DealBook Briefing: A Model to Alleviate Student Debt Gains Traction

• Bristol-Myers Squibb said last week that it would buy Celgene, which makes the blockbuster Revlimid cancer medicine, for $74 billion.

• GlaxoSmithKline said last month that it would pick up Tesaro, which makes an ovarian cancer drug, for $4.16 billion. In June, Eli Lilly closed a deal to buy Armo Biosciences and its immunotherapy cancer treatment for $1.6 billion.

Jim Yong Kim has unexpectedly resigned as president of the World Bank. He was scheduled to serve until 2022, and his departure, effective Feb. 1, sets up a succession tussle between the U.S., which traditionally wields heavy influence over the process, and other governments. The bank, which has focused on combating climate change and promoting foreign aid, has clashed with the Trump administration. (NYT)

Mick Davis, a British politician and the former head of the Xstrata mining company, is setting up a new mining venture, Niron Metals, with a former executive at the De Beers diamond company and a Swiss investment manager. (FT)

Nellie Liang, the Brookings fellow and former Federal Reserve economist nominated by President Trump for a seat on the Fed’s board of governors, withdrew her candidacy. (NYT)

AstraZeneca, the British-Swedish drugmaker, hired Dr. José Baselga as its head of research and development in oncology. Dr. Baselga resigned in September as the chief medical officer at Memorial Sloan Kettering Cancer Center, and later from the board of Bristol-Myers Squibb, after failing to disclose conflicts of interest. (NYT)


• Clayton, Dubilier & Rice, an American buyout firm, will take a stake in the British catering operator WSH Investments in a deal that some see as an endorsement of the British economy ahead of a Brexit vote next week. (WSJ)