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[ad_1] Carl Icahn Adam Jeffery | CNBC Biotech company Illumina pushed back Monday against Carl Icahn's proxy fight over the company's acquisition of cancer test developer Grail, saying the activist investor's board nominees "do not add value."  The San Diego-based DNA sequencing company released its latest response to Icahn's sharp criticism of the $7.1 billion deal it completed in 2021, saying it's committed to maximizing shareholder value as it works with antitrust regulators to "define GRAIL's path forward as expeditiously as possible." Icahn, who owns a 1.4% stake in Illumina, sent an open letter to the company's shareholders last week saying the DNA sequencing company paid too much for Grail and completed the "reckless" deal without getting European antitrust regulatory approval. He claimed those actions have wiped out $50 billion in Illumina's market value and "clearly shows that shareholders have lost fai...

[ad_1] Thibaut Mongon, CEO and Paul Ruh CFO of Kenvue Inc. a Johnson & Johnson's consumer-health business, pose together during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. Brendan McDermid | Reuters Johnson & Johnson on Thursday said its shareholders will soon be able to swap their shares for stock of Kenvue , which spun out as an independent consumer health company just two months ago. J&J owns nearly 90% of Kenvue shares and plans to reduce its stake through an exchange offer that could launch "as early as the coming days," depending on market conditions, J&J CFO Joseph Wolk said during the company's second-quarter earnings call.  That process, also known as a split-off, will allow J&J shareholders to exchange all or a portion of their shares for Kenvue's common stock. J&J did not provide further details on the planned offer. But Wolk said a split-off is the "most advanta...

[ad_1] Eli Lilly and Company, Pharmaceutical company headquarters in Alcobendas, Madrid, Spain. Cristina Arias | Cover | Getty Images Eli Lilly on Friday said it will acquire Versanis, a privately held obesity drug maker , for up to $1.93 billion to boost the pharmaceutical giant's weight loss treatment portfolio.  Eli Lilly agreed to pay Versanis shareholders in cash, which will consist of an upfront payment and potentially subsequent payments if Versanis achieves certain "development and sales milestones." Oakland, California-based Versanis, which was founded in 2021 by biotech investment firm Aditum Bio, has one experimental drug for obesity and potentially other conditions. Eli Lilly's stock price rose 3% on Friday following the announcement. The deal is Eli Lilly's latest attempt to capitalize on the weight loss industry gold rush, which began last year after Novo Nordisk' s blockbuster injections Wegovy and Ozempic boomed in popularity.  An est...