Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Synairgen
Small cap respiratory drug developer Synairgen LON:SNG has been in favour of late as its treatments are seen as having the potential to help solve part of the COVID puzzle. More good news this morning with word that the company has been accepted onto a phase II/III trial for US COIVD outpatients who don’t yet require hospitalisation. The note adds that medical trials on hospitalised patients also continue, although treatments administered at-home can obviously be done earlier in the course of the illness, hopefully preventing progression of the virus.
Boohoo Group
Over to the world of fast fashion and Boohoo Group LON:BOO has this morning confirmed the acquisition of select assets from Debenhams. The online retailer has no intention to suddenly move onto the high street however, as the deal – worth £55m – is only for customer data, select contracts and IP including the Maine and Mantaray brands. The deal will be financed through Boohoo’s existing cash balance. In the 12 months to 31st August, Debenhams online platform generated £400m of revenue.
ASOS
Sticking with the fashion sector, ASOS LON:ASC has published a note this morning too, confirming media speculation that it is in exclusive discussions with the administrators of Arcadia. That would be for the acquisition of brands like TopShop and Miss Selfridge and the board add that these channels would resonate well with its customer base. There can be no certainty the transaction will complete however and shareholders will remain updated.
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