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FDA approves Eli Lilly's new weight loss drug

Good morning.

The US Food and Drug Administration (FDA) has approved pharmaceuticals company Eli Lilly’s weight loss drug Zepbound, making it a worthy competitor to Novo Nordisk in the burgeoning weight loss industry which Wall Street expects could be worth US$100 billion by 2030.

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MARKET MOVERS

Market News: The AGM at fund manager Magellan yesterday had its board facing shareholders over an 80% fall in its share price and the exit of its championed stock picker and co-founder Hamish Douglass.

Chair Andrew Formica faced the music, telling shareholders it would be a “long path back to recovery” as shares in the fund manager ended slightly higher on the day.

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THE QUICK SYNC

  • Sanjeev Gupta’s Australian metals business Infrabuild has hired Jeffries to test the market for a US$350 million bond with yields as high as 15%. (Financial Times)

  • Australian, German and Canadian critical minerals explorers will ask for higher prices for EV metals in a bid to move reliance away from China. (Reuters)

  • Disney is expected to report earnings where it will explain how to fix streaming losses and a lower share price. (CNBC)

  • 950 of General Motors’ driverless cars are being recalled in the US after one of its robotaxis was involved in an accident with a pedestrian. (Reuters)

  • US chip company Vishay Intertechnology has agreed to buy Newport Wafer Fab for US$177 million after the UK government stepped in on national security ground. (Financial Times)

TRADING FLOOR

M&A:

  • Activist investor Armytage criticizes COG's proposal for Diverger. (AFR)

  • Westpac seeks a new external auditor after parting ways with PwC. (Capital Brief)

  • Brookfield and EIG consider takeover bid for Origin Energy before vote. (The Australian)

  • IFM Investors acquires extra 2% of Atlas Arteria for $169m. (AFR)

  • Oaktree and Quadrant are reviewing MediaWorks and are considering splitting QMS from radio. (The Australian)

  • KKR to spend summer on Queensland Airports bid, enlists RBC. (AFR)

  • Sara Lee administrator seeks public support amid interest from 60 potential buyers. (SMH)

  • AustralianSuper is criticized for rejecting Origin Energy bid. (AFR)

  • EastLink bidder deadline, vendors may not be satisfied. (The Australian)

Capital Markets

  • UBS to offload $2bn Australian private credit loan book from Credit Suisse acquisition. (Capital Brief)

  • Mayur Resources secures $90m funding from Appian Capital Advisory for Papua New Guinea project. (AFR)

  • Brazilian Rare Earths is listing on ASX on Dec 18 and raising $50m. (AFR)

  • Cuscal delays ASX listing due to market conditions. (AFR | The Australian)

  • Navigate Global Payments is saved by Tozer & Co family office with a $30m recapitalization. (AFR)

VC:

  • Contour Cube, a Sydney ice facial startup, gains attention from Kendall Jenner and is featured in the Poosh holiday gift guide. (BNA)

  • Melbourne's Phantm raises $2m in oversubscribed seed round for plastic reduction platform. (BNA)

Others:

  •  ACCC lawyers call setting trial date for Qantas lawsuit "premature." (Capital Brief)

  • James Hardie posts record profit on price hikes and cost reductions, despite lower sales volume. (Capital Brief)

  • Rob Stein is heading resources research at Macquarie, replacing Bairstow. (AFR)

  • Optus faces a nationwide outage, impacting mobile and internet services. (Capital Brief)

  • FleetPartners faces shareholder class action over past financial reporting. (BNA)

  • PwC to cut over 340 jobs after Westpac ends a 20-year relationship, citing tax leak scandal and economic conditions. (SMH)

  • Shaw and Partners hires Rio Tinto's Dorab Postmaster as a new resource analyst. (AFR)

THE WATERCOOLER