The $43B Big Pharma Story is Starting Over-With a New Player

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

Listen to business owners and voters in Erie, Pennsylvania. They could help decide the White House.

MATT BROWN
November 02, 2024

ERIE, Pa. (AP) -- It wasn't much when he bought it, but Michael Hooks has made the old garage his own haven. And the city of Erie knows it. Half a dozen cars honk as they pass by one October afternoon, the people hanging out of car windows to wave hello at him.

About a dozen cars await servicing in the shop as a dog Hooks adopted the day before barks in its new cage. Exercise equipment, motorcycles and power tools abut the kitchen on the side of the renovated building where his wife cooks a meal. At 6 feet, 2 inches, and with a sturdy build, Hooks has a graying beard and a head of curls he says could be laced with snow flurries by this time of year.

"I've got to be one of the only Black businesses on this street," he says, noting that his repair shop stands on Peach Street, one of the city's main traffic arteries. He appreciates the greetings from passersby. But he says many people who know him from the neighborhoods where he grew up will never step foot in the shop. Almost all his customers are white.

Hooks, 58, is a member of a coveted demographic in this year's election -- a Black man and a business owner in a swing state. Both presidential campaigns have targeted Black entrepreneurs with their messaging, offering a range of economic policies and legislation that each side says will boost the careers and lives of African Americans.

How Erie business owners and voters such as Hooks view each candidate's economic vision could determine control of the White House. Erie County has gone for the candidate who won Pennsylvania in every presidential election since 1992. Both Republican Donald Trump and Democrat Kamala Harris have visited the city of 94,000 in recent weeks.

"Erie is a pivot point," said Rhonda Matthews, co-founder of Erie Black Wall Street, a business group that supports local Black entrepreneurs. From population rates to business startups, the future of Erie's economy and politics have shown where the country may be heading. "I think if you want to know about what's happening economically writ large in the country, you can look and see what's happening in Erie."

Concerns about 'a lack of predictability'

Harris has rolled out a series of economic proposals meant to tackle affordability and boost small businesses. Trump has stressed his promise of sweeping tariffs, new corporate tax cuts and an unprecedented crackdown on illegal and legal immigration to the country.

Local leaders are weighing the impact of each agenda on their plans to renew the Rust Belt.

"A lack of predictability would be the worst possible thing," said Drew Whiting, CEO of the Erie Downtown Development Corporation, which is directing more than $100 million in private investment to the downtown area.

Whiting praised federal policies such as Qualified Opportunity Zones, which are meant to spur economic development in low-income communities and were created as part of the Trump administration's 2017 tax overhaul, as well as the investments in Erie enabled by the Bipartisan Infrastructure Law spearheaded by Democratic President Joe Biden.

But Whiting added that "broad brush" policies such as Trump's proposed 20% tariffs on all foreign goods threatened to be "an inflation bomb that would crush small businesses" like those he works with. Whiting viewed Harris' proposed investments for small businesses to be a potential boon. A no tax on tips policy, which both Harris and Trump favor, would be a welcome innovation for workers, he said.

The Harris campaign has zeroed in on affordability as a key concern of voters amid rising inflation. Her proposals to punish companies that gouge prices and her promises to expand support for health care and child care are issues where the campaign believes they can lower costs for working families. Trump, by contrast, would lower the corporate tax rate to 15%, extend his tax cuts and further cut other individual and family taxes, including by eliminating taxes on Social Security.

Most mainstream economists agree that Trump's proposals would worsen inflation.

Local business owners who spoke with The Associated Press expressed cautious optimism about Harris' proposals to support small businesses, though most were largely skeptical about the impact that federal policy could have on their lives.

"There's just so many factors, things to consider from right here and global factors," said Gus Paliouras, owner of New York Lunch, a local diner. Paliouras' family immigrated to the United States from Greece and bought the diner in 1970, when it was one of dozens of bustling businesses on top of a post office, school and church. Now Paliouras' diner is the only storefront left on the block.

"I try to keep it like Geneva in here," he said, referring to the city in famously neutral Switzerland. "In this town, we could have Trump, Kamala and Kennedy supporters sitting right next to each other at the bar." Independent Robert F. Kennedy Jr. was in the race until August, when he suspended his campaign and endorsed Trump.

One business owner sees his city's divisions

Hooks considers himself a survivor.

Born and raised in Erie, Hooks grew up in poverty and with few options, support or direction for his life. At 23, he was sentenced to 30 years for dealing marijuana. He served eight years in prison, an experience he described as "the best thing that ever happened to me."

Prison was the first place Hooks was exposed to scripture -- the Bible and Quran -- as well as stories about travel, business and history.

While he has transformed his circumstances and overcome "trials and tribulations that made me a better man," he finds the distinctions that some draw between poor, working and middle-class people to be meaningless.

"It's because we have people in this country that want to be better than someone else," he said in a recent interview. "You drive a Toyota Camry, I drive the Lexus. It's the same ... car. It's just a different name, but it's a higher status."

"For example, (Harris) says she wants to give us a $50,000 tax break or whatever," he added, referring to the vice president's proposed tax credit for new small businesses. "But that could never come into fruition with people that think they better than somebody, but you live next door to me, and your sign says Trump."

In addition to his car care company, Hooks now runs a food catering business. On the weekends he goes back to the neighborhoods where he grew up to feed, clothe and cut hair for kids for free. His charity efforts are focused on making sure children never have the experiences he once faced.

Hooks is skeptical of the ability of politicians to change fundamental problems facing everyday Americans, but says he'll be voting for Harris.

"Trump had the opportunity to be great," Hooks said, but called Trump's first term a "disaster." Hooks said he preferred "going with someone who may at least try and help the little guy."

Continue Reading...

Popular

Salesforce Q3 Preview: Record Revenue Predicted, Can Shares Recover After 30% Drop In 2025?

Salesforce shares are down in 2025. The company's Q3 results and Q4 guidance could see shares volatile in the last month of the year.

What's Going On With The Uptick In Hewlett Packard Enterprise (HPE) Stock?

Hewlett Packard Enterprise Co (NYSE:HPE) shares are trading higher Tuesday. The company announced it will be one of the first to offer AMD's "Helios" AI rack-scale architecture with an expandable Ethernet network.

Bitcoin Just Humbled Jeff Bezos - Ad

Bitcoin just passed Amazon in market cap - yet most investors are making one big mistake: just buying and holding. Larry Benedict's "Bitcoin Skimming" method could deliver 6x, 9x, even 22x the gains. Don't miss out.

Costco becomes biggest company yet to demand refund of Trump tariffs

WASHINGTON (AP) — Costco is joining other companies that aren't waiting to see President Donald Trump's most sweeping import taxes. They're going to court to demand refunds on the tariffs they've paid.

Wall Street Meets The World Cup: InPlay Turns Sports Teams Into Tradeable Securities

InPlay Global unveils Performance Securities, a regulated market turning sports teams into tradeable assets, blending finance and fandom with transparent price discovery ahead of the 2026 FIFA World Cup.

Bitcoin Income Crushes Dividend Stocks - Ad

Why tie up $400,000 in Pepsi for a $1,200 a month payout when one little-known Bitcoin fund can deliver the same with just $30,000?

Indigenous groups get the spotlight at UN climate talks, but some say visibility isn't power

BELEM, Brazil (AP) — Indigenous people are used to adapting, so when the power failed at their kickoff event at this year's , they rolled with it. Participants from around the world sweated through song, dance and prayers, improvising without microphones and cooling themselves with fans made of paper or leaves.

$270,000 Drug. One Competitor. Billion-Dollar Market. - Ad

Phase 3 trial targets recurrent pericarditis with an oral therapy that could disrupt the only approved treatment. And their heart failure program launches in 2026.

Donations for Hong Kong fire victims reach $115 million, while crackdown on dissent hardens

HONG KONG (AP) — Donations for victims of a Hong Kong fire that killed at least 146 people and left thousands homeless reached 900 million Hong Kong dollars (US$115 million), authorities said Monday, in a massive outpouring of sympathy and support. But as questions grew over who to blame for the deadly blaze, the government appeared to be moving swiftly to stifle criticism.

Marjorie Taylor Greene Goes Bargain Shopping, Discloses Buying These Two Stocks At 52-Week Lows

Congresswoman Marjorie Taylor Greene disclosed some new stocks recently. Unlike past trades in 2024 and 2025, the latest disclosure is rather unique.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

AI, electrification, battery storage, and data centers are pushing copper and silver demand sharply higher, even as supply stays tight. This region in Nevada offers rare multi-metal potential, and a new company has secured land in a district the surging district. It's one of the cleanest timing setups in the sector right now.

Donald Trump Nullifies 92% Of Joe Biden's Autopen-Signed Documents: 'Cancelling All Executive Orders And Anything Else'

Trump moved to invalidate what he claims are most of Biden's autopen-signed actions, sparking political backlash and renewed debate over the legality and precedent of using mechanical signatures for presidential documents.

Trump's Crypto Law Just Created a Massive Opportunity - Ad

Trump's newly signed GENIUS Act gives crypto its first official federal framework. While attention stays on Bitcoin, one overlooked coin could benefit the most-backed by skyrocketing volume, early fund activity, and pro-crypto policy momentum.

Noem Says National Guard Shooting Suspect Was Radicalized In US

DHS Secretary Kristi Noem says that the suspect in the fatal shooting of a National Guard member in Washington was radicalized domestically.

The Next Biggest Bull Run In Over 50 Years - Ad

Gold has hit all-time highs, breaking $4,000 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Ross Gerber Says Meta's Smart Glasses Give Him 'Hope' To Give Up His Phone One Day — Just Like Mark Zuckerberg Predicted 10 Years Ago

Meta investor Ross Gerber says the company's new smart glasses give him hope of ditching his phone—a vision that aligns with Mark Zuckerberg's decade-old prediction, even as early reviews highlight impressive hardware but limited everyday usefulness.

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

Trump-Pardoned Ponzi Schemer Faces 37-Year Sentence For $44 Million COVID Scam

A previously convicted Ponzi schemer who had received a pardon from President Trump is heading back to prison due to involvement in a new fraudulent scheme.

Most Bitcoin Holders Have No Idea This Exists - Ad

I call it "Bitcoin Skimming"... and it allows you to "skim" cash into your account thanks to 2025's surging Bitcoin market. You don't have to buy or sell Bitcoin. Not one single penny's worth. In my latest video briefing, I'll give you everything you need to "skim" your first payout -- and it won't cost you a penny.

JPMorgan Forecasts Bitcoin Bottom, Anticipates $28.3 Trillion Challenge To Gold By 2026

Analysts at JPMorgan have pinpointed the lowest point of the ongoing Bitcoin (CRYPTO: BTC) price fall and also projected a substantial chall

In Trump-dominated media world, editing video takes on new significance — as BBC uproar shows

In the space of a few months, one of the more straightforward journalistic tasks — editing tape for broadcast — has been behind a $16 million legal settlement, a network's change in how it offers interviews on a news show and, now, the resignation of two top leaders at the BBC.

The Smart Money Copper Trade - Ad

Only one lines up grade, scale potential, and Quebec power like this. Insider alignment is real. Stepouts are opening new zones. With EVs and grid buildouts rising, this could be the timely copper idea you have been waiting for.

Iran confirms seizure of oil tanker in the Strait of Hormuz

TEHRAN, Iran (AP) — Iran on Saturday confirmed as it traveled through the narrow Strait of Hormuz over violations including carrying an illegal consignment, state media reported.

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

Missouri launches sports betting as recent scandals shine a spotlight on the growing industry

JEFFERSON CITY, Mo. (AP) — As Missouri launches sports betting Monday, people will be able to wager on how many points a particular athlete will score in a game — so long as it doesn't involve a Missouri college or university.

OpenAI's Partners Rake Up $96 Billion Debt as AI Industry's Borrowing Trend Escalates

Companies supplying data centers, chips, and processing power to OpenAI have racked up a staggering $96 billion in debt to fund their operations.

Bitcoin Just Humbled Jeff Bezos - Ad

Bitcoin just passed Amazon in market cap - yet most investors are making one big mistake: just buying and holding. Larry Benedict's "Bitcoin Skimming" method could deliver 6x, 9x, even 22x the gains. Don't miss out.

Starbucks to pay about $35M to NYC workers to settle claims it violated labor law

NEW YORK (AP) — Starbucks will pay about $35 million to more than 15,000 New York City workers to settle claims it denied them stable schedules and arbitrarily cut their hours, city officials announced Monday.

(Micro)Strategy's Structural Reset: Why Markets Are Repricing MSTR Beyond Bitcoin

The recent decline in Strategy's (NASDAQ:MSTR) stock price is not a simple pullback, nor is it a reaction driven by short-term sentiment. What is unfolding around MSTR is a broad structural repricing.

Bitcoin Income Crushes Dividend Stocks - Ad

Why tie up $400,000 in Pepsi for a $1,200 a month payout when one little-known Bitcoin fund can deliver the same with just $30,000?

UK leader Keir Starmer backs his Treasury chief over claims she misled the public about the economy

LONDON (AP) — British Prime Minister Keir Starmer on Monday defended his Treasury chief against opposition claims that she misled the public and the markets about the state of the public finances before .

US futures slip and Asian stocks are mixed, while oil prices surge more than $1 a barrel

BANGKOK (AP) — Asian shares began the week mixed, with Tokyo’s benchmark falling nearly 2% on Monday after the release of data showing weak factory activity, while U.S. futures fell.

$270,000 Drug. One Competitor. Billion-Dollar Market. - Ad

Phase 3 trial targets recurrent pericarditis with an oral therapy that could disrupt the only approved treatment. And their heart failure program launches in 2026.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service