☕️ Reel Healthcare

Weightloss drug users turn to TikTok for advice on side effects.

Good morning.

Novo Nordisk hit a higher market valuation than Tesla during trading overnight, on news that its new weightloss drug is likely to be even more effective than Novo’s star, Wegovy.

However, the weightloss dream isn’t going so smoothly for everyone according to Bloomberg, as thousands of Mounjaro, Wegovy, and Ozempic users are turning to TikTok health influencers to help them manage challenging side effects. While the number of prescriptions for Ozempic alone has surged over 5000% since 2018, very few physicians are adequately specialised in obesity treatment, offering “little beyond the prescriptions they dole out.”

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

Shares in poultry producer Inghams climbed 1.39% during trading yesterday to close at $3.66, on news that it has moved to buy New Zealand’s only organic chicken business, Bostock Brothers, for NZ$35 million ($33 million). Inghams delivered a sharp lift in first-half profit and dividend last month, and expects Bostock to deliver FY24 earnings of NZ$3.5 million to NZ$4 million. 

The quick sync

  • If the government forces Meta to enter negotiations with publishers through ‘designation,’ the media giant could activate a ‘kill clause’ to terminate existing deals that would pull millions of dollars from newsrooms ahead of the agreements’ expiration dates. (Capital Brief)

  • Energy companies have won a battle against the Australian Energy Regulator, which will see the regulator change how it calculates the annual prices households and businesses pay to reflect a surge in rooftop solar. (The Australian)

  • Luxury retailer Cettire has found itself at the centre of dramatic market stoush, after the AFR published a report questioning whether the company was paying appropriate import duties. (Capital Brief)

  • The ECB has held rates at a record 4% high for a fourth consecutive Governing Council meeting. (ECB Press Release)(Bloomberg)

  • PwC would withhold payments for its management team if it were to see a repeat of the damaging tax scandal, amongst a suite of new governance rules. (The Australian)

Trading floor


  • Origin Energy nears acquisition of Yanco Delta Wind Farm for renewable energy strategy. (AFR)

  • Speculation mounts as Carlyle's Maguire visits Perth amid Woodside asset talks. (The Australian)

  • Ramelius Resources eyes acquisition of Karora Resources. (AFR)

  • Southern Cross Media Group has turned down a proposed merger of its Triple M radio network with ARN Media’s KIIS FM. (BNA)

  • The UK’s Nationwide Building Society reached an agreement to buy Virgin Money for £2.9b, its latest step in efforts to compete with the country’s big four banks. (Nationwide Deal Announcement) (Financial Times)

  • UBS initiates the sale of Pacific Current Group's stake in GQG Partners. (AFR)

  • Tourism Holdings sells stake in Camplify for $19m. (BNA)

  • Sale of NSW Land Registry Services by NatWest nearing completion. (The Australian)

Capital Markets

  • Uranium miner Deep Yellow seeks a $250m capital raise. (AFR)


  • None

People moves

  • Senior EQT dealmaker Patrick Rodden resigns. (AFR)

  • Anchorage Capital Partners director Jason Phillips departs after two years. (AFR)

  • Hamish Whitehead was promoted to co-head of E&P Capital at E&P Financial. (AFR)

☝️ Know about a deal or people move we don’t? Hit reply.

Together with SaaS Summit Sydney

SaaS Summit Sydney – a gathering of business leaders in SaaS – March 21st
SaaS Summit Sydney, presented by Five V Capital, Black Nova VC, Insight Partners, and Google, is a dedicated event for founders and business leaders in the Australian SaaS ecosystem.
Interact with fellow entrepreneurs and receive valuable insights from active specialist SaaS investors, and subject matter experts from Google. You’ll also hear from Atlassian, Employment Hero, Mantel Group, and Dataweavers business leaders.
All content will be centred on the challenges and opportunities facing founders, CEOs, COOs, and other business-focused leadership roles at rapidly growing SaaS startups.
Register your interest at saassummit.com.au

The watercooler

If you like LOI, try The Edition

The Edition is a free afternoon newsletter that goes beneath the surface of the biggest stories in Australian business.