fb-pixel Skip to main content


$1.9 billion raised for Bain Capital’s life sciences fund

Bain Capital’s life sciences arm has just finished raising $1.9 billion for its third investment fund, including $300 million from current and former partners of the Boston-based private equity firm, and it has begun searching for drug, biotech, and medical device companies where it can invest the money. The types of companies that the 16-person team at Bain Capital Life Sciences will target include, among others, those that need financing to complete clinical trials or a geographic expansion, and public companies whose stocks were beaten down by an unexpected event but still hold significant value. This fund will be among the largest private equity funds in the life sciences sector; it follows a $720 million fund and a $1.1 billion fund that Bain previously raised and deployed in recent years. Some Boston-area recipients of these investments include Cerevel Therapeutics, Nuvalent, Amylyx Pharmaceuticals, and AavantiBio. Bain expects to place investments of $25 million to $100 million in size over the next four years with various life sciences companies. “It’s a great time to be investing in life sciences,” said Adam Koppel, managing director at Bain Capital Life Sciences. “We’re still in the early to mid innings of a great wave of innovations in life sciences.” — JON CHESTO



Large container port in China remains partially closed

China’s Ningbo-Zhoushan container port, the world’s third-busiest, remained partially closed for a sixth day Monday, amid ongoing concern over whether the shutdown will disrupt trade from the region longer term. The port hasn’t published any updates on its operations since Wednesday, when it halted all inbound and outbound container services at its Meishan terminal after one employee tested positive for COVID-19. Consultant GardaWorld estimated the terminal accounted for about 25 percent of container cargo through the port, though Ningbo-Zhoushan had said it would redirect ships to other terminals and adjust operating hours at other docks. — BLOOMBERG NEWS



Climate catastrophes tax insurers

If you’re having trouble wrapping your mind around the spree of natural catastrophes currently plaguing the world — from deadly July floods in Germany and China to the wildfires still burning in Greece, California, and Siberia — you may be interested to know the professional risk calculators are too. Climate change is exacerbating extreme and freak weather events so rapidly that even the insurance industry is struggling to keep up. Late last week, reinsurance giant Swiss Re released its mid-year insurance losses and the figures were the second-highest on record. Insurers had to cover $40 billion in losses caused by natural catastrophes. The previous 10-year average for the first half of the year is $33 billion. — BLOOMBERG NEWS


Google remains at odds with Russian TV channel it has blocked

Google failed to reach a settlement with a TV channel it has blocked that is owned by a sanctioned ally of Russian President Vladimir Putin, the Tsargrad channel said in a statement Monday. Tsargrad accused Google of delaying substantive negotiations, according to the statement. Last month, a Moscow court of appeals paused a hearing until Monday to allow settlement talks over the case, in which a lower court ordered the US technology giant’s YouTube to unblock the Tsargrad account or face escalating fines. The next hearing will be delayed until Sept. 20, a representative for the station said Monday. — BLOOMBERG NEWS


Jay-Z eyes N.Y. market

Jay-Z wants in on the action in his hometown. The rapper and founder of entertainment company Roc Nation has joined sports-merchandise giant Fanatics Inc. in a bid to get into the mobile sports betting business in New York as the state opens its lucrative market, two people familiar with the matter said. He’ll also be part of Fanatics Betting & Gaming’s new board of directors, serving as vice chairman, said the people, who asked not to be identified discussing the details. — BLOOMBERG NEWS



Facebook, telecommunications companies enlarge planned undersea cable in Africa

Facebook and some of the world’s largest telecommunications carriers, China Mobile Ltd. and MTN Group Ltd., are set to build a wider-than-earlier planned giant sub-sea cable in Africa. The companies plan to add the Indian Ocean island countries of Seychelles and Comoros, as well as Angola and a new connection to Nigeria, according to a statement released on Monday. This is in addition to a recently announced link to the Canary Islands and would bring connection-landings to 35 in 26 countries. — BLOOMBERG NEWS


T-Mobile probing claims of data breach

T-Mobile is investigating the validity of claims of a data breach that is said to involve personal data from more than 100 million people, some of which is up for sale in exchange for bitcoin. The company is looking into a post on a forum that claims to be selling personal data related to more than 100 million people, information that includes social security numbers, phone numbers, names, physical addresses, unique identifier numbers, and driver license information, according to a report Sunday from Vice Media’s Motherboard technology-news site. The company’s total customer count is 104.8 million, according to a second-quarter earnings release. — BLOOMBERG NEWS



Hyatt buys resort-management company

Hyatt Hotels will buy resort-management company Apple Leisure Group from two private equity firms for $2.7 billion. Apple Leisure manages about 100 resorts with more than 33,000 rooms in 10 countries. The acquisition will double Hyatt’s presence in the resort business, the company said. Travel has surged this year with the arrival of vaccines for COVID-19, but mostly leisure travel. Hyatt is trying to capitalize on that increased mobility. Apple Leisure’s manages Secrets, Dreams, and Breathless resorts. It also operates tour packages to Mexico and the Caribbean. — ASSOCIATED PRESS


Walmart looking for a cryptocurrency expert

Walmart is looking to hire a cryptocurrency expert to develop a blockchain strategy, joining a growing number of major corporations exploring the viability of digital currencies such as Bitcoin. The position will be responsible for “developing the digital currency strategy and product roadmap” and identifying “crypto-related investment and partnerships,” according to a job posting Sunday on the retail giant’s website. The senior director will be based in Walmart’s corporate offices in Bentonville, Ark. The recruitment effort by Walmart comes several weeks after a similar job posting by rival Amazon, indicating that the biggest retailers in the United States may soon let customers use cryptocurrencies to pay for their purchases. PayPal began letting select customers of its Venmo app buy, sell, and hold digital currencies earlier this year and expanded the effort last week. — BLOOMBERG NEWS


Verizon latest company to delay return to office

Verizon Communications said it’s delaying its return to office for two months to Nov. 1. Previously, employees were told to start coming into the office on a hybrid basis after Labor Day on Sept. 7. The New York-based telecom, which has been encouraging employees to wear masks and get vaccinated, is considering whether to make the shots mandatory for all employees but didn’t give a time frame for when it might address the issue again. — BLOOMBERG NEWS