Bain Capital raises $900m for life sciences fund

Bain Capital LP has raised $900 million for its second fund dedicated to life sciences, a sign that volatile market conditions haven’t diminished investors’ eagerness to back innovative medical companies. The new fund will make between 15 and 20 investments in companies developing new drugs, medical devices, diagnostics and tools, according to Bain Capital Life Sciences’ managing directors, Adam Koppel and Jeffrey Schwartz. The unit previously raised $600 million in 2017 for its first fund, which has made 15 investments, including in biotechnology companies Solid Biosciences Inc. and neuroscience-focused Cerevel Therapeutics. — BLOOMBERG NEWS


Uber testing restaurant deliveries by drone

Uber is testing restaurant food deliveries by drone. The company’s Uber Eats unit began the tests in San Diego with McDonald’s and plans to expand to other restaurants later this year. Uber says the service should decrease food delivery times. It works this way: Workers at a restaurant load the meal into a drone and it takes off, tracked and guided by a new aerospace management system. The drone then meets an Uber Eats driver at a drop-off location, and the driver will hand-deliver the meal to the customer. — ASSOCIATED PRESS


N.Y. bill targets different prices for men’s and women’s products

Legislation that has passed the New York state Assembly would prohibit companies from charging different prices for similar men’s and women’s products. The measure, sponsored by Democratic Assemblywoman Nily Rozic of Queens, is intended to address price disparities between men’s and women’s products that are essentially the same, such as shampoo, shaving cream, or razors. A study by officials in New York City found that women’s prices are 7 percent higher than the prices for similar men’s products. — ASSOCIATED PRESS



Tim Hortons to sell faux-meat sandwiches in stores across Canada

Beyond Meat Inc. got a reprieve from two stock downgrades in as many days after Tim Hortons said it’s now offering faux-meat breakfast sandwiches at almost 4,000 locations across Canada. The plant-based meat products maker gained as much as 13 percent after the coffee-and-doughnuts chain said it added three breakfast sandwiches to the menu made with Beyond Meat sausages after testing them at select stores last month. The stock reversed earlier losses driven by Sanford C. Bernstein & Co.’s decision Wednesday to cut its rating on Beyond Meat to market perform from outperform, saying shares of the company have gotten too expensive after a more than 400 percent rally since its May 1 initial public offering. On Tuesday, JPMorgan Chase & Co.’s similar move spurred a 25 percent decline, Beyond Meat’s worst day since the debut. — BLOOMBERG NEWS



LaCroix loses its fizz

Once the toast of millennials, the LaCroix brand of carbonated water is losing some sparkle for its billionaire owner. Nick Caporella, the octogenarian chairman and founder of LaCroix parent National Beverage Corp., has lost $2.7 billion — more than half of his net worth — in the past nine months. The stock tumbled 62 percent through Tuesday amid slumping sales, increased competition, and a whistle-blower lawsuit alleging its cans contain toxic chemicals. — BLOOMBERG NEWS


Musk says Tesla sales could hit a record this quarter

Tesla chief executive Elon Musk dismissed concerns about demand for his company’s trademark electric vehicles, telling shareholders at the company’s annual meeting Tuesday that sales this quarter could hit record levels. Tesla has said it expects to deliver 90,000 to 100,000 cars in the second quarter, but questions of demand have lingered after a disappointing first quarter with deliveries of just 63,000 vehicles. That has helped depress shares about 35 percent so far this year. — BLOOMBERG NEWS



Volkswagen buys stake in electric battery producer

Volkswagen says it is taking a stake in Swedish battery cell producer Northvolt AB and plans a joint factory in Germany ahead of increased production of electric vehicles next year. Wolfsburg-based Volkswagen said Wednesday that it would invest around $1 billion in joint battery activities with Northvolt that include acquiring an initial 20 percent in Northvolt. Volkswagen plans to step up production and sales of E-cars next year with its forthcoming ID. 3 compact. — ASSOCIATED PRESS


Ford recalling more than 1.3m vehicles over suspension, transmission problems

Ford is recalling over 1.3 million vehicles mainly in North America to fix rear suspension and transmission control software problems. The largest recall covers over 1.2 million Explorer SUVs from 2011 through 2017. Ford says a rear suspension toe link can break if the suspension moves a lot. That can limit steering control. One customer reported running into a curb when a link broke, but Ford says it’s not aware of any injuries. Ford also is recalling 123,000 2013 F-150 pickups for a second time to stop transmissions from unintentionally downshifting into first gear. The recall covers pickups with 5-liter and 6.2-liter gas engines. A previous software update didn’t work. — ASSOCIATED PRESS


N.Y. governor to OK deal to boost rent protections in NYC

New York’s governor says he will sign a deal that would strengthen rent stabilization rules covering more than 1 million tenants in and around New York City. The agreement would permanently extend the current rules governing rent increases for stabilized units. It also would restrict the ability of landlords to remove units from the system, and permit cities throughout the state to craft their own rules. — ASSOCIATED PRESS



GM to improve Flint plant so it can make more heavy-duty pickups

General Motors says it will spend $150 million so it can make more heavy-duty pickup trucks at its Flint, Mich., assembly plant. The money will improve the factory’s conveyor system and for other equipment to boost output. The factory builds heavy-duty Chevrolet Silverado and GMC Sierra pickups which are all-new for the 2019 model year. No new jobs are tied to the Wednesday announcement, but GM announced earlier this year that it would add 1,000 workers at the plant. The factory now runs three shifts per day and employs about 5,000. — ASSOCIATED PRESS


Consumer prices up slightly in May

US consumer prices increased a slight 0.1 percent in May, as inflation was tempered by lower costs for gasoline, electricity, and used cars. The Labor Department said Wednesday that the consumer price index rose 1.8 percent during the past year. Excluding the volatile food and energy categories, core prices rose 0.1 percent in May and 2 percent from a year ago. Inflation has been consistently muted, slightly below or near the Federal Reserve’s target of 2 percent even though the economy is poised in July to set the record for the longest expansion in US history. — ASSOCIATED PRESS