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Healthcare Briefing: White House Cost Push, J&J’s $3.05B Halda Buy, Inflation-Hedge ETFs, and Trial Disruptions

This roundup covers major healthcare sector moves: the White House plans new cost-cutting measures, Johnson & Johnson acquires Halda Therapeutics for $3.05B, Milliman files for healthcare inflation ETFs, NIH grant cuts disrupt hundreds of trials, Novo Holdings trims its ConvaTec stake, and Siemens Healthineers reviews its Diagnostics unit.
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The SEC Just Paused Most 14a‑8 No‑Action Letters. Here’s the twist.
The SEC is scaling back its responses to shareholder proposal exclusion requests for the 2025–2026 proxy season, citing resource constraints. Staff will only weigh in on state-law grounds and will no longer evaluate most other requests, shifting responsibility to companies and courts and potentially raising the stakes for both issuers and activists.
PhysicsWallah lists at a 33% premium; valuation briefly tops $5.1 billion
PhysicsWallah's IPO marks the first Indian edtech listing since sector turbulence, debuting with a 33%–31% premium and robust institutional interest but muted retail demand. As the company sets a $5.1 billion intraday valuation, its success will depend on operational delivery and market confidence beyond the opening surge.
New World Development’s Bond Exchange Sets Up US$1.3 Billion Debt Cut
New World Development launches a major debt exchange to reduce $1.3 billion in obligations amid Hong Kong's tough property market. The deal, targeting perpetual securities and senior notes, offers substantial haircuts and aims for immediate deleveraging and improved liquidity while extending new bond incentives.
Tyson’s Climate Claims Meet the Meat Grinder: Five-Year Pause After EWG Lawsuit
The Environmental Working Group sued Tyson Foods over misleading climate-friendly marketing, leading to a settlement where Tyson will halt 'net-zero by 2050' and similar claims on its beef for five years unless independently validated. The case highlights rising scrutiny of corporate climate promises, emphasizing evidence over ambitious marketing.

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