Tech5: Big Tech leads US selloff, Apple reportedly planning 'dramatic' software overhaul, Sun Pharma to acquire Checkpoint, and more – Forbes India
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Dilip Shanghvi, CMD of Sun Pharmaceutical Industries. Image: Vikas Khot
Sun Pharma to acquire cancer drug maker Checkpoint for $355 million
Sun Pharmaceutical Industries has agreed to acquire US-based cancer drug maker in a deal valued at $355 million in upfront cash payment, India’s biggest pharma company said in a press release filed with the stock exchanges in Mumbai on March 10. The deal will bring Unloxcyt (cosibelimab-ipdl), the first and only FDA-approved anti-PD-L1 treatment for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC), to Sun Pharma’s global onco-derm franchise, the company said.
Checkpoint is a Nasdaq-listed commercial-stage company focussed on developing novel treatments for patients with solid tumour cancers.
The upfront cash payment of $4.1 per share of common stock represents a premium of approximately 66 percent to Checkpoint’s closing share price on March 7, 2025, the last trading day prior to the March 10 announcement. Investors may also get an additional $0.7 per share in milestone payments, according to the press release.
Big Tech leads US stock selloff on worry Trump hurting growth
Technology stocks led a massive selloff in the US on March 10, as concerns mounted that US President Donald Trump’s tariff war and other extant macroeconomic issues will slow down the world’s biggest economic engine. The so-called ‘Magnificent 7’ Big Tech stocks, including Apple, Alphabet (Google’s parent), Amazon, Microsoft, Meta Platforms, Nvidia and Tesla, all fell. Tesla fell 15.43 percent, its worst show since 2020, according to Bloomberg, as investors worried about its deliveries and mounting competition from China’s BYD.
The Nasdaq 100 fell 3.8 percent, the most since 2022, Bloomberg reports, wiping out more than $1 trillion in value. The Nasdaq Composite index fell 4 percent, the blue-chip Dow Jones Industrial Average fell 2.08 percent, and S&P 500 fell 2.7 percent.
Apple, which is yet to allay concerns that it lags rivals on AI, is preparing one of the most dramatic software overhauls for its devices in the company’s history, Bloomberg reported, citing people familiar with the plan. The changes, which will affect the user interfaces for iPhone, Apple’s biggest revenue earner, iPad, and Mac computers, are coming as part of iOS 19, iPadOS 19 and macOS 16 versions of those operating systems, according to Bloomberg. The iPhone and iPad project is code named ‘Luck’ and the Mac effort is called ‘Cheer’.
ServiceNow to acquire AI company Moveworks for $2.85 billion
ServiceNow has agreed to purchase AI software company Moveworks for $2.85 billion in cash and stocks, marking its largest acquisition to date, Reuters reported. The deal aims to enhance ServiceNow’s AI capabilities, particularly in enterprise search and automation. Moveworks, which counts Broadcom, Palo Alto Networks, and Pinterest among its clients, focuses on AI-driven chat solutions.
The transaction is expected to close in the second half of 2025, with no anticipated regulatory hurdles. ServiceNow is best known for its cloud-based platform that automates and optimises enterprise workflows across various functions. Initially focussed on IT service management, it has expanded to include IT operations management, IT business management, customer service, HR service delivery, and security operations.
CoreWeave, ahead of IPO, strikes $11.9 billion deal with OpenAI
CoreWeave, backed by Nvidia, signed a five-year, $11.9 billion contract with OpenAI for AI infrastructure, giving OpenAI a $350 million stake in the high-performance AI infrastructure provider at its IPO, Reuters reported. CoreWeave, a top AI startup, provides high-powered AI chips and data centres, competing with Microsoft Azure and Amazon Web Services.
Expected to target a $35 billion valuation, CoreWeave reported $1.92 billion in revenue for 2024, according to Reuters. Its major customers include Meta, IBM, and Microsoft. The IPO, led by Morgan Stanley, JPMorgan Chase, and Goldman Sachs, is anticipated to headline the 2025 US IPO lineup. CoreWeave has raised over $14.5 billion in financing.
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