Catch up on the weekend’s top five stories with this list compiled by The Fly:
1. Microsoft (MSFT) said in a blog post that ByteDance, the owner of social video app TikTok, had chosen not to sell the U.S. assets of TikTok to the company.
“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft. We are confident our proposal would have been good for TikTok’s users, while protecting national security interests. To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combatting disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas,” the post reads.
The Fly notes that the decision leaves Oracle (ORCL) as the only major bidder for TikTok’s U.S. operations.
2. Gilead Sciences (GILD) and Immunomedics (IMMU) announced that the companies have entered into a definitive agreement pursuant to which Gilead will acquire Immunomedics for $88.00 per share in cash. The transaction, which values Immunomedics at approximately $21B, was unanimously approved by both the Gilead and Immunomedics Boards of Directors and is anticipated to close during the fourth quarter of 2020. The agreement will provide Gilead with Trodelvy, a first-in-class Trop-2 directed antibody-drug conjugate that was granted accelerated approval by the U.S. Food and Drug Administration in April for the treatment of adult patients with metastatic triple-negative breast cancer who have received at least two prior therapies for metastatic disease.
3. Nvidia (NVDA) and SoftBank (SFTBY) announced a definitive agreement under which Nvidia will acquire Arm Limited from SoftBank and the SoftBank Vision Fund in a transaction valued at $40B. The transaction is expected to be immediately accretive to Nvidia’s non-GAAP gross margin and non-GAAP earnings per share. SoftBank will remain committed to Arm’s long-term success through its ownership stake in Nvidia, expected to be under 10 percent, the companies said.
4. Clinical trials for the AstraZeneca (AZN) Oxford coronavirus vaccine, AZD1222, have resumed in the U.K. following confirmation by the Medicines Health Regulatory Authority that it was safe to do so, the company said in a statement. On September 6, the standard review process triggered a voluntary pause to vaccination across all global trials to allow review of safety data by independent committees, and international regulators. The U.K. committee has concluded its investigations and recommended to the MHRA that trials in the U.K. are safe to resume, AstraZeneca announced.
5. This past week, Microsoft finally announced a launch date and pricing for its next-generation Xbox videogame console, with gamers now able to finance the new system for $34.99 a month for two years and have access to Microsoft and EA’s (EA) online game catalogs at no additional cost, Max Cherney wrote in this week’s edition of Barron’s. While the company’s videogame business is small compared with Office 365 and its Azure cloud offerings, the Xbox is no slouch, the author added. Videogame subscriptions aren’t entirely new, with Apple (AAPL) and Alphabet’s (GOOGL) Google offering game subscriptions, as does Sony (SNE), Ubisoft (UBSFY), and Nintendo (NTDOY). But Microsoft is breaking new ground by merging hardware and software, the report noted, and that’s a key part of the value proposition-for consumers and investors. Crocs (CROX), General Motors (GM) and Elanco (ELAN) also saw positive mentions in this week’s edition of Barron’s.