September 14, 2020 Biz in 60

Nvidia to buy chip designer Arm from SoftBank for $40B US chipmaker, Nvidia, has agreed to buy the British chip designer, Arm Holdings, from SoftBank in a deal worth up to 40-billion- dollars. The sale is part of the Japanese conglomerate's shift towards becoming a global investment and asset management powerhouse. SoftBank paid 32-billion- dollars for Arm Holdings back in 2016. Gilead Sciences to acquire Immunomedics for $21B US drug-maker Gilead Sciences will buy biotech company, Immuno- medics, for 21-billion- dollars. The acquisition will bolster Gilead's portfolio of cancer treatments by gaining access to its prized breast-cancer drug, Trodel-vy. Gilead says it will pay Immuno- medics 88-dollars per share, representing a premium of about 108-percent to their closing price on Friday. Turkey's industrial production rose 8.4% in July Turkey's industrial output rose 8-point-4 percent in July, as factories ramped-up production after coronavirus lockdowns. Manufacturing activity recorded the highest rise, jumping 8-point-6 percent month-on-month, followed by the mining and quarrying sector. Meanwhile, retail sales jumped 9-and- a-half percent from a month ago, driven by a surge in online and mail-order sales.