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<keyword id="140013" type="General" weightage="50" keywordseo="health-canada" source="Orion">Health Canada</keyword> has authorised an adapted version of the <keyword id="14876946" type="General" weightage="80" keywordseo="moderna-spikevax" source="Orion">Moderna Spikevax</keyword> Covid-19 vaccine which targets the original SARS-CoV-2 virus from 2019 and the <keyword id="1609796" type="General" weightage="100" keywordseo="omicron" source="Orion">Omicron</keyword> (BA.1) variant. According to a statement issued by the agency on Thursday, this vaccine, known as a "bivalent" vaccine, is authorised for use as a booster dose in individuals aged 18 years or above. This is the first bivalent Covid-19 vaccine authorised in <keyword id="6356687" type="General" weightage="50" keywordseo="canada" source="Orion">Canada</keyword>, said the agency, adding that the bivalent Moderna Spikevax booster is safe and effective with the same mild adverse reactions that resolved quickly, <keyword id="106387" type="General" weightage="50" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword> reported. Clinical trial results showed that a booster dose of the bivalent Moderna Spikevax vaccine triggers a strong immune response against both Omicron (BA.1) and the original SARS-CoV-2 virus strain, the agency added. It was also found to generate a good immune response against the Omicron BA.4 and BA.5 subvariants, and is expected to extend the durability of protection, Health Canada said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/more-than-34000-ganesh-idols-immersed-in-mumbai-on-day-2-of-festival/articleshow/93941734.cms">More than 34,000 Ganesh idols immersed in Mumbai on Day 2 of festival</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-falls-14-paise-to-79-70-against-us-dollar-in-early-trade/articleshow/93942848.cms">Rupee falls 14 paise to 79.70 against US dollar in early trade</a>

Canada approves bivalent Moderna Spikevax booster that acts against Covid-19 and Omicron

<ul class="summary-list"><li><keyword id="4912868" type="PERSON" weightage="60" keywordseo="moderna">Moderna</keyword> and <keyword id="3124139" type="PERSON" weightage="60" keywordseo="BioNTech">BioNTech</keyword> shares dropped sharply on Wednesday amid reports the European Union is looking into potential side effects from their COVID-19 vaccines. </li><li>The agency is looking into possible side effects related to the skin and kidneys. </li><li>Moderna was dragged further away from Monday's closing high and the $200 billion market cap it achieved that day.</li></ul>Shares of biotech firms <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> and <a href="https://markets.businessinsider.com/stocks/bntx-stock">BioNTech</a> fell sharply on Wednesday following a report that European Union's drug regulator is investigating potential new side effects from the companies' respective COVID-19 vaccines. The European Medicines Agency said Wednesday it has started assessing reports about conditions related to the skin and kidneys following vaccinations using <a href="https://www.ema.europa.eu/en/documents/covid-19-vaccine-safety-update/covid-19-vaccine-safety-update-comirnaty-11-august-2021_en.pdf">Comirnaty</a>, developed by <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> and BioNTech, and <a href="https://www.ema.europa.eu/en/documents/covid-19-vaccine-safety-update/covid-19-vaccine-safety-update-spikevax-previously-covid-19-vaccine-moderna-11-august-2021_en.pdf">Spikevax</a>, the product from Moderna. The notifications from the agency were <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/eu-drugs-regulator-looking-new-possible-side-effects-mrna-vaccines-2021-08-11/?taid=6113db6de362840001dfed57&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitterurce=twitter">reported by Reuters. </a>Both Moderna and US-listed shares of Germany-based BioNTech dropped as much as 19%. Moderna's drop pulled the stock further away from a record high reached on Monday. <keyword id="44612" type="CITY" weightage="60" keywordseo="Pfizer">Pfizer</keyword> shares fell 4% at intraday lows.The EMA said "a small number of cases" about potential side effects were reported but it didn't specify how many. The agency's Pharmacovigilance Risk Assessment Committee is trying to establish if Erythema multiforme, an allergic reaction characterized by round skin lesions; glomerulonephritis, or inflammation of tiny filters in the kidneys; and nephrotic syndrome are side effects in each vaccine. Nephrotic syndrome is a disorder that causes the kidneys to leak too much protein in the urine. "Further data and analyses have been requested from the marketing authorisation holder to support the ongoing assessment," by the committee, the agency said in each notice. Moderna shares on Monday surged 17% to a record closing high, in part after its coronavirus vaccine won approval for use in Australia, and Switzerland cleared it for injections to young people aged 12 to 17 years. Moderna's valuation climbed near $200 billion on Monday stemming from a massive rally of more than 360% during the year. The valuation made Moderna worth more than drug and vaccine giant <a href="https://markets.businessinsider.com/stocks/mrk-stock">Merck</a>. The valuation is "unjustifiable on a fundamental basis," <a href="https://markets.businessinsider.com/stocks/bac-stock?utm_source=markets&amp;utm_medium=ingestgest">Bank of America</a> said in <a href="https://markets.businessinsider.com/stocks/pfe-stock">a note on Tuesday</a>. The bank reiterated its target price of $115, which had represented a potential downside of 76% from Monday's close. Moderna's stock fell by 5.7% on Tuesday.

Moderna, BioNTech tumble 19% amid report the EU is looking into COVID vaccine side effects

<ul><li>HNIs from tier 2 towns of industrial belts are now placing their bets on new-age companies, say VC and PE fund managers. </li><li>Wealth advisers of Indian HNIs and family offices have played a part in popularising select investment in AIFs. </li><li>Second-generation family members are more clued in to the startup opportunity as they lead the charter to diversify family holdings. </li><li>Small businessmen from rich industrial belts and tier 2 towns with core businesses that generate free cash flows are actively deploying funds in startups via AIFs.</li></ul> The Indian startup story has not just gone global, it’s going deep into the hinterlands too. And it’s the high networth individual (HNIs) investors in tier 2 towns of industrial belts who are driving this rush of investments in new-age companies. A number of <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) and <keyword id="6357097" type="General" weightage="20" keywordseo="venture-capital" source="Orion">venture capital</keyword> (VC) firms Business Insider <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> spoke to said that these HNIs, especially from the second generation, had discovered the value of the alternate investment ecosystem and were steadily deploying funds into these investments. “With continuous exposure, the startup ecosystem has got evangelised among potential investors across India. We are seeing investors coming from cities like Nagpur, Vadodara, Surat, Bhubaneshwar, Cochin, Coimbatore to name a few. The list is long,” says Anil Joshi, managing partner at Unicorn India Ventures, an early stage-focused tech fund. In the last two years, domestic HNIs have been investing more into the PE and VC ecosystem due to the growing popularity of the alternate ecosystem. The initial rush of domestic HNIs was from metros like Mumbai, Delhi and Bangalore. However, tier 2 cities and towns too have caught on, very fast. Small towns have a lot of depth in terms of investments to be deployed, VCs say. For instance, the rich industrial belts of Ludhiana, Kanpur or Surat have family offices that are keen on alternate investment funds or AIFs. “The core businesses of these family offices are generating free cash flows of a couple of ₹100 crores a year and they are actively deploying that in startups via AIFs,” said Rahul <keyword id="796" type="General" weightage="80" keywordseo="chandra" source="Orion">Chandra</keyword>, MD of Arkam Ventures, an early-stage tech fund. A vibrant alternate ecosystem Srini Sriniwasan, managing director of Kotak Investment Advisors, said in early August that the many marquee fund managers have been inaccessible to domestic investors as they had either raised only offshore capital or had high minimum ticket requirements. That is no longer the case. “Indian alternate ecosystem has become vibrant with PE/VC fund managers delivering consistent returns and outperformance over public benchmarks,” said Sriniwasan in early August. Wealth advisers of Indian HNIs and family offices too have played a part in popularising select investments in AIF. Moreso, the growth in digitalization has made them ‘buy into’ the tech startup story and many of them have become IPO investors, said Chandra. “The question in their mind is why not participate financially in this growth story. Their public market investments have grown over the last two years and they find it prudent to diversify their capital to AIFs. The second-generation family members are more clued in to the startup opportunity and they are leading the charter to diversify family holdings to AIFs,” adds Chandra. The trend has become even more pronounced in the last two years, as per VCs. Second-generation businessmen Ankur Mittal, partner of Delhi-based VC Physis Capital, said that the youngest members of large family businesses in small towns are leading their families towards these investments. Physis claims to have never gone looking for domestic investors – most of their investors had found them online, filled a form on the website and became investors. Many of these investors have a similar profile – most own multi-million dollar family businesses in small cities. “They are those who can spot an opportunity and realise that something is happening in this asset class and want to take a plunge in it,” he told Business Insider India. Mittal said that one of their investors was an IIM graduate who went back home to run his family businesses – and convinced the family to invest in AIFs. “The idea of investing in AIFs also spreads word of mouth. Once initial investors see consistent returns, they bring in friends and families, as these successful businessmen are opinion leaders of that region,” Mittal said. No funding winter yet Venture capitalists say that the interest of these investors has remained intact in spite of the current economic pain points — high inflation, slowing growth and worries of recession globally that may have a cascading effect on India too. They believe that India offers good opportunities for wealth creation. Since most of these investments are long term, the economic turmoil has had less impact on investment decisions. The natural correction in valuations has not affected early-stage investments as much as growth-stage companies, as per VCs. “Overall both domestic and foreign investors seem confident, just that we are seeing some corrections on valuation, which is fair, considering the nature of economy and cycle of the business,” said Unicorn India Ventures’ Joshi. A lot of VCs are bullish on the Indian startup growth story and say that there has been a steady supply of foreign capital in spite of the talk of funding winter. “The funding winter, so to speak, is not visible so far although the sources (of funding) are certainly fewer. There is a reduction in fundraise size and valuation but the rounds for quality startups will continue to close,” said Chandra. “Domestics investors will continue to supplement this foreign capital flow and diversify their exposure to venture by investing in early as well as growth VC funds,” he added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rating-agencies-revise-gdp-growth-estimates-yet-again-most-now-peg-it-below-7/articleshow/93944018.cms">Rating agencies revise GDP growth estimates yet again, most now peg it below 7%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/canada-approves-bivalent-moderna-spikevax-booster-that-acts-against-covid-19-and-omicron/articleshow/93943902.cms">Canada approves bivalent Moderna Spikevax booster that acts against Covid-19 and Omicron</a>

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Canada approves bivalent Moderna Spikevax booster that acts against Covid-19 and Omicron

IANS

Moderna, BioNTech tumble 19% amid report the EU is looking into COVID vaccine side effects

Carla Mozée

Cash-rich family offices of small towns are buying into the India startup story

Katya Naidu

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