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DEI is so 2024
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Good Morning,
BofA is now forecasting rate hikes after a stellar jobs report, IMF will study risks of PIK debt, biotech VC is booming since the turn of the new year, Point72 is raising fees, the dollar is proving difficult for global peers, and Zuck went full anti-woke on Joe Rogan's podcast after eliminating DEI at Meta.
Meta wasn't even the only Big Tech name to stir up DEI news this weekend…
Whether you work with early-stage startups or growing enterprises, Brex offers the complete financial stack for your firm. Optimize your and your PortCos' banking needs with Brex, startup banking that takes every dollar further.
Let's dive in.
Before The Bell

As of 1/10/2025 market close.
Markets
US markets tumbled on Friday as a hot jobs report dashed hopes for further Fed rate cuts
S&P had its worst day since mid-December
Rates traders priced in just one rate cut for 2025
VIX index hit a three-week high
China's CSI 300 fell over 5% last week in its worst start to the year since 2016
MSCI China index entered a bear market
US 2Y yield surged over 10 bps to 4.37%
US 10Y yield spiked to its highest since November 2023
US 30Y yield hit 4.95% to hit its highest since November 2023
China 10Y yield fell below 1.6% to a new record low
US dollar posted a sixth-straight weekly gain to hit a fresh two-year high
Euro fell to its lowest since November
Pound hit a 14-month low on UK fiscal woes
Aussie dollar hit its lowest since Covid
Oil hit a four-month high amid sweeping US sanctions on Russia
Uranium surged to a record high amid an AI energy demand frenzy
Bond markets got absolutely battered last week on dampened rate cut hopes, which also pressured equity valuations. Check out Peter Tuchman's weekly recap on the sentiment from the floor.
Earnings
What we're watching this week:
Wednesday: JPMorgan, Goldman Sachs, Citigroup, Wells Fargo, BlackRock
Thursday: Bank of America, Morgan Stanley, UnitedHealth, TSMC
Full calendar here
Prediction Markets
Headline Roundup
US unemployment rate fell to 4.1% in blowout jobs report (CNBC)
BofA is now projecting a rate hike (RT)
US stock market faces reality check in high-bar earnings season (BBG)
PE targets Europe for big LBO deals (FT)
IMF will study growing risks from PIK debt (BBG)
UK gilt selloff triggers pension cash calls in first big test since 2022 crisis (RT)
PIMCO, others stick with UK bond bets despite turmoil (BBG)
Point72 will return up to $5B in profits and raise fees (WSJ)
Singapore SWF GIC is increasing private markets exposure (BBG)
Activist investor Weinstein wants to be 'white knight' of UK stock market (FT)
Chinese traders' demand for global stocks prompt rare ETF halts (BBG)
FDIC extended BlackRock deadline over US bank stakes (BBG)
Meta abolished DEI (AX)
Amazon ended some DEI programs (CNBC)
Apple opposes shareholder measure to eliminate DEI (BBG)
Pfizer must face lawsuit over diversity program (RT)
JPMorgan disabled employee comments after RTO backlash (WSJ)
US supports Musk argument in OpenAI lawsuit (RT)
SCOTUS appears inclined to uphold TikTok ban (RT)
Disney, Fox and Warner canceled their Venu Sports streaming JV (WSJ)
Kohl's will close 27 stores (AX)
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Deal Flow
M&A / Investments
Electric energy firm Constellation Energy agreed to buy rival Calpine in a ~$27B cash and stock deal, including debt
Johnson & Johnson is exploring a bid for $10B-listed CNS-focused Intra-Cellular Therapies
Apollo is considering taking a $9.5B stake in 7-Eleven-owner Seven & i as part of a bid by the founding Ito family to take the company private
KKR is exploring a sale of UK waste management firm Viridor at an $8.5B valuation, including debt
German media group Ströer is exploring a sale of its $4B core advertising unit after receiving takeover interest from PE firms KKR, H&F, CVC, and EQT
Blackstone is weighing a sale or IPO of mobile app marketing provider Liftoff at an over $4B valuation, including debt
Chow Tai Fook Enterprises is considering a stake sale in Australian electricity supplier Alinta Energy, which it acquired for $2.5B in 2017
Eli Lilly is in advanced talks to acquire cancer-focused biotech Scorpion Therapeutics in a $2.5B deal
Bain Capital sweetened its takeover offer for Australian wealth manager Insignia Financial to match CC Capital's $1.8B bid
Quanterix agreed to acquire life sciences peer Akoya Biosciences in an all-stock deal to create a $670M combined entity
US sued to block American Express GBT's $570M proposed acquisition of rival corporate travel management firm CWT
Biogen offered to acquire the remaining 90% stake in brain-focused biopharma firm Sage Therapeutics at a $442M valuation
Investment firm DBAY Advisors agreed to acquire UK healthcare group Alliance Pharma for $430M cash
Italian fashion brand Prada is reportedly evaluating a potential purchase of Versace from Capri Holdings
VC
Cardiovascular drug development startup Kardigan raised a $300M Series A led by Perceptive Advisors, ARCH Venture Partners, and Sequoia Heritage
Windward Bio, a clinical-stage drug development startup focused on immunological diseases, raised a $200M Series A led by OrbiMed, Novo Holdings, and Blue Owl Healthcare Opportunities
Timberlyne Therapeutics, a clinical-stage biopharma startup developing novel therapies for autoimmune disorders, raised a $180M Series A led by Abingworth, Bain Capital Life Sciences, and Venrock Healthcare Capital Partners
Ouro Medicines, a biotech developing immune reset therapeutics, raised a $120M Series A led by TPG Life Sciences Innovations, NEA, and Norwest Venture Partners
Saluda Medical, a medical device company developing treatments for chronic neurological conditions, raised $100M led by Redmile Group
RhyGaze, a biotech focused on vision loss, raised an $86M Series A led by GV
Light Horse Therapeutics, a developer of small molecule therapeutics, raised a $62M Series A led by Versant Ventures
Numab Therapeutics, a startup developing antibody-based immunotherapies for inflammation and cancer, raised a $55M Series C led by Cormorant Asset Management, Forbion, HBM Healthcare Investment, and Novo
Supply chain security startup Overhaul raised a $55M round led by Springcoast Partners
Immunis, a clinical-stage biotech developing multi-active biologics for age and disease-related immune dysregulation, raised a $25M Series A-1 from LifeSpan Vision Ventures, JLS Fund, and more
AnaCardio, a clinical-stage biopharma focused on heart failure treatments, raised a $19M Series A extension led by Novo Holdings, Pureos Bioventures, and Sound Bioventures
Nsave, a provider of trusted and compliant accounts for people in high inflation economies, raised an $18M Series A led by TQ Ventures
Gumloop, a startup letting users automate tasks with drag-and-drop modules, raised a $17M Series A led by Nexus Venture Partners
Beams, a pricing engine to predict the cost of home renovation projects, raised a $9M Series A led by ETF Partners
Biomaterials startup UNCAGED Innovations raised a $5.6M seed round led by Green Circle Capital and Fall Line Capital
Nevermined, an AI payment infrastructure for AI-to-AI transactions, raised a $4M round led by Generative Ventures
IPO / Direct Listings / Issuances / Block Trades
Venture Global LNG, the second largest US producer of LNG, will begin pitching investors this week for its US IPO, targeting a $110B valuation
PE firm H&F is considering a listing of UK security group Verisure at a ~$20.5B valuation
TDR Capital-backed UK gas station operator EG Group plans to IPO this year at a potential $13B valuation
China's Zijin Mining Group is in talks to take a stake in $6B-listed Chinese lithium miner Zangge Mining, which could potentially lead to a takeover
UK luxury logistics firm Ferrari Group is considering an Amsterdam IPO
Weight-loss drug developer Metsera filed for a US IPO just nine months after emerging
Debt
Mars raised $1B via a privately-placed dollar and pound-denominated bond sale
Nigeria's neighbor Benin is seeking to raise $750M in a dollar bond sale
India's Vedanta Resources is in talks with banks to raise over $450M to repay debt
Tata Capital, the financial services unit of Indian conglomerate Tata Group, is planning a debut dollar bond sale
Bankruptcy / Restructuring / Distressed
Private hospital owner Prospect Medical filed for Chapter 11 bankruptcy
Fabrics and crafts retailer Joann is considering a second bankruptcy filing in less than one year
Italy's Acciaierie d'Italia steelworks, which is currently in state-led administration, received 10 purchase offers
A Hong Kong court ordered the liquidation of a key offshore unit of failed Chinese developer Evergrande
Chinese developer Shimao Group received a liquidation petition
Fundraising
Private credit firm Medalist Partners is seeking to raise $750M for its fourth fund
Eli Lilly partnered with VC a16z on a $500M Biotech Ecosystem Venture Fund
King Street Capital will launch a new private credit fund anchored by Generali
Crypto Sum Snapshot
Jamie Dimon slammed crypto in his latest interview (CBS)
Pastor who saw crypto project in 'dream' was indicted for fraud (BC)
CFPB plans to strengthen consumer safeguards for digital payments (BBG)
Check out Crypto Sum for the full stories on everything crypto!
Exec’s Picks
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Join UpSlide's webinar on January 30th and learn how to transform your teams' pitching process and beat the competition this year. Register today.
Joe Rogan sat down at length with Mark Zuckerberg, who slammed DEI and exposed the Biden administration in a candid conversation addressing topics surrounding Meta and their role in the evolving political landscape. It's a worthwhile listen.
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