月別アーカイブ: 2014年6月

CHEMIST CARLOS BARBAS DEAD AT 49

Carlos Barbas III, a chemist at The Scripps Research Institute in La Jolla who was widely known for his innovative approaches to fighting cancer, has died of the disease. He was 49.

One of Barbas’ colleagues said he died on Tuesday from a rare type of thyroid cancer.

The past couple of years were among the most productive of Barbas’ career. He expanded the way in which scientists alter DNA, a field that has shown promise for treating cancer and other diseases.

He also made advances in the use of monoclonal antibodies — laboratory-made molecules designed to latch on to defects in cancer cells. Such designs are meant, in part, to spare healthy cells from damage during treatments such as radiation.

Barbas was further admired for his work on zinc-finger proteins, which scientists use to manipulate DNA for therapeutic purposes. He also was trying to develop vaccines and drugs that would combat HIV and cancer.

Barbas was cofounder of Zyngenia, a company in Maryland that’s developing medications against inflammation, cancer and autoimmune disorders.

“He was an extraordinarily talented and gifted scientist bridging the fields of chemistry and biology,” said Dale Boger, chair of the chemistry department at Scripps Research. “His pioneering discoveries have been translated into products that enrich our lives, and often was done through several of the companies he launched here in San Diego.”

Phil Baran, a chemistry professor at the institute, remembered Barbas’ personality.

“Carlos loved to tell jokes, to prank his friends, host legendary parties, race fast cars, go to the gym and, most of all, to spend time with his family,” Baran said in a statement issued by Scripps Research. “To his friends he was fiercely loyal, a shoulder to cry on and someone you could confide in. He had so much to live for and lived life to the fullest when he could.”

Barbas was interested in science since childhood and went on to earn a bachelor’s degree in chemistry and physics at Eckerd College in St. Petersburg, Fla., in 1985. He earned a doctorate in organic chemistry at Texas A&M University in 1989. Two years later, he joined Scripps Research, where he helped build the institute’s international acclaim in chemistry and drug development.

In a 2009 newsletter published by Eckerd College, Barbas reflected on his career in science, saying: “It’s better than I envisioned. I didn’t realize when I was studying science all the other opportunities it gives you to see the world. I have a very interesting kind of job that includes traveling the world to give talks. Things that I’ve worked on are being tested on people, and at some point, there will probably be someone in my family or someone I know who benefits directly (from my efforts).”

Scripps Research said Barbas is survived by his wife, Annica; children Derek, Sabrina, Sixten and Viggo; sister, Maureen; and mother, Joanna.

Source Article from http://www.signonsandiego.com/news/2014/jun/28/tp-chemist-carlos-barbas-dead-at-49/
CHEMIST CARLOS BARBAS DEAD AT 49
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Billionaire Esteves Is Losing Pharma Bondholders: Brazil Credit

Bondholders of Brazilian drug chain
Brasil Pharma (BPHA3) SA have given up on billionaire Andre Esteves.

They won full repayment on June 25 of 560 million reais
($253.7 million) of bonds from Brasil Pharma, which is
controlled by Esteves’s Banco BTG Pactual SA, after demanding
their money following the company’s breach of covenants in back-to-back quarters. In four months of negotiations, the Sao Paulo-based company had failed to reach an agreement with bondholders
including BRAM Bradesco Asset Management SA and Votorantim Asset
Management DTVM on the drug chain’s leverage limits.

Esteves, who’s boosted the market value of the bank he
acquired in 2009 almost six times, has been unable to turn
around Brasil Pharma even after BTG helped inject 400 million
reais into the company in May, when it violated covenants and
posted losses for a second-straight quarter. Brasil Pharma,
struggling to integrate the eight pharmacy chains it has bought
since 2009, saw net debt to earnings jump to 3.3 times in the
fourth quarter, above the 3 times cap in its bond contracts.

“The company is going through a very difficult moment,
with its cash flow very much pressured,” said Pedro Zabeu, a
health care financial analyst at the brokerage division of Banco
Fator SA in Sao Paulo. “For bondholders, it’s better to get
their payment now than to wait for it to mature. The prospects
for Brasil Pharma in the short term are not good.”




Photographer: Jin Lee/Bloomberg

Billionaire Andre Esteves of BTG Pactual SA. Close

Billionaire Andre Esteves of BTG Pactual SA.

Open

Photographer: Jin Lee/Bloomberg

Billionaire Andre Esteves of BTG Pactual SA.

OGX Bonds

Officials at Brasil Pharma, BTG, Bradesco and Votorantim
declined to comment on the negotiations and bond payment.

Brasil Pharma is at least the second case in which
Esteves’s reputation for turning around companies has failed to
sway bondholders. As part of an effort to boost confidence in
Eike Batista’s OGX Petroleo e Gas Participacoes SA last year,
BTG provided a $1 billion credit line to the oil producer’s
parent and said it would manage the finances of Batista’s six
publicly traded companies. The move failed to stem declines in
OGX’s notes or, later, Latin America’s biggest corporate bond
default.

Esteves gained recognition after he joined former partners
in 2009 to buy UBS AG’s Brazilian investment bank, UBS Pactual,
at a 19 percent discount to the $3.1 billion they had sold it to
the Swiss bank for in 2006. The value of the investment bank has
soared to $14.5 billion after 44-year-old Esteves, Brazil’s
youngest self-made billionaire, used acquisitions to help triple
assets under management.

‘They Deteriorated’

BTG, which became the biggest shareholder in Brasil Pharma
in 2009, participated in the drug chain’s 400-million-real share
sale in May, according to company filings. Brasil Pharma said in
its May 14 earnings release that it lost 185.3 million reais in
the first quarter as it faced challenges seeking to integrate
chains acquired in the past few years. The shares have fallen 44
percent this year to 3.79 reais, compared with a 3.9 percent
gain in Brazil’s benchmark Ibovespa stock index.

“We were expecting numbers would normalize in the first
half of this year, but they deteriorated,” Renato Donatti, an
analyst at Fitch Ratings, said in a telephone interview from Sao
Paulo. “They are not generating cash, and the second quarter
should be challenging, considering they have a high burden of
debt maturing in the short term.”

Fitch estimates Brasil Pharma has 500 million reais of debt
due in the next 12 months, while its cash reserves will end the
year at about 140 million reais. It cut the drug chain’s local
rating of AA-(bra) by one level with a negative outlook on June
23.

BTG Support

Erick Rodrigues, an analyst at Moody’s Investors Service,
said he expects continued support from BTG, which will help
Brasil Pharma over the long term.

“We also see the strong backing and commitment already
demonstrated by biggest shareholder, BTG Pactual, as a positive
factor for the company,” he said in a telephone interview from
Sao Paulo.

Bondholders weren’t so optimistic. By bailing on the drug
chain this month, they left the company with no remaining bond
debt. Brasil Pharma’s remaining liabilities of 1.2 billion reais
are predominantly to banks including HSBC Bank Brasil SA, Banco
do Brasil SA and Banco Santander Brasil SA.

The challenges associated with integrating newly acquired
drug chains mean Brasil Pharma will struggle to stem losses,
according to Andre Fontoura, an analyst at BES Securities
Brazil.

Brasil Pharma has opened 354 pharmacies since 2012,
according to the company’s earnings statement in May.

“Their situation is not good, and they still will struggle
in the short term to adjust their inventories,” Fontoura said
in a telephone interview from Sao Paulo. “They tried to do too
many things at the same time.”

To contact the reporter on this story:
Filipe Pacheco in Sao Paulo at
fpacheco4@bloomberg.net

To contact the editors responsible for this story:
Brendan Walsh at
bwalsh8@bloomberg.net
Lester Pimentel, Bradley Keoun

Source Article from http://www.bloomberg.com/news/2014-06-27/billionaire-esteves-is-losing-pharma-bondholders-brazil-credit.html
Billionaire Esteves Is Losing Pharma Bondholders: Brazil Credit
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Billionaire Esteves Is Losing Pharma Bondholders: Brazil Credit

Bondholders of Brazilian drug chain
Brasil Pharma (BPHA3) SA have given up on billionaire Andre Esteves.

They won full repayment on June 25 of 560 million reais
($253.7 million) of bonds from Brasil Pharma, which is
controlled by Esteves’s Banco BTG Pactual SA, after demanding
their money following the company’s breach of covenants in back-to-back quarters. In four months of negotiations, the Sao Paulo-based company had failed to reach an agreement with bondholders
including BRAM Bradesco Asset Management SA and Votorantim Asset
Management DTVM on the drug chain’s leverage limits.

Esteves, who’s boosted the market value of the bank he
acquired in 2009 almost six times, has been unable to turn
around Brasil Pharma even after BTG helped inject 400 million
reais into the company in May, when it violated covenants and
posted losses for a second-straight quarter. Brasil Pharma,
struggling to integrate the eight pharmacy chains it has bought
since 2009, saw net debt to earnings jump to 3.3 times in the
fourth quarter, above the 3 times cap in its bond contracts.

“The company is going through a very difficult moment,
with its cash flow very much pressured,” said Pedro Zabeu, a
health care financial analyst at the brokerage division of Banco
Fator SA in Sao Paulo. “For bondholders, it’s better to get
their payment now than to wait for it to mature. The prospects
for Brasil Pharma in the short term are not good.”




Photographer: Jin Lee/Bloomberg

Billionaire Andre Esteves of BTG Pactual SA. Close

Billionaire Andre Esteves of BTG Pactual SA.

Open

Photographer: Jin Lee/Bloomberg

Billionaire Andre Esteves of BTG Pactual SA.

OGX Bonds

Officials at Brasil Pharma, BTG, Bradesco and Votorantim
declined to comment on the negotiations and bond payment.

Brasil Pharma is at least the second case in which
Esteves’s reputation for turning around companies has failed to
sway bondholders. As part of an effort to boost confidence in
Eike Batista’s OGX Petroleo e Gas Participacoes SA last year,
BTG provided a $1 billion credit line to the oil producer’s
parent and said it would manage the finances of Batista’s six
publicly traded companies. The move failed to stem declines in
OGX’s notes or, later, Latin America’s biggest corporate bond
default.

Esteves gained recognition after he joined former partners
in 2009 to buy UBS AG’s Brazilian investment bank, UBS Pactual,
at a 19 percent discount to the $3.1 billion they had sold it to
the Swiss bank for in 2006. The value of the investment bank has
soared to $14.5 billion after 44-year-old Esteves, Brazil’s
youngest self-made billionaire, used acquisitions to help triple
assets under management.

‘They Deteriorated’

BTG, which became the biggest shareholder in Brasil Pharma
in 2009, participated in the drug chain’s 400-million-real share
sale in May, according to company filings. Brasil Pharma said in
its May 14 earnings release that it lost 185.3 million reais in
the first quarter as it faced challenges seeking to integrate
chains acquired in the past few years. The shares have fallen 44
percent this year to 3.79 reais, compared with a 3.9 percent
gain in Brazil’s benchmark Ibovespa stock index.

“We were expecting numbers would normalize in the first
half of this year, but they deteriorated,” Renato Donatti, an
analyst at Fitch Ratings, said in a telephone interview from Sao
Paulo. “They are not generating cash, and the second quarter
should be challenging, considering they have a high burden of
debt maturing in the short term.”

Fitch estimates Brasil Pharma has 500 million reais of debt
due in the next 12 months, while its cash reserves will end the
year at about 140 million reais. It cut the drug chain’s local
rating of AA-(bra) by one level with a negative outlook on June
23.

BTG Support

Erick Rodrigues, an analyst at Moody’s Investors Service,
said he expects continued support from BTG, which will help
Brasil Pharma over the long term.

“We also see the strong backing and commitment already
demonstrated by biggest shareholder, BTG Pactual, as a positive
factor for the company,” he said in a telephone interview from
Sao Paulo.

Bondholders weren’t so optimistic. By bailing on the drug
chain this month, they left the company with no remaining bond
debt. Brasil Pharma’s remaining liabilities of 1.2 billion reais
are predominantly to banks including HSBC Bank Brasil SA, Banco
do Brasil SA and Banco Santander Brasil SA.

The challenges associated with integrating newly acquired
drug chains mean Brasil Pharma will struggle to stem losses,
according to Andre Fontoura, an analyst at BES Securities
Brazil.

Brasil Pharma has opened 354 pharmacies since 2012,
according to the company’s earnings statement in May.

“Their situation is not good, and they still will struggle
in the short term to adjust their inventories,” Fontoura said
in a telephone interview from Sao Paulo. “They tried to do too
many things at the same time.”

To contact the reporter on this story:
Filipe Pacheco in Sao Paulo at
fpacheco4@bloomberg.net

To contact the editors responsible for this story:
Brendan Walsh at
bwalsh8@bloomberg.net
Lester Pimentel, Bradley Keoun

Source Article from http://www.bloomberg.com/news/2014-06-27/billionaire-esteves-is-losing-pharma-bondholders-brazil-credit.html
Billionaire Esteves Is Losing Pharma Bondholders: Brazil Credit
http://www.bloomberg.com/news/2014-06-27/billionaire-esteves-is-losing-pharma-bondholders-brazil-credit.html
http://news.search.yahoo.com/news/rss?p=pharma
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