Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. GlaxoSmithKline new product accepted for FDA review
Perhaps unsurprisingly pickings are rather slim off the back of the holiday weekend, but GlaxoSmithKline [LON:GSK] has advised that a new product for the treatment of chronic kidney disease has been submitted to the FDA for phase three testing. The product is already approved in Japan but as always tapping into the lucrative US market is a key milestone for any drug.
#2. Pearson US contract to conclude
Educational publisher Pearson [LON:PSON] has this morning advised that its 10 year association with Arizona State University will conclude in 2023. Whilst the partnership is said to have been ground breaking in terms of allowing ASU to expand online learning, the profit impact is set to be modest during termination and subsequently will be offset by the elimination of related costs. Earnings guidance for the short to medium term remains unchanged.
#3. Tekcapital portfolio company update
Rounding off with an AIM market company, Tekcapital [LON:TEK] has this morning reported that wholly owned portfolio company Guidant it has executed a strategic alliance with Perrone Robotics. This sees Guident’s remote monitoring systems integrated with Perrone’s kit for highly automated vehicles and has the potential to accelerate the adoption of autonomous vehicles in cities. The Autonomous vehicle market is tipped to be worth $556 billion by 2026.