Jun. 16 at 2:21 AM
$SRPT $VSCO $RNLSY $AMZN $HON
TOP 5 WEEKEND STORIES:
1) Sarepta Therapeutics (SRPT) provided a safety update regarding Elevidys, an FDA approved gene therapy for patients with Duchenne muscular dystrophy. The company announced a second reported case of acute liver failure resulting in death. The cases of ALF to date have both occurred in non-ambulatory individuals with Duchenne. Sarepta is temporarily suspending shipments of Elevidys for non-ambulatory patients while an enhanced immunosuppressive regimen is evaluated, discussed with regulatory bodies, and put in place. For ambulatory patients, no treatment changes are being proposed and the current practice of administering corticosteroids before and after Elevidys infusion, along with post-treatment monitoring, remains the same. Sarepta has also voluntarily paused dosing in the ENVISION clinical study. FDA concurs with this action, the company said.
2) Barington Capital Group has built a stake in Victoria's Secret (VSCO) and believes the company hasn't lived up to its full potential, Lauren Thomas of Wall Street Journal reports, citing people familiar with the matter. Barington owns a stake of over 1% in Victoria's Secret and intends to keep buying more shares, sources told the Journal. The activist plans to push Victoria's Secret to refresh its board and refocus on its core bra business to turn around its share performance, the people added. Barington plans to ask Victoria's to consider replacing a majority, if not all of, the board with new independent directors, the sources told the Journal.
3) After 5 years at the head of Renault Group (RNLSY), Luca de Meo has announced his decision to step down and pursue new challenges outside the automotive sector. The Board of Directors, convened by its Chairman Jean-Dominique Senard, expressed their gratitude to Luca de Meo for the turnaround and transformation of Renault Group and accepted that his departure would be effective from July 15, 2025. Luca de Meo will continue to perform his duties until that date. The Board of Directors has initiated the process of appointing a new Chief Executive Officer based on the already defined succession plan.
4) Amazon (AMZN) announced plans to invest a new total of AU
$20 billion from 2025 to 2029 to expand, operate, and maintain its data center infrastructure in Australia. The country's largest publicly-announced global technology investment will support the strong growth in customer demand for cloud computing and artificial intelligence, accelerating AI adoption and capability, and the continued modernization of Australian organizations.
5) Honeywell (HON) is open to acquiring more companies in Europe as it looks to increase its portfolio, Kate Duffy of Bloomberg reports. "We're open across the board where those things fit," Chief Commercial and Strategy Officer Ben Driggs said in an interview, according to Bloomberg. "There is absolutely growth in defense that we want to take advantage of."
