Federer Buys Swiss Shoe Stake; Bus Accident Injures 4; Novartis Buys Cholesterol Drug Maker

Recently, Roger Federer, a twenty time Grand Slam tennis champion and native of Basel, bought a stake in Swiss running shoe manufacturer "On". It was reported by newspaper NZZ am Sonntag that Federer, who is now planning for life after professional tennis, made the decision after his contract with Nike Inc. ended. In an interview, Federer said, "I am excited to be able to work with a young Swiss company that’s on the up. I wanted to make a mark to show "On" how much I believe in the company and that I am planning for the long term with them." While Federer won’t take up a formal role at On, the company expects to release its first shoe that the star helped develop next year. On has 500 employees, 250 of which are based in Zurich. The company’s been profitable since 2014 and generates annual sales of as much as 200 million francs. In addition to his partnership with the shoe manufacturer, Federer signed a contract last year with Fast Retailing Co. Ltd.’s Uniqlo brand that ESPN reported to be worth $300 million over 10 years. It looks like Federer won't have any trouble keeping busy after his time on the tennis court ends!

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An accident occurred in the afternoon of the 25th of November near Oberwilerstrasse in Bottmingen involving a public transit bus. The BLT bus driver spotted a 10 year old child too late to avoid hitting him. Initiating an emergency brake maneuver the child was left with minor injuries. However the braking caused three other passengers to be injured and taken to the hospital. The scene caused redirection of traffic in the area leading to long delays and heavy traffic along the Scholgasse area.

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According to news reports, Novartis AG, the Basel-based pharmaceutical company, has agreed to buy Medicines Co., the developer of a promising cholesterol drug, for $85 a share. The Wall Street Journal has assigned a $7 billion price tag to the deal, while analysts at investment banking group Evercore ISI put the transaction value at $9.1 billion when accounting for all fully diluted shares. The move gives Novartis access to new drugs such as Medicines Co.’s injectable drug inclisiran, which in clinical trials cut bad cholesterol levels in half over 18 months in participants. This is particularly significant for Novartis's mission to treat heart failure, as high levels of cholesterol are a leading cause of heart attacks. As Novartis continues to spend $5 billion a year on developing new drugs for cancer and rare diseases, this deal may be just what the company needs to spark innovation in the pharmaceutical sector.