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Important Current Affairs for CLAT-14th March 2023

Pfizer will spend $43 billion to acquire Seagen

Pfizer is spending about $43 billion to acquire Seagen to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue.

Pfizer is spending about $43 billion to acquire Seagen to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue. The pharmaceutical giant said it will pay $229 in cash for each share of Seagen Inc. Pfizer then plans to let the biotech drug developer “continue innovating,” except with more resources than it would have alone, Pfizer Chairman and CEO Albert Bourla told.

Significance of the Pfizer and Seagen deal:

Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise,” Pfizer Chairman and CEO Dr Albert Bourla said in a statement.

Bothell, Washington-based Seagen Inc. is a biotech drug developer. Its key products use monoclonal antibodies that bind to the surface of a tumour cell to deliver a cancer-killing agent while sparing surrounding healthy tissue.

What are Monoclonal antibodies:

Monoclonal antibodies are lab-made proteins delivered mostly by IV at an infusion center, according to the Cleveland Clinic.

mAbs have monovalent affinity, it binds only to the same epitope i.e. the part of an antigen that is recognized by the antibody.

They are designed to perform many roles, like they can be used to carry drugs, toxins, or radioactive substances directly to affected cells.

mAbs are used to treat many diseases, including some types of cancer.

Seagen’s Cancer Treatment and market valuation:

Seagen’s top seller, Adcetris, treats lymph system cancers. It brought in $839 million in sales last year, a 19 per cent increase over the previous year.

Aside from Adcetris, Seagen also has a deal with Pfizer’s Array BioPharma to develop, make and sell the breast and colorectal cancer treatment Tukysa. It brought in $353 million in sales last year.

Seagen also saw sales grow 33 per cent to $451 million last year for Padcev, which treats some cancers of the urinary tract, including the bladder. The drugmaker is developing and selling that treatment with Astellas Pharma Inc.

Seagen anticipates generating approximately $2.2 billion of revenue this year, representing 12 per cent year-over-year growth, from its four in-line medicines, royalties and collaboration and license agreements.

Pfizer bet on Seagen’s growth:

Pfizer believes Seagen could contribute more than $10 billion in risk-adjusted revenues in 2030, with potential significant growth beyond 2030.

Seagen, which changed its name from Seattle Genetics in 2020, shaved its loss to $610 million last year. That’s down from $674 million in 2021. Total revenue grew about 25 per cent last year to nearly $2 billion.

The company named former Novartis executive David Epstein CEO in November. Long-time CEO and co-founder Clay Siegall resigned last spring.

Pfizer’s main business: Cancer treatment:

Cancer treatments are one of Pfizer’s main businesses. That portfolio of drugs includes the breast cancer treatment Ibrance, which brought in nearly $1.3 billion in sales last year.

Pfizer recorded about $100 billion in total revenue last year and has been flush with cash thanks to sales of its COVID-19 vaccine and treatment, Comirnaty and Paxlovid.

CEO Albert Bourla said earlier this year that the company planned to use its extraordinary firepower to buy products that will deliver $25 billion in incremental revenue by 2030.

Silicon Valley Bank Collapse: The Biggest Bank Failure Since 2008

Silicon Valley Bank collapsed in spectacular fashion after it announced big losses, creating the biggest bank failure in the United States since the 2008 crisis.

Startup-focused lender Silicon Valley Bank Financial Group became the largest bank to fail since the 2008 financial crisis, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.

More about the ongoing wide spread banking crisis:

Silicon Valley Bank, the nation’s 16th largest bank, collapsed on Friday, forcing a government takeover and calling into question the fate of almost $175 billion in customer deposits.

Signature Bank, the 29th-largest bank in the U.S., also closed its doors, suggesting the financial panic had spread.

Many bank stocks plummeted in early trading. First Republic Bank dropped 65% before trading was halted; Western Alliance Bancorp fell almost 60%. Charles Schwab, the eight-largest U.S. bank, dropped nearly 10%.

The extent of the crisis:

Silicon Valley Bank’s failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.

The real cause of Silicon Valley Bank Collapse:

The genesis of SVB’s collapse lies in a rising interest rate environment. As higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some large clients pulled money from the bank and it was forced to sell some of the distressed securities in order to provide the cash.

The vulnerable condition of the bank’s balance sheet scared other major depositors, who in turn pulled their funds from the bank, prompting a bank run that gained momentum quickly since the bank depended on a relatively small number of large depositors. It collapsed within days.

To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole.

The collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.

Surekha Yadav, Asia’s 1st woman loco pilot who now operates Vande Bharat

The Vande Bharat Express is now being driven by Surekha Yadav, the first female locomotive pilot in Asia. From Solapur to Chhatrapati Shivaji Maharaj Terminal (CSMT) in Maharashtra.

Asia’s 1st woman loco pilot who now operates Vande Bharat

The Vande Bharat Express is now being driven by Surekha Yadav, the first female locomotive pilot in Asia. From Solapur to Chhatrapati Shivaji Maharaj Terminal (CSMT) in Maharashtra, Yadav ran the Vande Bharat Express. Surekha Yadav, a native of Satara, Maharashtra, became the nation’s first female train driver in 1988.

The Central Railway previously ran the famous Mumbai-Pune Deccan Queen Express and CSMT-Kalyan ladies’ special local train with all-female crews in honour of International Women’s Day (8 March). Yadav was the Deccan Queen’s operator that day, while Sayali Sawardekar was his assistant loco pilot. As a group of six female travelling ticket examiners, commanded by chief ticket inspector Jiji John and Deepa Vaidya, aided and guided the passengers, Leena Francis handled the duties of the train manager (guard).

You may also know:

Mumtaz Kazi, the first suburban motor lady in Asia, was in charge of the K99 local, a ladies-only train that ran between Kalyan and Mumbai’s Chhatrapati Shivaji Maharaj Station (CSMT). On the train, Mayuri Kamble was a guard.

A book titled “India’s Struggle for Independence – Gandhian Era” released

Supreme Court Judge Justice V. Ramasubramanian has released a book titled India’s Struggle for Independence – Gandhian Era.

“India’s Struggle for Independence – Gandhian Era” released

Supreme Court Judge Justice V. Ramasubramanian has released a book titled India’s Struggle for Independence – Gandhian Era. The book, authored by P. Jyothimani, former Judge, Madras High Court, and G. Balan, former professor of history, Pachiayappa’s College, and published by Vanathi Pathipagam, was released at an event held at the University of Madras. The book covers aspects such as the relevance of Mahatma Gandhi as of the date.

Justice R. Mahadevan, Judge, Madras High Court, received the first copy. Justice R. Mahadevan, spoke about the hardships undergone by Gandhi in perseverance of social and economic justice, equality among the people, eradication of poverty and ignorance and ultimately securing Independence through ahimsa and non-violence.

Nitin Gadkari unveiled first methanol run buses in Bengaluru

The first methanol-powered buses in Bengaluru will be unveiled by Union Minister for Road and Transport, Nitin Gadkari.

Nitin Gadkari unveiled first methanol run buses

The first methanol-powered buses in Bengaluru will be unveiled by Union Minister for Road and Transport, Nitin Gadkari. The Bengaluru Metropolitan Transport Corporation (BMTC), NITI Aayog, Indian Oil Company (IOC), and Ashok Leyland are working together to carry out the initiative, which aims to lower the level of pollutants.

A top BMTC official informed that MD15 (diesel with 15% methanol) bus pilot testing will begin around 5:30 pm from Vidhana Soudha. The BMTC intends to launch 80 buses that will use methanol fuel as part of the trial project, and 20 Ashok Leyland buses will also be introduced in the first stages. The Indian Oil Company will offer free fuel and methanol for three months as part of the experiment.

What is Methanol?

Methanol can be produced through the reaction of carbon monoxide, carbon dioxide, and hydrogen, which are also known as syngas. The syngas can be produced from various sources such as natural gas, coal, or biomass.

Methanol can be blended with gasoline or used as a standalone fuel in vehicles with modified engines. It has a high octane rating, which means it can improve engine performance and reduce harmful emissions.

The project came at a time when many state governments and the Union Government are working on providing cleaner fuel options. The National Biofuel policy also talks about ethanol blending which is a clean, low-cost alternative to fossil fuel-based products.

International Day of Action of Rivers 2023 observed on 14th March

Every year on March 14, people throughout the world mark the International Day of Action for Rivers to bring attention to how important rivers are to our daily lives.

International Day of Action of Rivers 2023

Every year on March 14, people throughout the world mark the International Day of Action for Rivers to bring attention to how important rivers are to our daily lives. Also, the day aims to raise awareness of the disparities in access to clean water as well as the increased pollution of freshwater environments like rivers as a result of overt human activities. The 26th annual International Day of Action for Rivers, which is being observed this year, is a day to raise community awareness of the need to safeguard our rivers. People must cooperate and be committed to river management if rivers are to be preserved and used profitably.

International Day Of Action For Rivers 2023: Theme

The theme of the 2023 International Day of Action for Rivers is “Rights of Rivers,” which calls for the designation of rivers as a national treasure. It also involves the legal authority to prevent rivers from becoming sewage or trash disposal areas.

International Day Of Action For Rivers 2023: Significance

The event is significant because it demonstrates how crucial rivers are to sustaining human life. Rivers and other freshwater environments are crucial sources of clean water for agriculture and drinking, but are sadly being subjected to significant quantities of pollution and contamination by both the general people and industries. The people who rely on these freshwater resources for their daily needs suffer as a result.

International Day Of Action For Rivers: History

The first International Day of Action for Rivers was commemorated in March 1997, according to the website of the international non-profit organisation International Rivers. At the first International Conference of Dams Affected Peoples in Curitiba, Brazil, representatives from more than 20 countries supported the creation of the International Day of Action Against Dams and For Rivers, Water, and Life. The day will be observed on March 14 in honour of Brazil’s Day of Action Against Big Dams, it was also decided.

RBI accords ‘infra finance company’ status to IREDA

State-owned Indian Renewable Energy Development Agency (IREDA) on said it has received Infrastructure Finance Company status from the Reserve Bank of India.

The Reserve Bank of India (RBI) granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) , a company statement said. It was earlier classified as an ‘Investment and Credit Company (ICC)’.

Significance of the infra finance company status:

With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising.

The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value and generate a positive outlook in the market.

The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of renewable energy.

With IFC status, IREDA will keep contributing towards the government target of 500 GW installed capacity of non-fossil fuels by 2030.

Role of the Indian Renewable Energy Development Agency (IREDA):

It has been promoting, developing and financing new and renewable sources of energy with the motto: Energy for Ever since 1987.

It finances all RE technologies and value chains such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.

3rd edition of Exercise La Perouse- 2023 begins

Exercise La Perouse- 2023: On March 13 and 14, 2023, the Indian Ocean Area will host the third edition of the multilateral exercise La Perouse.

Exercise La Perouse- 2023

On March 13 and 14, 2023, the Indian Ocean Area will host the third edition of the multilateral exercise La Perouse. The Royal Australian Navy, French Navy, Indian Navy, Japanese Maritime Self Defence Force, Royal Navy, and United States Navy will all have people, ships, and essential helicopters participating in this event. Every two years exercise La Perouse, an exercise run by the French Navy, aims to improve maritime domain awareness and maritime cooperation among the participating navies in the Indo-Pacific region.

The two-day exercise gives like-minded navies the chance to forge stronger connections in terms of planning, coordination, and information sharing for seamless maritime operations. Surface warfare, anti-air warfare, air defence drills, cross-deck landings, and tactical manoeuvres are only a few of the complicated and sophisticated naval operations that will be performed during the exercise.

This version of the drill will feature participation from the fleet tanker INS Jyoti and guided missile frigate INS Sahyadri, both of which were built domestically. The Indian Navy’s participation in the exercise demonstrates the allied navies’ high levels of coordination, interoperability, and synergy as well as their dedication to the Indo-Pacific region’s rules-based international order.

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