Increased congestion at Southern California's ports
The number of container ships waiting to dock at the ports of Los Angeles and Long Beach reached 73 last month.
Cost to ship a 40-foot container
The average weekly price of shipping a freight container from East Asia to North America's West Coast more than quintupled from October 2020 to September 2021.
What happened
Shares of Lexicon Pharmaceuticals ( LXRX -4.86% ) fell over 74% today after the company told investors that Sanofi ( SNY -0.70% ) was terminating their collaboration related to Zynquista (sotagliflozin).
So what
The term "mixed results" summarizes the drug's existence to date. Lexicon Pharmaceuticals and Sanofi were developing Zynquista to improve blood sugar control in individuals with either type 1 or type 2 diabetes. It targets two proteins that dictate the glucose-clearing efficiency of the kidneys and gastrointestinal tract.
Now what
Sanofi's decision to terminate the collaboration means Lexicon Pharmaceuticals will be on the hook for future development costs related to Zynquista. That could prove very expensive and quickly burn through the small company's cash balance of $133 million, reported at the end of March.
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