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Alaska’s Department of Revenue materially increased investments in Gilead Sciences and Eli Lilly stock in the third quarter.

David Paul Morris/Bloomberg

Alaska’s Department of Revenue made big changes in some of its biggest holdings in U.S.-traded equities.

The state agency, which is charged with collecting and investing funds for public purposes, materially increased investments in

Gilead Sciences

(ticker: GILD) and

Eli Lilly

(LLY), two companies working on treatments for Covid-19, in the third quarter. The Department of Revenue also bought more

Wells Fargo

(WFC) stock and cut holdings in

Bank of America

(BAC). The Alaskan agency disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.

Alaska’s Department of Revenue, which managed $8.1 billion in U.S.-traded equities as of Sept. 30, didn’t respond to a request for comment on its stock transactions.

The agency bought 253,419 more Gilead shares in the third quarter, raising its investment to 749,107 shares of the biotech.

Gilead stock slid about 18% in the third quarter, and the shares are now down about 2% for the year to date through Friday’s close. By comparison, the

S&P 500 index,

a broad measure of the market, is up 7.6% this year.

Gilead announced in September that it had agreed to acquire


(IMMU), which has a promising new treatment for cancer, Trodelvy. Gilead’s earlier deals for companies developing cancer treatments haven’t paid off yet. Gilead has come into focus in recent days as President Donald Trump was treated with its antiviral drug remdesivir, to help speed his recovery from the coronavirus.

The department of revenue bought 130,879 additional Lilly shares, raising its investment in the drug giant to 326,523 shares as of the end of September.

Lilly stock slid about 10% in the third quarter, but remains up about

A Florida rapper allegedly pocketed more than $1 million in COVID-19 relief funds, which he used to buy a Ferrari and other luxe items, federal prosecutors said.

Diamond Blue Smith — who is a member of the group Pretty Ricky — was charged this week for his role in a $17 million coronavirus relief scheme, according to the US Attorney’s Office for the Southern District of Florida.

Prosecutors allege that Smith — who also appears on the show “Love & Hip Hop: Miami” — obtained $427,000 through his company, Throwbackjersey.com, by falsifying documents for a Paycheck Protection Program (PPP) loan.

The PPP program was meant to help struggling small businesses during the coronavirus pandemic.


The recording artist also was able to secure another PPP loan of $708,00 through another company, Blue Star Records, prosecutors said.

He then allegedly used the loan proceeds to buy a $96,000 Ferrari as well as $2,290 in goods from Versace.

On another occasion, he spent more than $27,176 at the Seminole Hard Rock Hotel and Casino, prosecutors said.

The FBI also accused Smith in a complaint of fraudulently seeking PPP loans on the behalf of others in order to get kickbacks.


At least a dozen other people are charged in the scheme, which secured at least $17.4 million in relief funds, prosecutors said.

Smith’s Ferrari — it was not immediately clear which model — was seized when he was arrested Monday on charges of wire fraud, bank fraud, and conspiracy to commit wire fraud and

A “blank check company” led by the billionaire Chamath Palihapitiya is nearing a deal to acquire the Medicare insurance company Clover Health, according to people familiar with the matter. The deal, which could be announced as soon as Tuesday, would value Clover Health at $3.7 billion.

The deal is being done through a special-purpose vehicle, or SPAC, which uses public market funds to buy private companies and take them public. It is the third such deal done through Mr. Palihapitiya’s Social Capital Hedosophia fund, following the real estate start-up Opendoor and the space tourism company Virgin Galactic.

Clover, founded in 2013, sells Medicare insurance in largely rural or underserved areas. Alongside that insurance, it also offers software to physicians that helps aggregate key data on patients who are part of the Clover network. That data can, in turn, improve care and bring the cost of care down, the company argues.

Still, Clover, which touts its software as a distinguishing feature, has indicated that technology alone is not enough to sustain the company. Clover laid off about a quarter of its employees last year as it sought to focus on hiring health care experts in addition to technology developers.

Cash from the SPAC will fuel Clover Health’s growth beyond the more than 57,000 members it currently serves across seven states, the people said. That scale will help it achieve profitability, a goal it hopes to meet by 2023.

The deal includes up to $1.2 billion in cash proceeds, $400 million of which will be through a private investment in the public entity, or PIPE, led by Mr. Palihapitiya.

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BridgeBio Pharma  (BBIO) – Get Report shares are falling premarket after the company said it would buy the 36.3% of Eidos Therapeutics  (EIDX) – Get Report that it doesn’t already own for cash and stock valued at $73.26 a share. 

Eidos shares at last check jumped 32% to $68.29. The plan gives holders a 55% premium to the volume-weighted-average price of the stock over the 30 trading days through Oct. 2. The premium is 41% over the San Francisco company’s Friday closing price of Eidos at $51.92.

BridgeBio shares at last check fell 6.6% to $36.99.

Terms give Eidos holders the right to receive either 1.85 BridgeBio shares or $73.26 cash for each of their shares. The maximum total cash offered in the deal is $175 million. 

Both companies’ boards have approved the transaction. 

Holders of two-thirds of Eidos shares not held by BridgeBio must approve the deal.  A majority of shares held by BridgeBio holders must also approve the purchase. The companies do not need antitrust clearance to close the deal, BridgeBio said.

BridgeBio said it would fund the deal with cash on hand. 

Eidos is developing acoramidis, a treatment for patients with ATTR cardiomyopathy and polyneuropathy.

“This transaction removes the operational complexity of the current ownership structure and allows us to fully unlock the potential of this investigational medicine for patients and investors,” said Neil Kumar, who is founder and chief executive of BridgeBio and CEO of Eidos.

The company recently completed screening for its Phase 3 trial of acoramidis, in which more than 600 participants are expected to enroll. 

BridgeBio says the acquisition will help lay the groundwork for a global launch of acoramidis. 

BridgeBio, Palo Alto, Calif., focuses on inherited diseases and targeted oncology, Kumar said. Acoramidis will become BridgeBio’s keystone in