Group 1: Major Acquisitions - Electronic Arts (EA) is being acquired by a consortium including Saudi Arabia's Public Investment Fund (PIF), Silver Lake, and Affinity in a $55 billion deal, valuing the company at approximately $210 per share [3][8] - Novartis AG has launched a tender offer to acquire all outstanding shares of Tourmaline Bio for $48 per share in cash, with a total transaction value of approximately $1.4 billion [4][8] Group 2: Market Sentiment and Economic Concerns - Fears of a potential U.S. government shutdown are driving investors towards safe-haven assets, resulting in a firming of U.S. Treasuries and pushing U.S. gold reserves to a record $1 trillion [5][8] - Federal Reserve Governor Christopher Waller has advocated for an open approach to new payment technologies, including stablecoins, emphasizing the need for consumer safety guardrails [6][8] Group 3: Corporate Developments - Chipotle Mexican Grill plans to introduce a new Red Chimichurri sauce in the U.S. and Canada, expanding its menu offerings [9] - ASML Holding received an upgrade to "Buy" from Mizuho, supported by positive spending trends affecting its earnings outlook [9] - Moody's maintained JLR's BA1 credit rating but shifted its outlook to negative due to a significant cyber disruption [9] Group 4: IPO Activity - Fermi Inc. has announced plans to sell 32.5 million shares of common stock in an Initial Public Offering (IPO) [7][8]

Acquisition Announcement - Novartis has initiated a tender offer to acquire all outstanding shares of Tourmaline Bio, Inc. at a price of $48 per share in cash [1] - The tender offer is part of a previously announced Merger Agreement dated September 8, 2025 [1] Offer Details - The tender offer will expire on October 27, 2025, unless extended or terminated earlier [2] - Novartis filed a tender offer statement with the SEC, detailing the terms and conditions of the offer [3] Conditions of the Offer - The obligation to purchase shares is subject to customary conditions, including regulatory approvals and the tender of a majority of shares [4] - The offer is not contingent on financing [4] Information Agents - Innisfree M&A Incorporated is acting as the information agent for the offer, while Computershare Trust Company, N.A. serves as the depositary and paying agent [5] Regulatory Filings - Tourmaline's board of directors has recommended that stockholders accept the offer and tender their shares [3] - Both Novartis and Tourmaline have filed necessary documents with the SEC, which are available for public access [6][8]

特朗普周四晚间宣布对进口药品征收100%关税后，瑞银等投行纷纷告诉客户，这一政策的实际影响或 将微乎其微。分析师指出，由于大型制药公司已在美国投资数百亿美元建设生产设施，大多数企业可获 得关税豁免。 据央视新闻报道，当地时间9月25日，美国总统特朗普在其社交媒体"真实社交"宣布，自10月1日起，美 国将对多类进口产品实施新一轮高额关税，其中对专利及品牌药品加征100%关税。 根据特朗普在社交媒体上的表态，对"任何品牌或专利药品"的100%关税将从10月1日起生效，但正在美 国建设制药生产厂的公司可获豁免。这一豁免条款被定义为"破土动工"或"在建中"，只要开始施工就无 需缴纳关税。 周五亚洲股市因关税消息走低，亚洲制药股出现下滑。但欧洲大型制药股在特朗普隔夜宣布药品进口关 税后表现相对稳定。 所有大型制药公司都在美国有业务存在，几乎所有公司都宣布了未来几年的大规模投资计划。 Mizuho Securities医疗保健专家Jared Holz在报告中称，声明很直接，但其影响可能介于模糊和微不足道 之间。所有主要参与者都在美国有一些生产业务，几乎所有公司都宣布了直接与本地制造相关的增加投 资。 根据生物技术创新组织 ...

特朗普周四晚间宣布对进口药品征收100%关税后，瑞银等投行纷纷告诉客户，这一政策的实际影响或 将微乎其微。分析师指出，由于大型制药公司已在美国投资数百亿美元建设生产设施，大多数企业可获 得关税豁免。 据央视新闻报道，当地时间9月25日，美国总统特朗普在其社交媒体"真实社交"宣布，自10月1日起，美 国将对多类进口产品实施新一轮高额关税，其中对专利及品牌药品加征100%关税。 根据特朗普在社交媒体上的表态，对"任何品牌或专利药品"的100%关税将从10月1日起生效，但正在美 国建设制药生产厂的公司可获豁免。这一豁免条款被定义为"破土动工"或"在建中"，只要开始施工就无 需缴纳关税。 周五亚洲股市因关税消息走低，亚洲制药股出现下滑。但欧洲大型制药股在特朗普隔夜宣布药品进口关 税后表现相对稳定。 市场普遍认为，鉴于主要药企已有大量美国生产布局，新关税政策的实际冲击有限。分析师预计，这一 政策更多具有象征意义，旨在推动制药业回流美国，而非真正打击进口药品贸易。据彭博经济学家分 析，受此举影响最大的国家是新加坡和瑞士。英国也有一些重要的对美制药出口——其与美国的贸易协 定提到，如果出现新的232条款关税，将考虑特殊税率 ...

罗氏的一位发言人提及曾经于8月25日发布的公告，内容涉及其基因泰克(Genentech)部门在美国北卡罗 来纳州霍利斯普林斯建设该设施的计划，以及罗氏承诺在美国市场制造和研发方面投资500亿美元。 罗氏与诺华是瑞士两家最大规模的制药公司，在全球制药领域也占据重要地位，两者均在美国拥有重要 的生产业务。诺华也在今年早些时候作出在美国市场进行大额投资承诺，但未立即回应置评请求。 一位行业消息人士预计，基于美国方面的初步指示，特朗普周四所列的关税很可能不适用于这两家瑞士 医药巨头。 瑞士政府则表示，相关部门正在分析特朗普药品关税政策措施的潜在影响，但目前尚不清楚具体影响。 当地时间9月25日，美国总统特朗普宣布，自10月1日起，美国将对多类进口产品实施新一轮高额关税， 其中对任何品牌或专利的医药产品征收100%的关税。特朗普表示，药品关税不适用于在美国建厂的公 司，他将这些工厂定义为"破土动工"或"在建"。值得注意的是，今年以来，特朗普多次针对医药行业出 台政策，"降药价"和"医药供应链回流美国"为其中两大主题。 有华尔街分析师指出，高度依赖美国市场的欧洲医药巨头——如诺华、罗氏、赛诺菲、阿斯利康以及拜 耳等巨头— ...

欧洲制药股在早盘交易中下跌，诺和诺德、诺华制药、阿斯利康在德国Tradegate交易平台下跌 1.7%-2%。 （文章来源：第一财经） ...

Core Insights - Novartis will present new data from 34 abstracts related to its oncology portfolio at the ESMO Congress 2025 in Berlin from October 17-21, 2025 [1] - The company aims to set new standards of care for prevalent cancers, particularly breast and prostate cancer, through innovative therapies like radioligand therapy [2] Oncology Data Highlights - Key data from the PSMAddition trial will be showcased, highlighting the efficacy and safety of Pluvicto combined with standard care versus standard care alone in patients with PSMA-positive metastatic hormone-sensitive prostate cancer [4] - The NATALEE trial will provide five-year outcomes for Kisqali in early breast cancer, offering insights into recurrence risk reduction [4] - New data for Pluvicto and Kisqali strengthens their profiles, indicating potential for new standards of care in earlier disease settings [4] Presentation Details - Pluvicto's Phase 3 trial results will be presented at the Presidential Symposium on October 19, 2025 [3] - Additional presentations for Pluvicto and Kisqali will occur on October 18 and 20, 2025, covering various aspects of their efficacy and safety [3][5] Novartis Oncology Strategy - Novartis focuses on improving the lives of cancer patients and their caregivers by developing innovative and differentiated medicines [6] - The company collaborates with patient advocacy groups and supports education and early cancer screening initiatives [7] - Novartis has approximately 35 research and development projects in oncology, emphasizing technology and patient-centered research [7]

点击蓝字，关注我们 内容来源于智通财经 贝塔投资智库 为投资交易提供更有价值的服务 9月25日，诺华制药(NVS.US)宣布了两项关于旗下单抗Kesimpta(ofatumumab)在复发性多发性硬化 (RMS)研究中的最新积极数据。其中一项分析显示， 在初治RMS患者中，使用一线Kesimpta治疗 可维持高效长达7年。 来自开放标签、单臂、前瞻性3b期研究ARTIOS的数据表明，使用fingolimod或基于fumarate的疗 法后仍出现疾病活动的患者， 转用Kesimpta后疾病活动显著降低，表现为年化复发率(ARR)极 低，在96周时仅为0.06。 数据还显示，以核磁共振成像(MRI)评估的疾病活动几乎完全被抑制，超过90%的参与者显示无疾 病活动证据(NEDA-3)。此外，无论患者此前接受的最后一种疾病修饰治疗(DMT)为何，转用 Kesimpta后均未观察到新的安全性问题。 另一项名为ALITHIOS的开放标签延长期研究则纳入了未经治疗的RMS患者(RDTN)，这些患者接 受一线Kesimpta持续治疗。分析显示，在第7年时超过90%的患者达到NEDA-3。患者在过程中显 示低ARR和显著的MR ...

Core Points - The U.S. will impose a 100% tariff on imported patented and branded drugs starting October 1, unless pharmaceutical companies establish manufacturing plants in the U.S. [1] - President Trump has previously threatened to increase tariffs on imported drugs, with potential rates rising to 250% over the next year and a half [1] - The intention behind the tariffs is to lower drug prices in the U.S., but there are concerns that this could lead to drug shortages and increased costs for consumers [1] Group 1 - Pharmaceutical companies are increasing investments in the U.S., with Roche planning to invest $50 billion and Johnson & Johnson aiming to invest $55 billion over the next four years [2] - Building a pharmaceutical plant in the U.S. is costly and time-consuming, and even domestic production may not avoid tariffs on imported raw materials [2] - European pharmaceutical giants like Novartis, Roche, Sanofi, AstraZeneca, and Bayer may face significant challenges, having to choose between absorbing tariff costs or investing heavily to relocate production to the U.S. or its trade partners [2]

来自开放标签、单臂、前瞻性3b期研究ARTIOS的数据表明，使用fingolimod或基于fumarate的疗法后仍 出现疾病活动的患者，转用Kesimpta后疾病活动显著降低，表现为年化复发率(ARR)极低，在96周时仅 为0.06。 Kesimpta是一款靶向CD20的全人源化单克隆抗体，它通过与B细胞表面的CD20结合，达到从血液循环 中清除B细胞的效果。它在2020年获得FDA批准治疗复发性成人多发性硬化患者。据了解，Kesimpta是 首个可通过自动注射笔让患者在家中每月自我注射一次的B细胞靶向疗法，为患者对疾病的管理提供了 便利。 （原标题：诺华制药(NVS.US)CD20靶向疗法维持高效长达7年 可供患者自我注射） 数据还显示，以核磁共振成像(MRI)评估的疾病活动几乎完全被抑制，超过90%的参与者显示无疾病活 动证据(NEDA-3)。此外，无论患者此前接受的最后一种疾病修饰治疗(DMT)为何，转用Kesimpta后均未 观察到新的安全性问题。 智通财经APP获悉，9月25日，诺华制药(NVS.US)宣布了两项关于旗下单抗Kesimpta(ofatumumab)在复 发性多发性硬化(RMS)研究 ...