All posts tagged: 1.2BN

AstraZeneca buys Chinese cancer therapy firm Gracell for .2bn | AstraZeneca

AstraZeneca buys Chinese cancer therapy firm Gracell for $1.2bn | AstraZeneca

AstraZeneca has struck a deal to buy a Chinese cancer therapy company for up to $1.2bn (£950m), as Britain’s biggest drugmaker expands its footprint in its second-largest market. The Anglo-Swedish pharmaceutical firm announced on Tuesday it would acquire Gracell Biotechnologies, which is focused on a type of cancer therapy known as CAR-T that modifies a patient’s cells to fight the disease. The deal marks a further investment in cancer research and treatment, which accounts for about one-third of AstraZeneca’s business, as well as its continued push to expand in China. AstraZeneca, which is one of the largest stock market-listed companies in London, made 13% of its revenues – about $6bn of $44bn – in the country last year, making it the second-most lucrative market behind the US, where revenues totalled $18bn. China’s growing importance to the drugs giant was underlined this summer, when it emerged that AstraZeneca was considering spinning off its local business, and listing it in Hong Kong or Shanghai, to avoid being caught up in the fallout from increasing tensions between China …

Meta ordered to suspend Facebook EU data flows as it’s hit with €1.2BN privacy fine

Meta ordered to suspend Facebook EU data flows as it’s hit with €1.2BN privacy fine

It’s finally happened: Meta, the company formerly known as Facebook, has been hit with a formal suspension order requiring it to stop exporting European Union user data to the US for processing. The European Data Protection Board (EDPB) confirmed today that Meta has been fined €1.2 billion (close to $1.3BN) — which looks to be a record sum for a penalty under the bloc’s General Data Protection Regulation (GDPR). (The prior record goes to Amazon which was stung for $887M for misusing customers data for ad targeting back in 2021.) Meta’s sanction is for breaching conditions set out in the pan-EU regulation governing transfers of personal data to so called third countries (in this case the US) without ensuring adequate protections for people’s information. European judges have previously found US surveillance programs to conflict with EU privacy rights. In a press release announcing today’s decision the EDPB’s chair, Andrea Jelinek, said: The EDPB found that Meta IE’s infringement is very serious since it concerns transfers that are systematic, repetitive and continuous. Facebook has millions of …