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Watch BEGO now making 106-113 and look out for another size buy print.
10/ buyer back in town

Anyway everybody, keep an eye on Prime Medicine IPO in NY.
Read across valuation to Affyxell and their potential IPO in Q1 on Nasdaq.

Avacta reports in GBP.
Sanofi today:

French drugmaker Sanofi (EPA:SASY) said it expected a positive boost to its third-quarter business results from movements on the currency markets, helped by the strength of the U.S. dollar since Sanofi does much of its business in the United States.
Sanofi said its preliminary estimate of currency impacts on its third-quarter 2022 sales was for a boost of approximately 10% to 11%, and for a lift of around 12% and 13% on its business earnings per share (EPS).
Sanofi will report third-quarter results on Oct. 28. The company reports results denominated in the euro currency, and would therefore benefit from an increase in the value of the U.S dollar against the euro, on sales it makes in the United States.
The U.S. dollar - seen as a safe haven currency in times of economic uncertainty - has hit highs in recent weeks.

All license income and JV’s, the majority are made in USD and no USD debt!

As we have discussed before, with Avacta being a USD earner, we now see peer group making similar statements, out this morning:
French drugmaker Sanofi said it expected a positive boost to its third-quarter business results from movements on the currency markets, helped by the strength of the U.S. dollar since Sanofi does much of its business in the United States.

Post market print 100/ at 105.50.

Prime Medicine becomes the next high-profile biotech to test the IPO waters | BioPharma Dive
https://www.biopharmadive.com/news/prime-medicine-files-ipo-gene-editing/632616/

Will lift the valuation of Affyxell / Avacta.
In case of IPO of Affyxell Korea/ Nasdaq.

The research report have off course not incorporated an est. 27% decline vs USD since early 2022!!

Worth bearing in mind, that this year, we only have 2 trading days left before interims is being announced on the third day.
Suspect there was a delay of announcement till AVA6000 cohort result was available !!

Stronger USD pre NY opening,BEGO back on the bid,volume will pick up, interesting days ahead of Thursday, the sector is hugely USD sensitive and we now have IPO’ s picking up and M&A.

The French ( apart from living in Notting Hill ) are good at three things: making cheese, wine and hosting invasions!

Another 75000 picked up

Sensible move.
Watch post hours prints
Buys above offer price.

Meanwhile, while GBP off another 3% vs USD and 30min before NY open, we got BEGO back on best bid.
They tried to keep the price down, however watch it move.
Novartis USD investment fund:
We invest in North America, Europe and Israel with approximately USD 750 million under management in committed capital. We continue our strategy of making larger focused investments and anticipate total investments up to USD 30 million per company over its life.
Comment: USD up 25% vs GBP since Jan 2022, perhaps they are having a second look!

We have had over 10 x 10/ buy orders so far this morning.
Blue Bottle Coffee place opening early today at the exchange, “ 10,000 unit per trade club”, The usual two MM will join best bid!

GBP/USD new 37 year low in front of the Mini Budget.
Dollar earners are enjoying this!

With overseas license income from the US and Korea in USD.

As mentioned before, the rising USD and increasing demand from Asia and shortage of the dollar in the Global credit market, makes the dollar a very attractive asset to be long of or to be your main revenue currency.
Hence one would not be surprised if the company were to highlight this, in the upcoming RNS.
+20% appreciation YTD.
Makes the multi target deal of up to $400 mill with LG look rather interesting in future GBP budget est.

Once NY opens, the two MM normally on the other side, will be back bidding 108.108-110 before close

BEGO now joining best bid and 10 offered.
More 10/ trades on it’s way!