General Electric makes major sale, Roche buys Spark Therapeutics, Target takes on Victoria’s Secrets
Here are the companies Yahoo Finance is watching today.
Starting with a big deal for GE. It's selling off its Life Sciences Unit for some $21 billion in cash. The buyer, Danaher, will add the operation to its existing bio pharma division. GE's CEO, Larry Culp calls the move important to helping strengthen GE's balance sheet.
Another big deal as well in Pharma. Roche is buying Spark Therapeutics for nearly $5 billion. Roche plans to leave spark as an independent company as it develops new gene therapies. It won FDA approval back in 2017 for a gene therapy to treat a rare genetic disease that causes blindness.
L Brands, the parent company of Victoria's Secret, is facing new competition. Target is launching three new lines of lingerie and sleepwear aimed at taking on the market leader. Target tells the Wall Street Journal it expects sales to top $1 billion a year as consumers shift away from the expensive products at Victoria's Secret.
Vietnam Airlines is looking to get some new Boeing jets! The airline is considering buying 50 to 100 Boeing Max planes this year to replace its old airbus jets and might also get planes to prepare for its flights to California. The CEO said the new aircraft will be ready for delivery between 2020 and 2030 and are valued at between $6 and $12 billion.
Kraft Heinz hired a banker to review options for its Maxwell House coffee business. The food giant tapped investment bank Credit Suisse to review a potential sale of the coffee business, among other options. CNBC says Maxwell House has about $400 million in earnings and could sell at about $3 billion.
