement of 2.6 points in the sense of confidence, despite an increase in the number of job seekers in June The Spanish index lost 2.2 points in turn.

Return investment

"The rebound in activity in the euro zone, typical of a recovery phase, due to the need for companies to invest again after a break of two and a half years' analysis does one Exane BNP Paribas. "Having replenished their stocks, companies must renew their equipment.The most telling example: in sectors such as semiconductors and computer overloaded with orders and are seriously under capacity. "

This improving trend in the euro area has also resulted in an increase in retail sales, as measured by the PMI / Markit. In July, the indicator shows the largest monthly increase in two years, "says Markit. "He remains well below the levels of activity in other sectors (industry and services, Ed), but reflects a substantial increase in consumer spending." What promise, according to Markit, a more balanced growth, "pulled the both by domestic demand and exports "in the second half of 2010.

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GDF Suez bid for International Power

The rumors have picked up this weekend in the British press about GDF Suez and the acquisition of British rival International Power. The group confirmed in a statement Monday morning that "discussions are continuing" on a rapprochement between the two groups.

"This merger would be achieved by issuing new shares in International Power profits of GDF Suez, which would become the majority shareholder of the new group International Power," the statement said.

The Mail on Sunday newspaper suggests an offer of 6.4 billion pounds (7.6 billion euros), or 420 pence per share. It is expected that International Power pays a special dividend in cash to compensate its shareholders.

"The new group International Power is listed on the Main Market of the London Stock Exchange, also states the release.

The Financial Times and the Mail on Sunday explained that negotiations between the two groups, which had ended without success in January, resumed two weeks ago. Through this transaction, GDF Suez wants to both increase its electricity production capacity from 68 to 100 GW and develop its international activities.

Salaries most dynamic in Germany, France

The basic monthly salary was "slightly more active in Germany than in France in 2009, amid slowing earnings in both countries related to a labor market deteriorated and a virtual stagnation in prices, according to a study published Monday by the INSEE. In the non-agricultural market sector, the basic monthly wage increased an annual average of 2.2% in France and 2.7% in Germany (excluding inflation), a rate lower than in 2008 (three % in both countries).

"This slowdown is due to the deterioration of the labor market in 2009 and the near stagnation of prices, which have dampened wage bargaining in both countries," according to INSEE, using statistics French and German.Illustration of this slowdown, the increase in the minimum wage was 1.3% on 1 July 2009 in France, against 3% on average in 2008, notes the National Institute of Statistics and studies économiques.En Germany, reductions number of hours of work and temporary suspension of increase weighed on earnings, but the slowdown of the basic wage was only 0.3 percentage points in 2009 compared to 2008.

Since the wage agreements are multi-annual index-some grids had indeed been negotiated before the economic crisis.The new agreed increases in the second half of 2009, however, were "much smaller" than previous years and there were very few new wage agreements during this period, noted INSEE.

Virtually zero inflation in 2009

Taking into account inflation, "virtually zero in 2009 in the two countries' basic pay has" increased significantly "on both sides of the Rhine, but again more in Germany (+2.5% after +0.2% in 2008) and France (+2.1%, after -0.2% in 2008).

This comparison between wages in France and Germany came as the country was criticized by some of its partners, including France, to encourage low wages to enhance its competitiveness at the expense of its neighbors.

Germany argues that governments have no influence on the evolution of salaries – there is no general minimum wage in Germany – and has no intention to curb the competitiveness of its companies.

"Casino suits the morale of its customers"

The morale of French households do not seem to favor a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth recorded by the distributor Stéphanois abroad (10.2% in the first quarter, after 5% last year) largely offset this decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of job loss has increased and concern about the standard of living reached a record high since 2007.The French prefer the job security of their purchasing power and their careers. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. France is no longer in a situation of danger of deflation, the interest rates are permanently lower a guarantee for the future, and the weak euro is an element of recovery. The figures, including our own business performance, there are better a couple years.

Consumer behavior change it?

We found two relatively recent trends Firstly, in an environment seen as more complex, consumers no longer want it decides for them. They want to regain control over product quality, origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have a head start in this area because we have long been close to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use their carbon footprint, or that they are without oil palm and gluten free. We just put in place within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino make good choices on offer. We also test systems dematerialized Innovative allowing customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and household equipment. Casino no reason to separate from Géant. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know sustained growth, which boosts the overall growth of revenues of Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we are accelerating the pace of refurbishment of outlets from week to week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue double-digit growth in turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

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PSA negotiating with Mitsubishi a future low-cost small car

The failure of a reconciliation capital does not PSA Peugeot Citroen and Mitsubishi's Japanese counterpart to continue their talks on industrial projects. The Tribune reported in its Friday edition that the two groups are actively negotiating on "a future model for small low cost. A decision could even be announced very soon.

Peugeot looks to the platform "Global Small" from Mitsubishi. The latter has developed a specific platform on which a model should first be launched in 2011 in Japan and in 2012 out of the archipelago. The Japanese group would consider producing cars in Thailand.

The French are more interested he has not developed a low cost platform for small entry-level vehicles.

No comment could be obtained immediately from PSA Peugeot Citroen.

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