Goldman Sachs mandates vaccines for its workers and visitors. [NYT]
The announcement, in a memo obtained by The New York Times, comes a day after the Food and Drug Administration gave full approval for the Pfizer-BioNTech vaccine, a move that many large corporations had been seeking before making mandates…. Goldman Sachs told employees on Tuesday that anyone in the United States who is not fully vaccinated by Sept. 7 must work from home. It will also require fully vaccinated employees to undergo weekly coronavirus testing.
TPG Moving Forward With Initial Public Offering Plan [WSJ]
The firm, which at the time was considering both a straightforward IPO and a merger with a special-purpose acquisition company, is moving forward with the former and has been drafting paperwork it plans to file confidentially with regulators in the coming weeks, some of the people said. That could set up the shares to start trading by year-end…. The firm, one of the last of the original buyout giants to remain a private partnership, has considered launching an IPO at times in the past, only to end up deciding against it.
Pharma’s Appetite for Biotech Deals Bodes Well [WSJ]
When valuing smaller biotech companies, which typically don’t generate meaningful sales and don’t make money, the opinions of the Pfizers or Johnson & Johnsons of the world carry immense weight. So far this year, there have been more than a thousand deals valued at a total of about $236 billion across the drug industry, according to Dealogic. That pace is comparable to the record of $380 billion set in 2019.
SPACs Are Having Their Day—in Court [WSJ]
So far this year, there have been 19 of these more typical class-action lawsuits concerning SPACs filed in federal court. Five were filed in all of 2020, according to insurance brokerage Woodruff Sawyer & Co. In 2019, before the SPAC boom lit up the markets, there were two suits…. This sharp uptick is likely just the beginning, insurance brokers and lawyers say.
Infrastructure Bill’s Cryptocurrency Measures Risk Pushing Criminals Further Underground [WSJ]
The bill as written captures corners of the industry not focused on transactions, including everything from miners and stakers to producers of the hardware and software used in crypto markets…. Overregulation “may push illicit use and criminal actors deeper into anonymizing methods and corners of the internet that would make it more difficult for law enforcement,” said Jeremy Sheridan, assistant director of the U.S. Secret Service’s investigations office.
Yale’s 36-Year-Old Endowment Chief Was Molded in Swensen Way [Bloomberg]
In Matthew Mendelsohn, Yale selected one of Swensen’s many proteges. His only job since graduating from the New Haven, Connecticut-based Ivy League school 14 years ago has been learning from the legendary money manager. Swensen began leading Yale’s endowment in 1985 -- the same year the 36-year-old Mendelsohn was born…. Mendelsohn, who begins Sept. 1, had a front-row seat for more than a decade, experience managing venture investments that account for quarter of Yale’s assets and deep roots on campus.