Hey Snackers,
The Italian island of Sardinia is offering people up to $15K to move there. The work-from-beach dream has a catch: you have to spend the cash on renovating a newly purchased home and move there full-time. Sounds like… a permanent Italian vacay?
US stocks snapped a six-day losing streak yesterday, surging 2% after the Bank of England said it would buy bonds — a surprising reversal of hawkish monetary policies. Meanwhile, orange juice futures skyrocketed ahead of Hurricane Ian's Florida landfall.
The results are in… and Biogen scored a multibillion-dollar win. This week the pharma giant announced that an experimental Alzheimer’s drug it’s developing significantly slowed cognitive decline in a large trial. The results boost the drug’s likelihood of snagging FDA approval, which could lead to blockbuster sales:
R&D is a roller coaster… Pharma giants have tried to develop successful Alzheimer’s drugs for decades. Despite billions in R&D spending, there’s still no commercially successful drug proven to slow Alzheimer’s. But pricey R&D is common in pharma: it costs an average of $1.3B to develop a drug, and approval can take a decade.
Some industries are feast or famine… Bio-pharma revolves around trials. If the trial flops, it’s back to the billion-dollar drawing board. If it succeeds, it’s a “feast” for all involved. Those high stakes come with high potential rewards: Moderna notched a $1.2B quarterly profit (its first ever) after its Covid vax got authorized. It took Biogen lots of time and $$ to develop its most recent Alzheimer’s drug, but analysts say it could do up to $8B in annual sales.
Hide your tennis courts… Pickleball — a mix of badminton, ping-pong, and tennis — has become the fastest-growing sport in the US with nearly 5M players. Now, MVPs want a swing at the pickle pie. Yesterday, the MLP (Major League Pickleball) announced that NBA legend Lebron James joined its investor ranks.
Game, set, match… Pickleball gained popularity during the pandemic as people looked for socially distant group activities. Since it requires less stamina (and formal training) than tennis or b-ball, it’s easier to pick up. Now, pickleball has 10K designated courts in the US, with three new ones opening each day.
The pickle jar is far from full… Thanks to leagues like the MLP and investors like Lebron, pickleball is gaining corporate attention. Pickleball tourneys have attracted sponsorships from brands like DraftKings, Hertz, and Chase. MLP’s founder said MVP investments would help the league reach its goal of 40M players by 2030. If momentum sticks, we could see a pickle-conomy emerge (think: merch, sponsors).
Authors of this Snacks own: shares of Amazon, Moderna, and Roche
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