Gilead announces data from Hepcludex study for chronic hepatitis virus » 09:0706/2406/24/21
Gilead Sciences announced…
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Canadian Pacific: Shippers send letters to STB opposing CN/KCS combination » 08:3406/2406/24/21
CP, CNI, KSU
Canadian Pacific Railway…
Canadian Pacific Railway (CP) announced that grain and other shippers across North Dakota, South Dakota and Minnesota have submitted letters to the Surface Transportation Board opposing Canadian National (CNI) and Kansas City Southern's (KSU) combination, its use of a voting trust, or both. The economy in the U.S. Upper Plains depends on agriculture and 80% of the grain leaving the region moves by rail. The letters describe how a potential CN-KCS combination and its proposed use of a voting trust would see reduced options for agricultural shippers in the Upper Midwest leaving them fewer direct competitive options, and eliminating the new network of shipping options a CP-KCS combination would create.
Arcus says Phase 2 ARC-7 study shows 'encouraging' clinical activity » 16:1106/2306/23/21
Arcus Biosciences (RCUS)…
Arcus Biosciences (RCUS) announced that, at the first interim analysis of the three-arm randomized Phase 2 ARC-7 study, both arms with domvanalimab-based combinations showed encouraging clinical activity when given as an initial treatment to people with metastatic, PD-L1greater than or equal to50% non-small cell lung cancer. The zimberelimab monotherapy arm showed activity similar to that of marketed anti-PD-1 antibodies studied by other companies in this setting. At the time of data cut off, no unexpected safety signals were observed; and the current safety profile for each arm of the study appears to be consistent with known immune checkpoint inhibitors in this setting. All three arms of the ARC-7 trial, and the ongoing ARC-10 Phase 3 registrational study, will continue to enroll as planned; and ARC-7 data will be submitted later this year for presentation at a medical conference. Partner Gilead Sciences (GILD) has an exclusive option to co-develop and co-commercialize domvanalimab and is anticipated to make a decision regarding opting into the anti-TIGIT program later this year. Arcus and Gilead will continue preparations for additional Phase 3 studies of domvanalimab-based combinations and explore development plans for combinations including domvanalimab and etrumadenant. "This analysis of the dataset for the ongoing ARC-7 study revealed encouraging clinical activity for the anti-TIGIT domvanalimab-based combinations, and furthermore, that the anti-PD-1 zimberelimab monotherapy arm showed activity similar to that of marketed anti-PD-1 antibodies studied in this setting," said Bill Grossman, M.D., Ph.D., Chief Medical Officer of Arcus. "Next steps are to complete enrollment in all our open domvanalimab studies, execute on our broader plans for Phase 3 studies for domvanalimab across multiple cancer types, and further explore combinations with domvanalimab and etrumadenant."
North American rail traffic rose 10.6% in week ended June 19, AAR says » 13:1406/2306/23/21
CNI, CP, CSX, KSU, NSC, UNP, GWR
The Association of…
The Association of American Railroads, AAR, reported U.S. rail traffic for the week ending June 19. For this week, total U.S. weekly rail traffic was 514,112 carloads and intermodal units, up 12.5% compared with the same week last year. Total carloads for the week ending June 19 were 232,144 carloads, up 15.1% compared with the same week in 2020, while U.S. weekly intermodal volume was 281,968 containers and trailers, up 10.4% compared to 2020. For some rail traffic categories, percentage changes for the current week compared with the same week in 2020 are inflated because of the widespread shutdowns - and subsequent large reduction in rail volumes - that impacted many economic sectors last year at this time. North American rail volume for the week ending June 19, on 12 reporting U.S., Canadian and Mexican railroads totaled 329,907 carloads, up 11.3% compared with the same week last year, and 369,258 intermodal units, up 10% compared with last year. Total combined weekly rail traffic in North America was 699,165 carloads and intermodal units, up 10.6%. North American rail volume for the first 24 weeks of 2021 was 16,805,420 carloads and intermodal units, up 12.1% compared with 2020. Publicly traded companies in the space include CSX (CSX), Canadian National (CNI), Canadian Pacific (CP), Genesee & Wyoming (GWR), Kansas City Southern (KSU), Norfolk Southern (NSC) and Union Pacific (UNP). Reference Link
CN-KCS voting trust supported by IBB, companies say » 12:3606/2306/23/21
CN (CNI) and Kansas City…
CN (CNI) and Kansas City Southern (KSU) announced that the International Brotherhood of Boilermakers filed a letter of support for CN's and KCS' proposed voting trust with the Surface Transportation Board. The IBB represents more than 50,000 skilled craftsmen and craftswomen and industrial workers throughout the United States and Canada. CN and KCS said in a statement that they look forward to further comment from their stakeholders during the STB's official public comment period on the voting trust application, which will be open until June 28, 2021, as they work towards gaining STB approval of their voting trust and completing their combination.
CN to invest C$120M in Saskatchewan in 2021 » 08:4506/2306/23/21
CN (announces plans to…
CN (announces plans to invest approximately C$120 million in Saskatchewan in 2021 as part of CN's C$3 billion capital investment plan across its network. In Saskatchewan, CN's investment will focus on technology, and infrastructure maintenance to enhance safety and the fluidity of its network.
Gilead joint venture receives China NMPA approval for axicabtagene ciloleucel » 08:4206/2306/23/21
Kite, a Gilead company,…
Kite, a Gilead company, announced that Fosun Kite Biotechnology, a joint venture between Kite and Shanghai Fosun Pharmaceutical has received approval from the China National Medical Products Administration, or NMPA, for axicabtagene ciloleucel for the treatment of adult patients with relapsed or refractory large B-cell lymphoma, or LBCL, after two or more lines of systemic therapy, including diffuse large B-cell lymphoma not otherwise specified, primary mediastinal large B-cell lymphoma, high-grade B-cell lymphoma and DLBCL arising from follicular lymphoma. Axicabtagene ciloleucel is the first and only commercially available chimeric antigen receptor T-cell therapy approved in China.
CN to invest C$460M in British Columbia in 2021 » 08:2906/2306/23/21
CN announces plans to…
CN announces plans to invest approximately C$460 million in British Columbia in 2021 as part of CN's C$3 billion capital investment plan across its network. In British Columbia, CN's investment will focus on technology, capacity, and infrastructure maintenance to enhance safety and the fluidity of its network.
CN-KCS voting trust supported by SMART Transportation Division » 08:2406/2306/23/21
CN (CN) and Kansas City…
CN (CN) and Kansas City Southern (KSU) announced that three local union committees representing CN employees in the United States that are affiliated with the International Association of Sheet Metal, Air, Rail and Transportation Workers, Transportation Division have each filed letters in support of the proposed voting trust with the Surface Transportation Board. These letters underscore the significant benefits for organized labor from a CN-KCS combination. These local SMART-TD committees represent CN employees in locations from the Canadian border to the Gulf of Mexico who have a direct interest in the proposed pro-competitive CN-KCS combination. The letters express support for CN's and KCS' voting trust from officers including the General Chairmen of SMART-TD General Committees of Adjustment 377, 433, and 987, which collectively represent over 1800 conductors on CN's United States rail operating subsidiaries. The plain vanilla voting trust proposed by CN and KCS, which is identical to the CP trust approved by the STB, meets the test for approval: it prevents premature control of KCS; allows KCS to maintain independence during the STB's review of the ultimate combination of CN and KCS; and protects KCS' financial health during this period. CN and KCS have taken additional steps to reinforce the pro-competitive nature of their combination beyond the scope of the voting trust approval. Specifically, CN will divest the sole area of overlap between the CN and KCS networks - KCS' 70-mile line between New Orleans and Baton Rouge - thereby making the combination a true end-to-end transaction. CN and KCS have also agreed to preserve existing route options by keeping gateways open on commercially reasonable terms. The proposed CN-KCS combination represents a pro-competitive solution that offers unparalleled opportunities for customers, employees, shareholders, the environment and the North American economy.
Former STB chief economist Huneke backs Canadian National-KCS deal » 16:4206/2206/22/21
CNI, CP, CSX, KSU, NSC, UNP, GWR
Former STB Chief…
Former STB Chief Economist, Dr. William Huneke, believes CN (CNI) Kansas City Southern (KSU) combination will enhance competition and that voting trust should be approved CN (CNI) and Kansas City Southern (KSU) announced that Dr. William Huneke, the former Director of the Office of Economics and Chief Economist at the Surface Transportation Board has written an op-ed, which was published by Railway Age. "In the op-ed, Huneke emphasizes the pro-competitive benefits of a CN/KCS combination, resulting from the companies' commitment to keep gateways open on commercially reasonable terms. Huneke also points out that, for these benefits to be realized, the CN voting trust must be approved by the STB. The full text of the op-ed can be found below, in part: "CN Open Gateways Offer Means New, Enhanced Rail-To-Rail Competition, but STB Must First Approve the CN/KCS Voting Trust Written by Dr. William Huneke Canadian National Railway Company's (CN) offer to keep gateways open on commercially reasonable terms is not getting the attention that it is due. This offer is a key part of its proposal to combine with Kansas City Southern, KCS-a transaction which significantly enhances competition." Publicly traded companies in the space include CSX (CSX), Canadian National, Canadian Pacific (CP), Genesee & Wyoming (GWR), Kansas City Southern, Norfolk Southern (NSC) and Union Pacific (UNP).