DJ hits sales high, Melbourne biotech takeover: Midday Roundup

David Jones is reporting its best performance in almost four years after sales rose by 4.1% to $407.2 million in the three months ending April.

The results were lifted by online sales, which rose by 190%, accounting for more than 2.2% of total sales.

DJs outperformed Myer, where sales fell almost 1% to $646.5 million in the April quarter.

Melbourne biotech company snapped up

Irish pharmaceutical company Shire has taken over Melbourne biotech company Fibrotech for more than $80 million.

Fibrotech, founded in 2006, has been developing new drugs to treat fibrosis.

Victoria’s Minister for Technology Gordon Rich-Phillips says the move highlights the state’s appeal for international biotech companies.

“Fibrotech’s success demonstrates Victoria’s credentials as a leading developer of biotechnology products and services for global markets. Victorian research has consistently underpinned the most significant partnering licencing, merger and acquisition-based deals seen in the Asia-Pacific region.”

Shares down on open

Aussie shares have opened lower this morning, following a dip at the close on Wall Street.

The S&P/ASX200 benchmark was down 54.7 points to 5426.7 at 12:15pm AEDT. On Tuesday the Dow Jones closed 129.53 points lower, down by 0.78% to 16401.0.