WSJ : A Lack of Bacteria Can Make You Overweight

A Lack of Bacteria Can Make You Overweight
Genetics and Microbes in Your Gastrointestinal Tract Offer Clues to Metabolism and Obesity

Does fat run in your family?

Blame your gut bacteria.

Researchers at Cornell University have identified a family of microbes called Christensenellaceae that appear to help people stay lean—and having an abundance of them, or not, is strongly genetic.

Someday, it may be possible to have the Christensenellaceae clan adopt you, however. Mice that received transplants of the bacteria gained less weight than untreated mice eating the same diet. The study was published in the journal Cell this month.

There has been an explosion of research into how bacteria affect human health, and body weight is one of the most intriguing areas. There is growing speculation that rising rates of obesity may be due in part to increased use of antibiotics, which may be wiping out bacteria that help humans convert food into energy efficiently.

Babies are born without any bacteria and eventually play host to approximately 100 trillion of the tiny micro-organisms, which outnumber human cells by about tenfold. Bacteria coat every inch of skin, the mouth, the nose, the ears, the genitals and particularly the gastrointestinal track. They not only digest food and help fight off invaders, but also produce vitamins and chemicals that help regulate the immune system, metabolism—even mood.

“In the past, the main bacteria we saw were the nasty guys, the ones that kill you. We haven’t been looking at the thousands of nice guys that help us and keep us thin,” says Tim Spector, a genetic epidemiologist at King’s College London, who also contributed to the study.

This microbiome, as it is called, has evolved along with humans, and even small disruptions have been implicated in a long list of health problems, including obesity, diabetes, high blood pressure, abnormal cholesterol, belly fat, cancer and atherosclerosis, or plaque buildup in the arteries.

The field is booming in part because scientists are now able to identify and count bacteria more easily, using gene analysis, in stool, saliva, and other samples. The collections can provide a bonanza of information of how complex and different human bacteria communities are.

Introducing bacteria into mice raised to be virtually germ-free has allowed scientists to demonstrate not correlations, but actual cause and effect.

It has been known for decades that gut bacteria affects weight in animals. Farmers have been giving antibiotics to livestock and poultry since the 1950s because it makes them grow fatter, says Martin Blaser, a microbiologist at New York University. His studies have shown that giving low-dose penicillin to mice for just four weeks early in life makes them obese later in life—even when their gut bacteria appeared to be normal.

The proliferation of antibiotics, antibacterial soaps and other products isn't just creating some resistant strains, but decimating the bacteria population that humans have evolved with, Dr. Blaser writes in his new book, “Missing Microbes.”

GETTING TO KNOW YOUR MICROBIOME
Among the most common bacteria researchers find:
  • * Bifidobacteria is transferred in breast milk and may prevent tumors.
  • * Christensenella guards against obesity, and runs in families.
  • * Helicobacter pylori causes peptic ulcers but helps regulate appetite.
  • * Escherichia coli produces vitamin K, but can cause severe illness.
  • * Clostridium difficile causes colitis, diarrhea and can be deadly.
  • * Staphylococcus aureus causes boils, MRSA and is drug-resistant.
  • * Pseudomonas aeruginosa causes ear and eye infections, and can spread in hospitals.
He is particularly concerned that a type of bacteria that helps regulate appetite is disappearing from human GI tracts. The Helicobacter pylori is notorious for causing peptic ulcers, but studies show that it also helps regulate ghrelin, the hormone that increases appetite. Without H. pylori to keep ghrelin in check, humans may miss the natural signals that tell them to stop eating. Yet only about 6% of U.S. children harbor the bacteria in measurable amounts.
“We humans are changing,” says Dr. Blaser. He says Americans today have only about two-thirds the number of bacterial species as native tribesman in the Amazon that have been exposed to fewer antibiotics.
Other studies have shown that in mice, at least, altering gut bacteria alone can change body weight, regardless of diet and exercise levels. In a study published in Science last year, researchers at Washington University in St. Louis harvested gut bacteria from four sets of identical twins in which one was lean and one was obese, and transplanted them into mice that were raised germ-free. Within weeks, the mice matched with obese donors became obese, while those with lean donors stayed lean—despite eating the same low-fat food.
The new Cornell study is one of the first to show that genetics plays a role in the bacteria that regulate weight gain.
The researchers analyzed stool samples from nearly 1,000 people ages 23 to 86, including 416 pairs of twins. Levels of the little-known Christensenellaceae bacteria were more similar in the identical twin pairs than the fraternal pairs, indicating genetics have a strong influence. The Christensenellaceae were more abundant in the lean twins than the obese twins.
The researchers transplanted the bacteria into germ-free mice, which weighed significantly less than untreated mice after 21 days.
As of now, scientists don’t know how Christensenellaceae affects human metabolism or even how it is inherited. The speculation is that human genes affect which bacteria flourish and which dwindle—much like seeds fare better or worse in different soil.
Next, the Cornell researchers plan to give the Christensenellaceae bacteria to mice orally (rather than in a fecal transplant) and study how long the effect lasts, which could pave the way for a human probiotic version. Is that likely someday? “I’m a scientist—I’m going to say, maybe,” says microbiologist Ruth Ley, the study’s senior author.
More research into the role bacteria play in health is under way as part of the Human Microbiome Project at the National Institutes of Health. “We are just at the very beginning of this field,” says program director Lita Proctor.
One study funded by the project is looking at what changes occur in the microbiome of pregnant women as birth approaches; another is tracking how stresses such as a divorce, job loss or bout of the flu may alter the gut bacteria in people who are pre-diabetic and possibly trigger full-blown Type II diabetes.
Scientists are also hoping to learn more about human bacteria through crowdsourcing. To date, about 7,000 people have sent stool or saliva samples to the American Gut Project, based at the University of Colorado, along with information about their diet, health and lifestyle habits. For $99 and up, donors get a statistical profile of their microbiome—and researchers get a wealth of data to explore.
“We’re finding that the microbiome is affected not just by age and antibiotics, but how many plants you eat, how much alcohol you drink, how much you exercise and how much sleep you get on average,” says microbiologist Rob Knight, the project’s co-founder.
A British version began last month. Some volunteers are joining pilot studies to see how much they can alter their gut bacteria by changing their diet for three days. “I did one eating masses of unprocessed cheese,” says Dr. Spector, who founded British Gut. It didn’t change his gut bacteria significantly, he says, “but it put me off cheese for a bit.”
Most microbiologists say the legions of yogurts, smoothies, supplements and other products packed with “probiotics” on the market are probably harmless, but largely untested and unregulated with little evidence to back up the claims.

FT : Shareholders urge Nutreco to open books to Cargill and Permira


Shareholders in Nutreco have called on the Dutch fish and animal feed group to open its books to Cargill and Permira, the potential contenders to a recommended €3bn bid by SHV Holdings.
The absence of a competitive auction for Nutreco has frustrated investors, many of whom were taken by surprise when the group announced last month a recommended offer from Dutch conglomerate SHV at €40 a share, valuing the company at €2.7bn.

SHV, owned by the Fentener van Vlissingen family, only increased its cash offer for Nutreco to €44.50 a share after the fish and animal feed company’s board rejected an informal joint approach by US commodities trading group Cargill and private equity firm Permira at €43.20 a share.
Nutreco objected to Cargill and Permira’s plans to break the group into two, adding there was a lack of detail on matters including funding.
However, two of Nutreco’s top-five shareholders have called for the group to allow Cargill and Permira to conduct due diligence, in order to put them in a position to make a binding offer.
APG, a leading Dutch pension fund manager, with a near 10 per cent stake, said: “All shareholders would benefit for management to offer a level playing field [to Cargill and Permira],” adding: “If the end result is a sale of the company, of course we would like to have as good a price as possible.”
APG’s view was supported by Hengistbury, a London-based hedge fund, with about a 3.5 per cent stake in Nutreco. “As with any situation like this, we think it’s important that there is a level playing field,” said the firm’s partner Daragh Horgan.
The VEB, the Dutch retail shareholders’ association, also said Cargill should be allowed the opportunity to make a “serious indicative offer” by conducting due diligence.
The association represents shareholders with a stake of less than 1 per cent in Nutreco, but has an influential role in swaying public opinion. Jasper Jansen, the VEB’s senior economist, said the association was unconvinced SHV’s €44.50 offer was adequate, adding: “We believe it is inappropriate that Nutreco runs into the arms of SHV.”
Both VEB and Hengistbury said SHV’s latest offer undervalued Nutreco.
Nutreco dismissed the shareholders’ calls for it to open its books to Cargill and Permira. It highlighted how it had an agreement with SHV under which it would only consider an indicative offer that is 8 per cent higher than the current bid by the Dutch conglomerate.
Nutreco also highlighted how SHV’s bid terms include not breaking up the company, maintaining the corporate culture and keeping the headquarters in the Netherlands.
Cargill and Permira declined to comment on whether they would take the step of making an offer worth €48.06 a share, or 8 per cent more than SHV’s bid. Cargill’s acquisitions to date have always been agreed with the targets.
SHV has been buying Nutreco shares on the open market, and last week announced it owned a 15 per cent stake, making it the largest shareholder.

WSJ : AstraZeneca’s Shaky Bridge to Pipeline’s Promise

AstraZeneca’s Shaky Bridge to Pipeline’s Promise
Company’s Pipeline Is Full But It Still Faces a Tricky Couple of Years

AstraZeneca ’s pipeline has plenty of ballast. But the U.K. pharmaceutical company could still use extra buoyancy for the next couple of years.

Astra essentially faces a timing issue. Its pipeline looks better than ever: Astra said Tuesday it should submit up to 16 new molecules or major extensions to existing treatments to regulators in 2015 and 2016. The strength of Astra’s oncology business is becoming clear: by 2020, it aims to bring six new cancer treatments to market; it has an increasingly impressive position in immuno-oncology.

This, in time, will reshape Astra’s business. Half its pipeline is biologic medicines, which tend to be more durable than easily copied pills. More specialty medicines, which command higher prices, should mean better profitability.

But this won’t really be felt until after 2017. Leave aside the ambitious sales target of $45 billion by 2023, made while Astra was defending itself from Pfizer ’s takeover approach. Astra aims to hold 2017 revenues flat with 2013. That is despite the drag from drugs losing patent protection and a more competitive U.S. pricing environment in diabetes and respiratory. Even assuming total pipeline success, Barclays puts Astra $2 billion short of its 2017 target.

At 17.5 times forecast earnings, Astra still trades at a slight premium to the sector. But support from takeover talk should be waning. Pfizer could return in a week’s time under U.K. rules. But its alliance with Merck KGaA to develop the latter’s immuno-oncology prospect suggests the U.S. company has moved on.

It would be foolhardy for Pfizer to have another tilt at Astra without a good chance of success. AbbVie ’s abrupt ditching of Shire confirmed the worst suspicions about tax-motivated deals. And Astra’s promising pipeline could make agreement on valuation more challenging than ever.

In the near term, cost cutting as well as one-off income from deals could support earnings. But Astra may need additional help: results are expected early next year for use of blood-thinner Brilinta in non-acute patients who have suffered a heart attack within the past three years. Success could shore up confidence in Brilinta’s efficacy, encouraging physicians to prescribe the drug for longer. More important, it could potentially double the patient population for Brilinta, which Astra thinks could sell a risk-adjusted $3.5 billion in 2023.

Astra’s pipeline could translate into a more robust business geared around specialized, biologic medicines. But it is still a mass-market pill that could make for smoother sailing toward that goal.

(Les Echos) Nuclear Areva will not hold its financial objectives

The nuclear group will announce after the close of trading suspension of its financial outlook.

The situation worsens in Areva. According to our information, the nuclear group will communicate this evening after the close of trading to share new information about its financial situation. Technically, the group will suspend its financial outlook and announce that he started work to revise these goals. For 2014, the group expected a drop in turnover of 10% and a cash flow free operating at equilibrium, depending on the year-end receipts. For 2015 and 2016, Areva was counting on "organic growth in turnover of around 4 to 5% per year on average" and "free operating cash flow before taxes of close to balance in 2015 and clearly positive in 2016, "the group said.
The nuclear group is under severe financial pressure. In early October, the Supervisory Board has already announced a reduction in investment of € 200 million over the period 2015 to 2016, sales of assets for a minimum amount of EUR 450 million by the end of 2016 and preparation, "as soon as possible," an issue of hybrid securities, to avert the threat of a downgrade of its credit rating by Standard & Poor's. But in early November, the group could not place this hybrid issue, citing poor market conditions. This issue was, according to our information, a few hundred million. Agency credit rating indicated in stride but it retained its rating reiterated that the lack of building equity in the short term or support of the state could lead to the fall of Areva rating owned 87% by the public sector a notch. The group now has a BBB- rating, but the S & P together with a negative outlook last month.
The magazine "Challenges" stated this morning that the group would announce "in the coming days," a "significant profit warning", with a net loss in fiscal 2014 of EUR 1 billion. In the first half, the group has already lost 694 million euros and has already revised down its business objectives, to EBITDA and free cash flow. According to "Challenges", two measures are also under consideration by the government, "the state could inject 2 billion euros in Areva, through proceeds from the sale of assets in other companies of the nuclear industry. " Moreover, "the creation of a hive society is envisaged to house and outsource the ultra-making activities at the same time unpredictable."
These new ads on the situation Areva came as the group is full overhaul of its governance, and should happen in the next month a business status to management board and supervisory board of a company in administration with a separation of the roles of chairman and CEO. The prime minister said last week in Pierre Blayau, current Chairman of the Supervisory Board appointed by François Hollande barely there eighteen months, he did not become chairman. The position should accrue to the former head of PSA, Philippe Varin, said Minister of Economy.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance
: OME -19.9%, URBN -6.1%, AMCN -3.8%, DKS -3.7%, A -3%, HD -1.1%, NWL -0.6%, JEC -0.5%

Select iron ore stocks lower on Chinese property data (iron ore futures fell sharply Dalian Exchange in China):: CLF -3.4%, RIO -1%, VALE -0.9%, X -0.8%, BHP -0.7%

Other news: NBS -27.3% (announced initial data from Phase 2 PreSERVE AMI clinical trial; some of three primary endpoints appear to have not been met), CYTR -11.2% ( announces partial clinical hold affecting Aldoxorubicin clinical trials; company expects trial timelines to remain materially unchanged), GSAT -5.4% (negative mention on Mad Money and following CEO appearnce on show), RMTI -4.5% (announced $55 mln proposed public offering of common stock), PF -4.2% (announced secondary offering of 20 mln shares by selling stockholders; announces concurrent repurchase of 1 mln shares of common stock), FOLD -3.1% (commenced $75 mln common stock offering), LQ -2.4% (announced that certain selling stockholders affiliated with The Blackstone Group (BX) have commenced a secondary offering of 20 mln shares of La Quinta common stock), XIN -2.2% (weak property data out of China), RCPT -1.4% (announced proposed underwritten public offering of common stock), CPA -0.7% (reports Oct Monthly Traffic rose 12% YoY)

Analyst comments: HIMX -2.9% (downgraded to Perform at Oppenheimer), WAC -1.5% (downgraded to Hold from Buy at Evercore ISI), M -1% (downgraded to Neutral from Buy at BofA/Merrill), WFC -0.5% (downgraded to Mkt Perform from Outperform at BMO Capital )

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance
: CCM +11%, AFMD +9.6%, JASO +6.8%, SNE +5.4%, (FY15 guidance) MANU +1.9%, MDT +1.1%

M&A news: CST +4.4% (mentioned as acquisition target on Mad Money), PT +1.7% (cont spec on M&A deal), ACT +0.9% (cont momentum higher following yday's merger announcement with AGN)

Select solar related names showing strength after JASO earnings: JKS +2.2%, CSIQ +1.6%, TSL +1.3%, FSLR +1.1%, SPWR +0.4%, SCTY +0.4%

Select mining stocks trading higher: SVM +5.4%, IAG +4.8%, AUY +4.5%, AUY +4.5%, FSM +4.3%, AEM +3.3%, ABX +3%, GDX +2.5%, SLW +2.4%, GG +2.1%, EGO +2.1%, KGC +1.8%, GFI +1.2%

Select oil/gas related names showing strength: SDRL +2%, STO +1.8%, TOT +1.7%, RIG +1.4%, RDS.A +1.3%

Other news: UEC +7.9% (reports a 77% increase in estimated uranium resource at Burke Hollow project in South Texas), SUNE +7.5% (co and TerraForm Power (TERP) signed an agreement to acquire First Wind for $2.4 bln), FST +5.6% (entered into definitive agreement to sell its natural gas properties located in the Arkoma Basin for after-tax cash proceeds of ~$185 mln), TRVN +5.1% (announced positive top-line results from Phase 2a/b study of TRV130 in acute postoperative pain), PLUG +4.8% (installs first GenFuel site with outdoor hydrogen dispensers), LULU +4% (favorable commentary on Monday's Mad Money), XLNX +2.5% (Board authorized a repurchase of up to $800 mln of the Co's outstanding common stock), NOK +2.5% (announces N1 Android Tablet, also may soon partner with Foxconn (FXCNY) for new tablet, according to reports), ARCP +1.5% (receives expected NASDAQ notice related to delay in Form 10-Q filing), NVAX +1.4% (announced that enrollment has begun in a Phase 2 clinical trial of its recombinant quadrivalent seasonal influenza virus-like particle vaccine candidate), FCAU +1.4% (automobiles sales in Europe rose 8% in Oct),TERP +1.2% (co and SunEdison (SUNE) signed an agreement to acquire First Wind for $2.4 bln; transaction immediately accretive to TerrForm), TLM +0.9% (reports of potential pipeline sale to Regency (RGP))

Analyst comments: MTW +5.1% (upgraded to Buy from Hold at Jefferies ), NOR +1.6% (initiated with an Outperform at BMO Capital Mkts), SWC +0.5% (initiated with an Outperform at BMO Capital Mkts)