A lawyer for the heirs said the money the dealers received was then deposited in a bank account they were unable to access because it was blocked by the Nazis. (Reporting by Andrea Shalal; Editing by Tom Heneghan)
ISTANBUL, July 28 (Reuters) - A crackdown in Turkey after a failed coup could further weaken its institutions and threaten its investment grade status, investors fear, as dismissals and detentions stretch from the judiciary into the private sector and even the central bank.
The Prussian Cultural Heritage Foundation (SPK), which manages Berlin's main museums, said Iran's refusal to issue the necessary paperwork forced it to cancel the exhibition that had been agreed with the Tehran Museum of Contemporary Art.
Other big drugmakers have made similar investments. Bristol-Myers Squibb Co has a tie-up with uniQure to develop gene therapies for heart diseases, while Celgene Corp has teamed up with bluebird bio Inc for cancer. (Reporting by Natalie Grover in Bengaluru; Editing by Maju Samuel)
The collection, reputed to be the greatest lineup of modern masterpieces outside of Europe and the United States, includes major works by Pablo Picasso, Joan Miro, Andy Warhol, Jackson Pollock, Mark Rothko and Francis Bacon.
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. 1 (Reuters) - Pfizer Inc said it had acquired privately held gene therapy developer Bamboo Therapeutics Inc in a deal worth up to $645 million to boost its presence in the treatment of rare diseases.
Moody's said on July 18 it was putting Turkey's credit rating on review for a possible downgrade to junk status, citing, among other things, the medium-term impact of the failed coup on the country's policy-making institutions and on economic growth.
The U.S. Food and Drug Administration has yet to approve any gene therapies but Europe has approved two - a treatment from GlaxoSmithKline for a rare immune disorder in babies and one from uniQure NV for a serious blood condition.Turkey is rated at the lowest investment grade rung of
BBB-/Baa3 by Fitch and Moody's respectively, allowing its bonds to be bought by more conservative funds that require a country to be classed as investment grade by at least two agencies.
Davutoglu, Deputy Prime Minister Ali Babacan and finance minister Mehmet Simsek met fund managers and bankers in New York last week in an attempt to allay concerns about the central bank's independence, fuelled by President Tayyip Erdogan's criticism of the bank and its policies.
Bamboo was formed in 2014 to advance the work of Dr. Richard Jude Samulski, who is considered a pioneer in the field after he became the first to realize the potential of using adeno-associated virus's (AAV) as a vehicle to replace a defective gene with a healthy gene.
The Prussian Cultural Heritage Foundation (SPK), which manages Berlin's main museums, said it had agreed a deal with the Tehran Museum of Contemporary Art for a major exhibition of the collection in the German capital from December until February next year.
"SPK's long-standing practice shows that we are committed to the fair and just resolution of legitimate claims to Nazi-confiscated art, consistent with the Washington Conference Principles - this has not changed," Parzinger said in a statement.
The agreement was marred, however, in May when the Tehran museum director Majid Mollanoroozi handed out an award for an antisemitic cartoon about the Holocaust, sparking protests from Israel and Germany.
Jackson Pollock's "Mural on Indian Red Ground," pictured on November 20, 2015 at Tehran's Museum of Contemporary Art, may be part of a collection assembled under the former shah of Iran that will be displayed in Berlin ©Atta Kenare (AFP/File)
The show of paintings collected by the wife of Iran's late shah, featuring masterpieces by Pablo Picasso, Joan Miro and Andy Warhol, had been billed as a symbol of a diplomatic thaw since Iran's nuclear deal with western powers.
Turkish Airlines, arguably the country's most recognised brand, has fired 211 staff over alleged links to Gulen's religious movement, while a source at the central bank said purges of junior officials had also started there.
Through the acquisition, Pfizer will gain access to Bamboo's experimental gene therapies for rare diseases such as Duchenne Muscular Dystrophy (DMD), giant axonal neuropathy (GAN), Friedreich ataxia (FA) and Canavan disease.
"Sienna, Orange black on Dark Brown" by Mark Rothko is on display at Tehran's Museum of Contemporary Art (TMOCA) and is part of a collection bought in the 1970s by Farah Pahlavi ©Atta Kenare (AFP/File)
The Prussian Cultural Foundation (SPK) said the claim, which seeks the return of the Welfenschatz collection including centuries-old busts of saints and golden crucifixes, was without merit and did not involve a forced sale due to Nazi persecution.
"I believe that the final evaluations by Moody's and Fitch will be positive. There is a great deal of harmony between the suggestions of Moody's and Fitch for the Turkish economy and our government's targets," he said in an interview.