Here are four things you need to know this morning
Newmont wants Barrick to fix operations before IPO: Bloomberg News is reporting that Newmont Corporation wants Barrick Mining to improve operations before spinning off assets into an IPO. According to the report, Newmont believes it has the power to potentially block the initial public offering. Barrick announced last week that it plans to spin off its North American gold assets, which will include interests in the Dominican Republic as well as its flagship Nevada joint-venture with Newmont. Newmont has been critical of Barrick’s management of the Nevada project, and has been ramping up pressure on the miner after a string of operational setbacks.
Cleveland-Cliffs misses on revenue and profit: Cleveland-Cliffs reported lower revenue for its fourth quarter that missed expectations, as well as profit that came in below consensus. The steel manufacturer says its 2025 was weighed down by weak production from the automotive industry as well as a weak Canadian market. Cleveland-cliffs shipped 3.8 million tons of steel during the quarter, roughly flat versus the year before. The steel company says headwinds are improving for 2026 so far, and the U.S. trade environment should set the stage for dramatically improved results this year.
Eli Lilly buying Orna Therapeutics for US$2.4 billion: Eli Lilly is buying biotech Orna Therapeutics for up to US$2.4 billion dollars in cash. The deal is aimed at expanding Eli’s pipeline beyond its popular obesity lineup. Orna is currently developing a new class of treatments for autoimmune diseases, such as rheumatoid arthritis and multiple sclerosis.
Novo Nordisk sues Hims & Hers: Novo Nordisk is suing Hims & Hers Health for making knock-offs of its obesity medicines, including a copycat version of the Wegovy pill. The lawsuit alleges that Hims products infringe on Novo’s U.S. patent on the active ingredient in its obesity treatments, and are putting patient health and wellbeing at risk. Novo is seeking damages for what it describes as “reasonable royalties” and lost profit. It has sent a letter to Hims demanding the company cease producing the infringing products.
