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Facebook must face a collective lawsuit valued at around 3 billion pounds ($3.77 billion) over allegations the social media giant abused its dominant position to monetise users' personal data, a London tribunal ruled on Thursday. Legal academic Liza Lovdahl Gormsen, who is bringing the case on behalf of around 45 million Facebook users in the UK, says users were not properly compensated for the value of personal data they had to provide. The Competition Appeal Tribunal (CAT) initially refused to give the go-ahead to the…

Updated Jan. 9, 2024 2:35 am ETGSKsaid it bought biopharmaceutical company Aiolos Bio for an upfront consideration of $1.0 billion and the potential for an additional $400 million, the latest in a string of pharmaceutical majors buying fast-growing biotechs to restock their pipelines.The British pharmaceutical giant said Tuesday that the deal to buy San Francisco and London-based Aiolos Bio, which focuses on patients with respiratory and inflammatory conditions, includes a Phase 2-ready antibody called AIO-001 for the…

Boston Scientific will acquire Axonics for about $3.7 billion in cash.The companies said on Monday that Axonics had agreed to be bought for $71 a share. Boston Scientific said the deal gave Axonics an equity value of $3.7 billion and an enterprise value of $3.4 billion.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Boston Scientific will acquire Axonicsfor about $3.7 billion in cash.The companies said on Monday that Axonics had agreed to be bought for $71 a share.…

Indian carmaker Tata Motors has begun talks with sovereign wealth funds and private equity investors to raise up to $1 billion via a stake sale in its electric vehicle (EV) business, Economic Times reported, citing sources. The company plans to sell a significant minority stake, the newspaper report added, eyeing a valuation of about $10.5 billion. The funds and investors include the UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund,…

PayPal Holdings on Tuesday said activist investor Elliott Management has an over $2 billion stake in the fintech company and the firm raised its annual profit guidance. PayPal shares shot up nearly 12% after it also announced a slew of moves including appointing Blake Jorgensen as new chief financial officer and a $15 billion repurchase program. The fintech company has "an unmatched and industry-leading footprint across its payments businesses," said Jesse Cohn, a managing partner at Elliott, a day after the investment…

Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing, a day after the cryptocurrency lender filed for Chapter 11.New Jersey-based Celsius froze withdrawals last month, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market.In the filing at the U.S. Bankruptcy Court for Southern District of New York , Celsius also said it had $40 million in claims against Singapore-based Three Arrows Capital, a…