Top Midday Stories: Oracle, Others Form JV to Oversee TikTok in US; More Drugmakers to Announce US Drug Price Deals

MT Newswires Live12-20 00:48

All three major US stock indexes were up in late-morning trading Friday, as the artificial-intelligence sector looks to regain momentum.

In company news, Oracle (ORCL), Silver Lake and MGX have signed deals with ByteDance's TikTok to form a new US joint venture overseeing the American version of the social media platform, multiple news outlets reported Thursday, citing an internal memo. Oracle shares were up 7.5% around noon.

AbbVie (ABBV), Merck (MRK), Bristol Myers Squibb (BMY), Gilead Sciences (GILD) and other drugmakers are expected on Friday afternoon to announce agreement with the US government to lower prices on certain prescription drugs, Reuters reported Friday, citing sources familiar with the situation. Shares of AbbVie, Merck, Bristol Myers Squibb and Gilead were up 1.8%, 0.7%, 1.7% and 3.4%, respectively.

BioMarin Pharmaceutical (BMRN) has agreed to acquire Amicus Therapeutics (FOLD) for $14.50 per share in cash, or a total equity value of about $4.8 billion, the companies said Friday. The deal has been unanimously approved by the boards of both companies and is expected to close in Q2 2026, subject to regulatory clearances and shareholder approval, the companies said. BioMarin shares were up 19.9%, while Amicus shares were up 30.6%.

Price: 192.96, Change: +12.93, Percent Change: +7.18

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