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U.S. Cases Rise Most Since May 9; Texas Mask Order: Virus Update

(Bloomberg) -- U.S. cases jumped the most since May 9 and Florida’s new coronavirus infections rose by a record. Texas ordered residents to wear masks as the state reported its second-most daily infections of the outbreak.The coronavirus may be mutating in a way that may make it easier to spread, said Anthony Fauci, the top U.S. infectious disease researcher. Houston reported a 4.3% jump in intensive-care patients, and may need to tap extra beds in less than two weeks.New York City plans to reopen its public schools in September. The U.S. labor market rebound accelerated in June as broader reopenings spurred hiring, though recent virus pickups put the gains in jeopardy.Key Developments:Global Tracker: Cases pass 10.7 million; Deaths top 518,000Life, liberty and face masks: a virus preys on AmericaRights of American workers could change after virusAn unfestive July 4th as states call off the celebrationsDining out means plexiglass, planters, hand-washing stationsUnderstanding the virus and its unanswered questionsCovid-19 isn’t killing cash. People are hoarding more of itThe post-pandemic hotel looks a lot like a cruise shipSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Texas Cases Rise Tops 7-Day Average (5 p.m. NY)Texas recorded its second-worst day of the pandemic with 7,915 new cases, according to state health department data on Thursday. The 4.7% growth rate surpassed the seven-day average of 4.2%. That followed Wednesday’s record tally of 8,076 new diagnoses.Virus-related hospitalizations expanded by 6.9% to 7,382, the data showed, as medical facilities in Houston and elsewhere showing increasing signs of strain. Fatalities rose by 1.8% to 2,525. Texas Issues Mask Order (4:30 p.m. NY)Texas Governor Greg Abbott ordered residents to wear face coverings amid a spike in cases in the second-most populous U.S. state.In a reversal of his months-long opposition to such a mandate, Abbott on Thursday said the order applies to all counties with 20 or more virus cases. He also barred people from gathering in groups larger than 10.The Republican governor has been under growing pressure from Democratic mayors and county leaders to crack down or at least grant them authority to mandate masks and other restrictions.U.S. Cases Rise the Most Since May 9 (4 p.m. NY)Coronavirus cases in the U.S. rose by 56,800 from a day earlier to 2.72 million, according to data collected by Johns Hopkins University and Bloomberg News. The 2.1% increase was higher than the average daily increase of 1.7% over the past week and the biggest jump since May 9. Deaths rose 0.6% to 128,439.Florida reported 169,106 cases, up 6.4% from a day earlier, compared with an average increase of 5.6% in the previous seven days.Arizona reported 3,333 new cases, an increase of 4% to 87,425. Deaths increased by 37, to a total of 1,757.California cases rose 1.7% to 240,195 while deaths rose 1.2% to 6,163, according to the state’s website.N.J. Doubles Outdoor Gathering Limit (4 p.m. NY)New Jersey Governor Phil Murphy doubled the state’s outdoor gathering limit, to 500, starting Friday morning. Outdoor religious services and political activities, such as demonstrations, have no cap. Indoors, the crowd maximum remains 25% of a space’s capacity, with 100 people at most.Murphy this week indefinitely delayed lifting a ban on indoor dining, which was to restart on Thursday, citing “knucklehead” non-distancing behavior at New Jersey outdoor establishments and spiking cases nationally. New Jersey reported 13,251 dead who tested positive for the novel coronavirus and another 1,854 fatalities with a probable but untested link.Djokovic, Wife Test Negative (3:15 p.m. NY)Novak Djokovic and his wife tested negative for the coronavirus, his media team said Thursday, 10 days after announcing they had contracted the disease, the Associated Press said.The top-ranked player tested positive after playing in an exhibition series he organized in Serbia and Croatia. No social distancing was observed at the matches in Belgrade and Zadar, Croatia. Both were in self-isolation in the Serbian capital since testing positive, the statement said.Other players to come down with the virus after participating in the matches in Belgrade and Zadar were Grigor Dimitrov, Borna Coric and Viktor Troicki.Serbia Curbs Club, Cafe Hours as Cases Jump (3 p.m. NY)Serbia reported 359 new cases on Thursday, a level last seen in mid-April, with the biggest surge in the capital Belgrade. President Aleksandar Vucic said the government will limit hours for nightclubs and cafes, ordering them to close by 11 p.m. for the next two weeks, and shutting student campuses at universities.The authorities also will impose fines for those not wearing protective masks in closed spaces, and may tighten measures further if necessary, Vucic said.Covid-19 Mutation May Enable Spread (2:10 p.nm. NY)The novel coronavirus is showing some signs of mutating in a way that may make it easier to spread, according to Anthony Fauci, the director of the National Institute for Allergy and Infectious Diseases.Research currently underway suggests a single mutation is emerging that lets the virus replicate better and create a higher viral load, measures that could make it easier to transmit, Fauci said at an online event Thursday hosted by the Journal of the American Medical Association.There is some dispute about the findings and it’s not clear whether people who become infected with a newer variation of the pathogen fare worse than those with the original strain, he said. “It just seems that the virus replicates better and may be more transmissible,” he said. “This is still at the stage of trying to confirm that.”Moderna Sets Human Trial for Vaccine (1:40 p.m. NY)Drug-maker Moderna Inc. said a 30,000-patient trial of its Covid-19 vaccine candidate will start late this month, although a Stats News article earlier Thursday said the work had been expected to begin next week. Shares fell as much as 9.4% after the report. Company spokesman Ray Jordan confirmed to Bloomberg the trial should start in or by late July, which he said is consistent with the window previously communicated. The company is “working through finalizing of sites,” he said.Stats earlier said Moderna is making changes to the trial, which delayed the start date, and investigators told the news site that changes are common.Houston May Tap Surge ICU Beds (12:40 p.m. NY)Houston posted a 4.3% increase in Covid-19 patients in intensive care, and at the current rate of expansion the city’s hospitals will have to tap a second tranche of so-called surge beds on July 14, according to the Texas Medical Center.In the first phase of surge capacity, 5.4% of the 373 beds already are occupied after the normal ICU space was overwhelmed earlier this week, the medical center said on its website on Thursday. The second phase has 504 beds available. To be sure, 62% of the city’s ICU capacity is occupied by non-virus patients.Trump: Three Vaccine Candidates ‘Really Good’ (12:10 p.m. NY)Three vaccine candidates are “looking really, really good” in trials, President Donald Trump said Thursday at a White House event showcasing small businesses. Trump said three more vaccines will begin trials “shortly,” without elaborating.The military is standing by, ready to distribute the vaccines, Trump said. A vaccine will be out “soon,” the president said.GOP Lawmaker Urges End of Task Force (12:35 p.m. NY)An influential U.S. House Republican from Arizona, which is enduring one of the worst Covid-19 spikes, urged President Donald Trump to disband the White House coronavirus task force because he said it’s hindering the economic recovery.Scientists are causing an unnecessary “panic,” Representative Andy Biggs, who represents the suburbs east of Phoenix, said in a statement. “Dr. Anthony Fauci and Dr. Deborah Birx continue to contradict many of President Trump’s stated goals and actions for returning to normalcy as we know more about the Covid-19 outbreak,” said Biggs, chairman of the House Freedom Caucus, a group of conservatives whom Trump often consults.Italy Hospitals Cases Under 1,000 (12:05 p.m. NY)Italy’s hospitalized Covid-19 patients fell to 963 on Thursday, the first time its been under 1,000 since early March, according to the Health Ministry. Hospitalizations peaked at about 29,000 in early April; patients in intensive-care units fell to 82.The country, once the outbreak’s European epicenter, registered 201 new cases, in line with the previous 7-day average of 193, and 30 deaths, down from 21 on Wednesday. Total fatalities are 34,818.Arizona Cases Climb 4% (11:50 a.m. NY)Arizona reported 3,333 new cases Thursday, an increase of 4% to 87,425. The number of deaths increased by 37, to a total of 1,757, the Department of Health Services said.The state registered a record-high 4,878 daily infections and 88 new deaths Wednesday. Vice President Mike Pence visited Arizona the same day but didn’t mention the record figures. He said he was optimistic as the number of “fatalities are declining across the country.”NYC Schools Plan September Reopening (11:15 a.m. NY)New York City plans to reopen the nation’s largest public school system in September with social-distancing guidelines and the maximum number of students at the start, Mayor Bill de Blasio said Thursday.De Blasio said he anticipates some schools will have enough space for all their students, even with new guidelines. Those schools that can’t accommodate all students will operate on a staggered schedule, which will be announced “well in advance,” he said.Everyone will be required to wear face masks and facilities will undergo a deep cleaning each day.Houston Hospitals Tested (11:05 a.m. NY)In Houston and the nine counties surrounding it, virus patients in regular hospital beds outnumber intensive-care cases by almost 3-to-1, according to data from the SouthEast Texas Regional Advisory Council. The figures underscore the pressure on medical staff to care for patients not sick enough to require the most-invasive measures.There were 691 Covid-19 patients in ICU wards Wednesday night in the region including Houston, one of the hardest-hit cities in the U.S. Sunbelt’s accelerating outbreak, according to Setrac data Thursday. That population was dwarfed by the 1,948 virus cases in regular hospital care.Covid-19 patients of all types accounted for 26% of hospitalizations in the region, up from 7.6% at the end of May. Setrac doesn’t publish data on regional ICU or hospital capacity.Nashville Reverses on Reopening (10:45 a.m. NY)Tennessee’s Davidson County, which includes Nashville, reversed course after reporting a one-day record for new cases and will close socially driven businesses such as event and entertainment venues, Mayor John Cooper said in a statement.Restaurants can remain open but must cut capacity to 50% from 75%, he said, noting the rate of new cases fell while bars and eating places were at half capacity. The city -- a popular U.S. tourist attraction -- will operate under the rules for several weeks, he said.Denmark Allows More Travelers (10:40 a.m. NY)Denmark will allow leisure travel from Australia, Canada, Japan, New Zealand, South Korea and Thailand, the Ministry of Foreign Affairs said in a statement. Citizens from the six countries can enter if they have booked at least six nights of stay, the Danish ministry said.Florida Deaths Rise Most in Month (10:30 a.m. NY)Florida reported 169,106 Covid-19 cases on Thursday, up 6.4% from a day earlier, compared with an average increase of 5.6% in the previous seven days. Deaths among Florida residents reached 3,617, an increase of 67, the most in a month, according to a statement that includes data through Wednesday. Daily hospitalizations reached a record 325. The median age of cases increased to 37 from 36 a day earlierAirlines Get U.S. Loans (10:15 a.m. NY)The U.S. Treasury agreed on loan deals with American Airlines Group Inc. and four other carriers, further bolstering liquidity as the virus all-but killed travel demand. American confirmed it will borrow $4.75 billion to weather the travel crisis caused by the pandemic. Frontier Airlines, Hawaiian Airlines, SkyWest and Spirit Airlines also reached deals to borrow from the Treasury.Mnuchin Hints at School Aid in Stimulus (10:20 a.m. NY)Treasury Secretary Steven Mnuchin said the Trump administration is in contact with schools and universities on reopening, and officials are considering help in the next round of economic stimulus to “properly equip” schools for social distancing and to make other adjustments. “In most cases, schools will be able to open safely,” Mnuchin said at the White House.As Cases Surge, South Africa Hub Adds Beds (9:26 a.m. NY)South Africa’s Gauteng province, which includes Johannesburg and Pretoria, will add more than 2,000 hospital beds this month and is considering localized lockdowns and curbs on alcohol as the number of cases surges.The country’s commercial hub has recorded about 3,000 infections a day in the past two weeks, the most nationwide, and hospitalizations and the mortality rate have increased “dramatically,” David Makhura, the province’s premier, said Thursday. Currently 144 patients require ventilators in the region, up from just four a month ago.England’s Infection Rate Has Leveled Off: ONS (9:20 a.m. NY)An average of 0.04% of the community population, the equivalent of 25,000 people, had Covid-19 between June 14 and June 27, the Office for National Statistics estimated. The figure was 0.06% in the previous two-week period and more than 0.3% when the survey started in April. Estimates are based on tests performed on a sampling of people outside of hospitals, care homes and other institutional settings.U.S. June Jobs Rise Above-Forecast 4.8 Million (8:30 a.m. NY)The rebound in the U.S. labor market accelerated in June as broader reopenings spurred more hiring, though filings for unemployment benefits remained elevated last week as coronavirus cases picked up. Payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month, according to a Labor Department report. The unemployment rate fell for a second month to 11.1%, still far above the pre-pandemic half-century low of 3.5%.Wells Fargo Hits Brakes on Student Loans (8:11 a.m. NY)Wells Fargo & Co. is pulling back from student lending as the U.S. surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.The firm, which has been reviewing businesses under new Chief Executive Officer Charlie Scharf, said student loans for the upcoming academic year will be granted only to people who submitted applications before July 1 or to customers who already have an outstanding balance on a prior student loan from the bank.England’s Schools to Reopen From September (7:48 a.m. NY)Restrictions on class sizes will be lifted to allow English schools, colleges and nurseries to fully reopen in September, at the start of the next academic year, Education Secretary Gavin Williamson said. Prime Minister Boris Johnson’s government is trying to persuade schools to return to normal, amid concerns that pupils are falling behind in their education and parents are unable to work effectively while educating their children.Botswana President Quarantines After Aide Tests Positive (7:18 a.m. NY))Botswana President Mokgweetsi Masisi started 14 days of quarantine after an “official closely serving him” tested positive for coronavirus, according to a statement emailed by the Office of the President.Airbnb Restricts Bookings for Some U.S. Guests Under 25 (7:12 a.m. NY)Airbnb Inc. will restrict guests under the age of 25 with less then three positive reviews from booking entire home listings that are close to where they live, the company said in a statement. The measure will support “safe and responsible” travel in the U.S. and follows a similar initiative in Canada that was implemented earlier this year.EU Seeks to Secure Remdesivir Doses (7:01 a.m. NY)The European Union is in negotiations with Gilead on the possibility of reserving a “sufficient number of doses” of remdesivir for the bloc’s member states, a European CommissionGerman Parliament Backs $246-Billion Debt Binge to Spur Growth (6:10 a.m. NY)Germany’s lower house of parliament approved additional borrowing that will raise new debt this year to 218 billion euros ($246 billion) to fund spending to put the economy back on track.The Bundestag also backed the government’s stimulus package designed to boost long-term competitiveness and help achieve climate targets, as the country seeks to emerge from its worst recession since World War II.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  Florida Reports Record COVID-19 Numbers

  CBS Miami - WFOR
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  Iran, Indonesia Report Deadliest Days of Pandemic: Virus Update

  Bloomberg

IDEX Corporation to Webcast Second Quarter 2020 Earnings Call

IDEX CORPORATION (NYSE:IEX) announced today that it has scheduled the broadcast of the company’s second quarter earnings conference call over the Internet on Friday, July 24, 2020 at 9:30 a.m. CT. Chairman and Chief Executive Officer Andrew Silvernail and Senior Vice President and Chief Financial Officer, William Grogan will discuss the company’s second quarter 2020 financial performance and respond to questions from the financial community.

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  Pinnacle West Sets Date for 2020 Second-quarter Financial Results, Webcast/Conference Call

  Business Wire
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  Graco Inc. Announces Second Quarter 2020 Earnings Conference Call

  Business Wire

The Daily Biotech Pulse: Novartis Settles Lawsuit For $678M, Sarepta In-Licenses Gene Therapy Pre-Treatment, Unity Biotech Outlines Second-Half Catalysts

Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech Stocks Hitting 52-week Highs July 1) * AbbVie Inc (NYSE: ABBV) * ADC Therapeutics SA (NYSE: ADCT) * Affimed NV (NASDAQ: AFMD) * Agios Pharmaceuticals Inc (NASDAQ: AGIO) * Akero Therapeutics Inc (NASDAQ: AKRO) (announced positive results for mid-stage study of NASH drug) * Amgen, Inc. (NASDAQ: AMGN) (reacted to a favorable court ruling on its Enbrel patent litigation) * Aptinyx Inc (NASDAQ: APTX) * BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) * Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) * Crispr Therapeutics AG (NASDAQ: CRSP) * Halozyme Therapeutics, Inc. (NASDAQ: HALO) * Hologic, Inc. (NASDAQ: HOLX) * Legend Biotech Corp (NASDAQ: LEGN) * Liminal BioSciences Inc (NASDAQ: LMNL) (announced commencement of convalescent plasma collection from donors who have recovered from COVID-19 and upcoming catalysts) * Natera Inc (NASDAQ: NTRA) * Opko Health Inc. (NASDAQ: OPK) * Pacira Biosciences Inc (NASDAQ: PCRX) * Tandem Diabetes Care Inc (NASDAQ: TNDM) * Twist Bioscience Corp (NASDAQ: TWST) * Ultragenyx Pharmaceutical Inc (NASDAQ: RARE) (announced FDA approval for drug to treat long-chain fatty acid oxidation disorders)Down In The Dumps (Biotech Stocks Hitting 52-week Lows July 1) * ADiTx Therapeutics Inc (NASDAQ: ADTX) * Fusion Pharmaceuticals Inc (NASDAQ: FUSN) * Generation Bio Co (NASDAQ: GBIO) * Hoth Therapeutics Inc (NASDAQ: HOTH) * Iterum Therapeutics PLC (NASDAQ: ITRM) * Repare Therapeutics Inc (NASDAQ: RPTX)Stocks In Focus Novartis Finalizes $678M Settlement In US Lawsuit Over Kickbacks Paid To Doctors Novartis AG (NYSE: NVS) said it has finalized its previously disclosed agreement with the U.S. Attorney's Office for the Southern District of New York, the New York State attorney general and relator Oswald Bilotta resolving a civil suit challenging speaker programs and other promotional events conducted from 2002 through 2011 by Novartis in the U.S.The litigation pertains to Novartis allegedly spending millions of dollars on incentive programs to doctors who steered patients toward drugs from its cardiovascular division in exchange for illegal kickbacks.As part of this settlement, Novartis said it will pay $678 million and has agreed to new corporate integrity obligations with the Office of Inspector General of the Department of Health & Human Services that will change how the company delivers peer-to-peer programs in the U.S. The company said it had fully provisioned for this settlement in July 2019.The stock was down 0.66% at $87.27 premarket Thursday.Merck Closes Licensing Transaction With Ridgeback To Advance COVID-19 Treatment Candidate Merck & Co., Inc. (NYSE: MRK) announced the closing of its collaboration and licensing agreement with antiviral biotech Ridgeback Biotherapeutics following the FTC granting early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.The companies noted that all closing requirements have been completed for the previously announced partnership transaction to advance the development of EIDD-2801, an investigational, orally available antiviral agent in early clinical development for the treatment of patients with COVID-19.The stock was trading 0.87% higher at $78.80 at the time of publication Thursday.See also: The Week Ahead In Biotech (June 28- July 4): Pending Clinical Readouts In Focus During A Short Holiday Week BeiGene Announces Acceptance Of Chinese Regulatory Application For Tislelizumab Label Expansion Beigene Ltd (NASDAQ: BGNE) said the Center for Drug Evaluation of the China National Medical Products Administration has accepted a supplemental new drug application for its anti-PD-1 antibody tislelizumab in patients with previously treated unresectable hepatocellular carcinoma, the most common form of liver cancer.Unity Biotech Announces Second-Half Clinical Catalysts Offering a clinical trial update, Unity Biotechnology Inc (NASDAQ: UBX) said it expects to release top-line 12-week results from Phase 2 study of UBX0101 in osteoarthritis in the third quarter. The company also said it plans to initiate a first-in-human study of UBX1325 in age-related eye diseases in the second half of 2020.Sarepta In-Licenses Pre-Treatment Candidate For Its Gene Therapies For $407.5M Sarepta Therapeutics Inc (NASDAQ: SRPT) and Hansa Biopharma announced an agreement under which Sarepta is granted an exclusive worldwide license to develop and promote imlifidase as a pre-treatment to enable Sarepta gene therapy treatment in Duchenne muscular dystrophy and Limb-girdle muscular dystrophy.Sarepta will pay Hansa $10 million upfront and up to $397.5 million in development, regulatory and sales milestone payments. The agreement calls for Sarepta assuming responsibility for conducting pre-clinical and clinical studies with imlifidase and any subsequent regulatory approvals, and also promoting imlifidase as a pre-treatment to Sarepta's gene therapies following potential approval.Offerings Zomedica Pharmaceuticals Corp (NYSE: ZOM) said it has priced its previously announced public offering of 187.5 million shares of its common stock, together with short-term warrants, to purchase up to 187.5 million common shares at a combined public offering price of 16 cents per share and accompanying warrant.Each common share is being sold in the offering together with one two-year warrant to purchase one common share at an exercise price of 16 cents per common share, the company said. Zomedica expects to raise gross proceeds of $30 million from the offering.The stock was down 33.26% premarket at 15 cents.Neoleukin Therapeutics Inc (NASDAQ: NLTX) said it intends to offer up to 5 million shares of its common stock and, in lieu of common stock, to certain investors pre-funded warrants to purchase shares of its common stock in an underwritten public offering. All of the securities are being offered by the company.The stock slipped 6% to $15.99 in after-hours trading.BioLife Solutions Inc (NASDAQ: BLFS) said it intends to offer shares of its common stock for sale in an underwritten public offering. The company said it expects to use the gross proceeds for general corporate purposes.The stock was down 7.61% premarket at $14.82. Related Link: Gilead Announces Pricing Of Coronavirus Treatment Remdesivir: 'We Believe All Patients Will Have Access'See more from Benzinga * Global Blood Analyst Projects More Than 60% Upside On Receding Sickle Cell Drug Concerns * Attention Biotech Investors: Mark Your Calendar For These July PDUFA Dates(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  Carmine Therapeutics and Takeda Collaborate to Discover and Develop Rare Disease Gene Therapies Using Novel Red Blood Cell Extracellular Vesicles Platform

  PR Newswire
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  Sarepta Completes Rolling NDA Submission for New DMD Therapy

  Zacks

Supermajors Are Flocking To This Booming Oil Frontier

Supermajors are flocking to this little-known oil frontier, and many investors still don’t know it exists

Apollo Makes Rare Move in Latest Deal After Outbidding Buffett

(Bloomberg) -- For the better part of a decade, private equity firms layered increasing amounts of leverage onto buyouts in a bid to amp up their returns. Tech Data Corp. appears to be one of the exceptions.Apollo Global Management Inc.’s $6 billion take-private of the distributor of technology products only saddled the company with debt worth 2.5 times a key measure of its earnings, according to the private equity firm. Credit rating companies have said thin profit margins limit the leverage the business can support, especially in a crisis.The financing, agreed before the coronavirus pandemic, was structured in an unusual way for a buyout. It relied on loans backed by Tech Data’s receivables and inventory, which include iPhones, Cisco servers, printers and scanners stored in any of its 11 logistics centers around the world.Those asset-based loans, which are often used by retailers, are considered some of the safest for banks to underwrite, as they give creditors a direct claim on the company’s property as opposed to its future cash flow. The debt also gives Tech Data more financial flexibility, and is better suited to the company’s working capital needs.But it’s unlikely to become a new blueprint for the industry.“I don’t think this is going to be replicated by a lot of other sponsors, because it limits the amount of leverage you can put on a business,” Matt Nord, who co-leads the private equity business at Apollo, said in an interview.Credit rating firms, which are typically more conservative in their calculations, estimate Tech Data’s leverage will be higher. Moody’s Investors Service said it expects the ratio to increase to the high 4 times range over the next couple of quarters because of the global recession.“Maintaining very good liquidity is critical given adjusted operating margins of less than 2% and the need to manage working capital swings throughout the year,” Moody’s analyst Carl Salas wrote in a note this month.Still, Tech Data’s leverage is lower than what is typical on the most aggressive deals, which would be closer to 6 times or higher.Private equity firms have been able to load more debt onto buyouts in recent years, reveling in ultra-low interest rates. That’s come back to haunt some companies that are struggling to make it through Covid-19, while some banks have scaled back underwriting risk.Read more: Wall Street puts guardrails on LBO deals after crisis markdowns“When you have a lot of debt, you just have less margin for error,” said Nord. “Over the last 5 or 10 years the economy has muddled along, and we didn’t really have these big shocks - until we did.”Apollo said it turned down more aggressive financing packages from some of its banks for the deal.“A number of financial institutions pitched us a traditional bank and bond financing structure which was sub-optimal for our investment thesis,” Robert Kalsow-Ramos, a partner at Apollo said in the interview.Apollo contributed $3.75 billion of equity and sold about $2 billion of asset-based loans to institutional investors and banks earlier this month to finance the deal.The acquisition of Tech Data closed Tuesday after a nearly five-year long pursuit for Apollo, and ultimately ended with the private equity firm paying $145-per-share -- beating Warren Buffett in an auction process. When Apollo first began to meet with Tech Data, the firm was worth less than $60 a share.Apollo plans to invest $750 million of Tech Data’s cash flow over the next five years to expand its cloud platform, business analytics and security.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Tech Data Plans to Invest Approximately $750 Million to Accelerate Digital Transformation

With its acquisition by funds managed by affiliates of Apollo Global Management now complete, Tech Data (or the "Company") today announced the Company plans to invest approximately $750 million in digital transformation initiatives over the next five years. The investment will power Tech Data’s strategy to accelerate innovation in ways that will deliver improved experiences and greater agility for businesses across the technology ecosystem.

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  Scoro Supports Digital Transformation Innovations for Mallol Arquitectos

  Business Wire
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  NetObjex Acquires VitalGrid

  PR Newswire

Oil & Gas Stock Roundup: Chesapeake's Bankruptcy, Eni's Renewable Push & More

The long struggling shale pioneer Chesapeake Energy (CHK) filed for Chapter 11 bankruptcy protection, while Italy's Eni SpA (E) acquired three wind farm projects.

Chevron Snaps Up Gas Sales Deal With BHP in Western Australia

Chevron (CVX)-run Gorgon and Wheatstone natural gas facilities are expected to churn out 500 terajoules of domestic gas daily for the Western Australian market.

Sarepta Completes Rolling NDA Submission for New DMD Therapy

Sarepta (SRPT) is seeking accelerated approval for its third exon-skipping therapy, casimersen, for DMD patients.

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  Carmine Therapeutics and Takeda Collaborate to Discover and Develop Rare Disease Gene Therapies Using Novel Red Blood Cell Extracellular Vesicles Platform

  PR Newswire
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  The Daily Biotech Pulse: Novartis Settles Lawsuit For $678M, Sarepta In-Licenses Gene Therapy Pre-Treatment, Unity Biotech Outlines Second-Half Catalysts

  Benzinga