• Leonard Schleifer and George Yancopoulos, the billionaire doctors behind Regeneron Pharmaceuticals, are worth nearly $4 billion combined.
  • President Trump took a high dose of the experimental ‘antibody cocktail’ that Regeneron is developing to treat his case of COVID-19.
  • Even before he took the drug, the president was friendly with Schleifer.
  • Yancopoulos told The New York Times that the president’s request to take the antibody cocktail left him ‘conflicted.’
  • Schleifer handles the business end of Regeneron’s operations, while Yancopoulos heads up the medical research needed to develop the company’s products.
  • Visit Business Insider’s homepage for more stories.

The antibody cocktail that President Trump took to fight his case of COVID-19 was the brainchild of a pair of billionaire doctors.

Leonard Schleifer and George Yancopoulos, the leaders of the pharmaceutical giant Regeneron, built a multibillion-dollar company with a reputation for producing drugs at a breakneck pace and built fortunes that rival the president’s in the process.

Representatives of Schleifer and Yancopoulos at Regeneron did not immediately respond to Business Insider’s request for comment on the billionaires’ personal histories, net worths, or careers at Regeneron.

Keep reading to learn more about Regeneron billionaires Leonard Schleifer and George Yancopoulos.

Read more: Trump just received Regeneron’s experimental COVID-19 treatment. Here’s the inside story of the biotech and its 2 billionaire founders.

Source Article

  • After his electric truck startup debuted on the New York Stock Exchange Friday, Thomas Healy became both the youngest CEO of a publicly traded company and one of America’s youngest self-made billionaires.
  • Healy has an estimated net worth of $1.6 billion, per a Business Insider analysis.
  • In an exclusive interview with Business Insider, Healy shared what it’s like to become a billionaire overnight.
  • Regarding major rivals Nikola and Tesla, Healy says ‘all of us are bringing electric vehicles forward. We’re all focused on electrification, but each one of us is taking just a little bit different of a path.’
  • Visit Business Insider’s homepage for more stories.

Thomas Healy just had a big week.

Within five days, the 28-year-old mechanical engineer led his electric truck startup, Hyliion, through a shareholder vote and its first day of trading on the public markets, all in the middle of a pandemic. He also led it through a merger with a SPAC, or a special purpose acquisition company, also known as a “blank check” acquisition fund, which is designed to facilitate sudden public listings such as Hyliion’s. 

Hyliion, which retrofits class 8 semi-trucks with electric power trains instead of the traditional diesel, debuted on the New York Stock Exchange on Friday. Now that Healy is the youngest CEO of a publicly traded company in the US and among its youngest self-made billionaires,  it seems like he can barely believe it himself.

“I think the best word I can use to describe it is surreal,” Healy told Business Insider. 

Just hours after Hyliion closed its merger with the SPAC, Tortoise Acquisition, on Thursday afternoon, Healy sat down with Business Insider via Zoom to discuss the IPO, how he plans to outsmart Tesla, and what it feels like to become a billionaire overnight.

Healy is far from

(Bloomberg) — Italy’s Nexi SpA and SIA SpA are set to announce their merger after their boards meet Sunday to approve a deal to create one of Europe’s biggest payment providers, people familiar with the matter said.



a sign on the side of a train station: A pedestrian passes the Nexi SpA headquarters in Milan, Italy, on Monday, April 15, 2019. The initial public offering of payment-service company Nexi raised 2.01 billion euros ($2.3 billion), making it the biggest listing in Europe so far this year and the third major IPO of a payment-processing institution in the region in less than a year.


© Bloomberg
A pedestrian passes the Nexi SpA headquarters in Milan, Italy, on Monday, April 15, 2019. The initial public offering of payment-service company Nexi raised 2.01 billion euros ($2.3 billion), making it the biggest listing in Europe so far this year and the third major IPO of a payment-processing institution in the region in less than a year.

As part of the agreement, Nexi would approve a reserved capital increase for SIA shareholders, with no cash component, said the people, who asked not to be named because the talks are private. Nexi would hold about 70% of the merged company and SIA 30%, they said. Cassa Depositi e Prestiti SpA, SIA’s main investor, would have about 25% of the merged entity, the people said.

Loading...

Load Error

Nexi and SIA spokespeople had no comment. The merger announcement could come soon as before the market opens on Monday, said the people. Newspaper Repubblica reported the news earlier.

The firms wrapped up more than a year of negotiations over a combination as payment providers across Europe look for deals that can add scale. Combining the two Italian companies would create a stronger competitor to France’s Worldline SA, which agreed in February to acquire Ingenico Group SA in a 7.8 billion-euro ($9.1 billion) deal.

Discussions have been on the brink of collapse several times over divergences on governance and valuations. In the last few weeks talks intensified after SIA reached an accord to keep Italian lender UniCredit SpA as its main client, a key sticking point in determining its valuation, people with knowledge of the matter

By Christopher Walljasper

CEDAR GROVE, Wisc. (Reuters) – China may fall short of annual agricultural product purchasing commitments made in its Phase 1 trade deal with the United States due to “non-agricultural trade issues,” U.S. Department of Agriculture Secretary Sonny Perdue said on Friday.

“I’m not sure they’re going to make it, but they’re trying,” Perdue said during a town hall meeting with farmers at Edge Dairy Farmer Cooperative. “Non-agricultural trade issues get in the way.”

China committed to importing $36.5 billion in U.S. farm products this year in the trade deal signed in January, but lagging purchases during the first half of the year cast doubt on the goal of increasing imports by more than 50% over 2017 levels.

It was unclear which trade issues Perdue believed were obstacles to the agreement. A series of hurdles have emerged since the Phase 1 deal was implemented, including a threatened U.S. ban on popular Chinese-owned social media app TikTok and an executive order signed by U.S. President Donald Trump ending preferential economic treatment for Hong Kong.

Chinese imports of U.S. agricultural products totaled just $8.6 billion from January through July, according to the latest U.S. Census trade data.

Buying has accelerated considerably in August and September, including around 12 million tonnes of soybeans and 4 million tonnes of corn, according to preliminary U.S. Department of Agriculture data.

(Story refiles to fix garbled text)

(Reporting by Christopher Walljasper in Cedar Grove, Wisconsin; Additional reporting by Karl Plume in Far Hills, New Jersey; Editing by Marguerita Choy)

Copyright 2020 Thomson Reuters.

Source Article

A year after thousands of young people marched to the United Nations (UN) headquarter in New York demanding climate action, some things have changed. During this year’s General Assembly that is taking place remotely, climate action is a part of the conversation. But some things have remained the same. When it came to allocating money and announcing drastic systemic changes that climate action needs, world leaders fell short. 

On Tuesday as representatives from around the world discussed ways to help finance the Sustainable Development Goals (SDGs) – targets aimed at improving access to health, education and sanitation, among others – the COVID-19 pandemic dominated the conversation.

The high-level meeting convened by UN secretary-general António Guterres on September 29, together with the Prime Minister of Canada, Justin Trudeau, and the Prime Minister of Jamaica, Andrew Holness, involved talks about policy actions and solutions to advance the devastating social and economic impacts of COVID-19. 

Nearly one million people lost their lives due to the pandemic and there are over 32 million confirmed cases globally. It is expected to drive close to 100 million to extreme poverty, the first such increase since 1998. An estimated additional 265 million people could face acute food shortages by the end of 2020, according to the UN.

Even for developing countries that have not been directly affected by the virus, the COVID-19 pandemic has exacerbated the financial distress as export, tourism and remittance receipts have all dried up. This threatens their ability to meet existing debt payments.