Hikma to buy Teligent's Canadian assets, Capco's Covent Garden assets valued at £1.7bn

London open

The FTSE 100 was being called to open 20.2 points higher ahead of the bell on Monday after closing 0.28% lower on Friday at 7,542.95.

Stocks to watch

Drugmaker Hikma Pharmaceuticals said on Monday that it had agreed to buy the Canadian assets of Teligent for $45.75m after the US firm filed for Chapter 11 bankruptcy in 2021.

The transaction, expected to complete before the end of the first quarter, marks Hikma's expansion into Canada and includes a portfolio of 25 sterile injectable products, three in-licensed ophthalmic products and a pipeline of seven additional products, four of which have received approval from Health Canada.

Property investor and developer Capital & Counties said on Monday that an independent valuation of its Covent Garden assets had revealed that the property's value had increased by 4.6% to £1.7bn in the second half of the year.

Capital & Counties stated the second half movement was primarily driven by a 3% like-for-like increase in estimated rental value, reflecting positive leasing activity and high occupancy levels across the estate, as well as a reduction in the equivalent yield of five basis points to 3.88%. The valuer's assumption on the loss of near-term income was also reduced from £11.0m to nil.

Newspaper round-up

The number of households suffering from "fuel stress" – those spending at least 10% of their family budgets on energy bills – is set to treble to 6.3m overnight when the new energy price cap comes in on 1 April, according to a leading research group. Fuel stress will no longer be confined to the poorest households, according to a study by the Resolution Foundation. Low and middle-income families will also find it hard to cope as they spend a far greater share of their family budget on these essentials than higher earners. - Guardian

With typical bravado, GlaxoSmithKline has, we learned on Saturday, dismissed three takeover bids from Unilever for its consumer healthcare venture with Pfizer, including one worth £50.0bn received just before Christmas. The drugmaker, run by Dame Emma Walmsley, has decided to push on with plan A, namely the demerger and stock market flotation this summer of the consumer health business, known for brands such as Aquafresh and Sensodyne toothpaste, along with Panadol and Voltaren for pain relief. - Guardian

Asda's owners, the billionaire Issa brothers, are examining a multi-billion pound swoop for pharmacy chain Boots as tightening debt markets may threaten to scupper a potential deal. The Blackburn-based petrol station tycoons have held early-stage discussions over the possibility of adding Boots to their fast-expanding empire, the Mail on Sunday reported. - Telegraph

Bond markets are gearing up for a return to political turmoil in Rome after a key investor risk gauge hit its highest level in 16 months ahead of a crucial vote on Italy's next president. The difference between yields on Italian and German bonds has widened to its largest since Mario Draghi became prime minister after he became the frontrunner in next week’s presidential race. - Telegraph

The chairman of Credit Suisse, António Horta-Osório, has resigned after an investigation by the Swiss bank into breaches of coronavirus quarantine rules. His resignation comes less than a year after he was brought in to clean up the bank's corporate culture following an internal spying scandal that led to the departure of its chief executive. - The Times

US close

Wall Street stocks put on a mixed performance on Friday as market participants digested earnings from some of the country's biggest banks.

At the close, the Dow Jones Industrial Average was down 0.56% at 35,911.81, while the S&P 500 was 0.08% firmer at 4,662.85 and the Nasdaq Composite saw out the session 0.59% stronger at 14,893.75.