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Lilly to buy biotech company Morphic for $3.2B

Jane King 07/08/24

INDIANAPOLIS (WISH) — Here is a look at Monday’s business headlines with Jane King where she discusses Lilly’s new business deal, job scams, micro-weddings, and more.

Lilly to acquire bowel disease drug developer Morphic

Lilly announced Monday morning that it is acquiring the drug company Morphic. A release from Lilly says Morphic makes a drug that treats inflammatory bowel disease.

That same drug is in clinical trials to treat Ulcerative Colitis and Chron’s Disease.

Lilly says the deal to acquire Morphic is worth $3.2 billion and has been approved by the boards of both companies.

Survey: Americans believe companies should pursue sustainability

Two-thirds of Americans believe sustainability should be the default for companies, according to new research.

The survey of Americans revealed that 67% believe sustainable products and services should be the standard for companies, not something they need to search for.

Commissioned by Avocado Green Mattress and conducted by Talker Research, the survey revealed that 71% would like to see more regulations in place to ensure products and services are sustainable.

Apple says AI will improve Siri

Siri will finally get better in spring 2025 when Apple makes its Apple Intelligence AI system available to everyone via its iOS 18.4 update.

Bloomberg reports Siri will gain the ability to do things on your behalf like dig your I.D. out of your 20,000-photo-deep library in photos and copy your driver’s license number to enter into an online form.

Report: Job scams are surging

Scams are an emerging threat. They surged 118% in 2023 from 2022, according to the Identity Theft Resource Center.

Scammers may pose as recruiters or post fake job ads to get sensitive personal and financial information from job seekers.

Improvements in Artificial Intelligence and the rise of remote work are big contributors to the growth in employment scams.

Weddings are getting very expensive with the average wedding costing up to tens of thousands of dollars. That’s led some couples to do micro-weddings with 50 or fewer guests.

In 2023, weddings with 25 to 50 guests took up about 15% of the market; weddings with less than 25 guests made up roughly 2% of the market, according to data from The Wedding Report, a wedding research company.

Report: Gen Z’s fraud rate is higher than other generations

A new report says a troubling number of Zoomers are comfortable with disputing legitimate charges.
Gen Zers’ rate of fraud is higher than all other generations.

In the same report, just 10% of baby boomers said they either knew someone who committed fraud or did so themselves.

The researchers say Gen Z may not feel particularly loyal to the companies they are pilfering from and instead see large corporations as part of the reasons for their financial struggles.