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BeiGene Receives New Approvals for BRUKINSA^® (zanubrutinib) in China

BRUKINSA is approved for first-line treatment for CLL/SLL and WM in China and has multiple approved indications in more than 65 markets worldwide

BASEL, Switzerland & BEIJING & CAMBRIDGE, Mass.–(BUSINESS WIRE)–
BeiGene (NASDAQ: BGNE; HKEX: 06160; SSE: 688235), a global biotechnology company, today announced the China National Medical Products Administration (NMPA) approved four applications for BRUKINSA (zanubrutinib), the company’s Bruton’s tyrosine kinase inhibitor (BTKi), including two Supplemental New Drug Applications for treatment-naïve adults with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) and Waldenström’s macroglobulinemia (WM), and two Supplemental Applications for conversions from conditional approval to regular approval.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230506005006/en/

“These approvals further support BRUKINSA as the BTKi of choice in China for the treatment of B-cell malignancies such as CLL and WM,” said Lai Wang, Ph.D., Global Head of R&D at BeiGene. “We look forward to bringing people living with CLL and WM a new first-line treatment option as we work to support the Healthy China initiative and reduce global health inequity.”

BRUKINSA previously received conditional approvals from NMPA for the treatment of adult patients with CLL/SLL and mantle cell lymphoma (MCL) who have received at least one prior therapy (R/R CLL/SLL and R/R MCL) in June 2020, and conditional approval for the treatment of adult patients with WM who have received at least one prior therapy (R/R WM) in June 2021. NMPA converted these conditional approvals to regular approvals for R/R CLL/SLL and R/R WM in April 2023.

“CLL/SLL and WM patients are predominantly populated in the elderly, and there are increasing needs for improved efficacy and safety in CLL/SLL and WM treatments,” said Professor Ma Jun, Director of the Harbin Institute of Hematology & Oncology, Chief Supervisor of Supervisory Committee at the Chinese Society of Clinical Oncology. “BRUKINSA has been recommended as the preferred regimen of multiple subtypes of lymphoma in both national and international guidelinesⁱ,ⁱⁱ,ⁱⁱⁱ,^iv,^v. With these important approvals, BRUKINSA now becomes the only approved new-generation BTK inhibitor in China for the first-line treatment of adult CLL/SLL and WM patients, bringing healthcare providers in China with a new standard of care for their patients.”

The new approvals of BRUKINSA for CLL/SLL are supported by data from SEQUOIA (NCT03336333), in patients with previously untreated CLL/SLL. The new approvals of BRUKINSA for WM are based on data from ASPEN (NCT03053440), the first and only global Phase 3 head-to-head clinical trial of BTK inhibitors in WM.

About Chronic Lymphocytic Leukemia (CLL) / Small Lymphocytic Lymphoma (SLL)

A slow-growing, life-threatening and incurable cancer of adults, CLL is a type of mature B-cell malignancy in which abnormal leukemic B lymphocytes (a type of white blood cells) arise from the bone marrow and flood peripheral blood, bone marrow, and lymphoid tissues^vi,^vii ,^viii. CLL is one of the most common types of leukemia, accounting for about one-quarter of new cases of leukemia^ix. CLL and SLL are considered different manifestations of the same disease. Approximately 180 of every 100,000 people in China have CLL/SLL, accounting for 1% to 3% of all non-Hodgkin lymphoma cases^x.

About Waldenström’s Macroglobulinemia (WM)

WM is a rare, slow-growing lymphoma that occurs in less than two percent of patients with non-Hodgkin’s lymphoma (NHL)^xi. The disease usually affects older adults and is primarily found in the bone marrow, although it may also impact lymph nodes and the spleen^xii. In China, there are an estimated 88,200 patients diagnosed with lymphoma each year. Approximately 91% of these cases are classified as NHL, amounting to ~1,000 newly diagnosed WM patients per year in China^{xiii, viii}.

About BRUKINSA^® (zanubrutinib)

BRUKINSA is a small molecule inhibitor of Bruton’s tyrosine kinase (BTK) discovered by BeiGene scientists that is currently being evaluated globally in a broad clinical program as a monotherapy and in combination with other therapies to treat various B-cell malignancies. Because new BTK is continuously synthesized, BRUKINSA was specifically designed to deliver complete and sustained inhibition of the BTK protein by optimizing bioavailability, half-life, and selectivity. With differentiated pharmacokinetics compared to other approved BTK inhibitors, BRUKINSA has been demonstrated to inhibit the proliferation of malignant B cells within a number of disease relevant tissues.

About BeiGene

BeiGene is a global biotechnology company that is discovering and developing innovative oncology treatments that are more affordable and accessible to cancer patients worldwide. With a broad portfolio, we are expediting development of our diverse pipeline of novel therapeutics through our internal capabilities and collaborations. We are committed to radically improving access to medicines for far more patients who need them. Our growing global team of more than 9,400 colleagues spans five continents, with administrative offices in Basel; Beijing; and Cambridge, U.S. To learn more about BeiGene, please visit www.beigene.com and follow us on Twitter at @BeiGeneGlobal.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding the potential for BRUKINSA to become the BTKi of choice in China for patients with CLL or WM, and the benefits of such treatment for those patients; BeiGene’s efforts to make BRUKINSA more broadly available to patients in China and to reduce global health inequities;the future development and regulatory filing and approval of BRUKINSA in other markets; and BeiGene’s plans, commitments, aspirations, and goals under the heading “About BeiGene.” Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeiGene’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing, and progress of clinical trials and marketing approval; BeiGene’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeiGene’s ability to obtain and maintain protection of intellectual property for its medicines and technology; BeiGene’s reliance on third parties to conduct drug development, manufacturing, and other services; BeiGene’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products and its ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates and achieve and maintain profitability; and the impact of the COVID-19 pandemic on BeiGene’s clinical development, regulatory, commercial, manufacturing, and other operations, as well as those risks more fully discussed in the section entitled “Risk Factors” in BeiGene’s most recent quarterly report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in BeiGene’s subsequent filings with the U.S. Securities and Exchange Commission. All information in this press release is as of the date of this press release, and BeiGene undertakes no duty to update such information unless required by law.

References

ⁱ NCCN Guidelines. Chronic Lymphocytic Leukemia/ Small Lymphocytic Lymphoma. V2.2023.

ⁱⁱ NCCN Guidelines. B-Cell Lymphomas.V2.2023.

ⁱⁱⁱ NCCN Guidelines. Waldenström Macroglobulinemia / Lymphoplasmacytic Lymphoma.V1.2023.

^iv CSCO 淋巴瘤诊疗指南 2023.

^v CSCO 恶性血液病诊疗指南 2023

^vi National Cancer Institute. Surveillance, Epidemiology, and End Results Program. Cancer Stat Facts: Leukemia —Chronic Lymphocytic Leukemia (CLL). Accessed October 4,2021. https://seer.cancer.gov/statfacts/html/clyl.html

^vii Aster JC, Freedman A. Non-Hodgkin lymphomas and chronic lymphocytic leukemias. In: Aster JC, Bunn HF (eds.). Pathophysiology of Blood Disorders. 2nd ed. McGraw-Hill Education; 2017:chap 22.

^viii American Cancer Society. What is chronic lymphocytic leukemia? Updated May 10, 2018. Accessed December 6, 2020. https://www.cancer.org/cancer/chronic-lymphocytic-leukemia/about/what-is-cll.html

^ix Yao Y, Lin X, Li F, Jin J, Wang H. The global burden and attributable risk factors of chronic lymphocytic leukemia in 204 countries and territories from 1990 to 2019: analysis based on the global burden of disease study 2019. Biomed Eng Online. 2022 Jan 11;21(1):4. doi: 10.1186/s12938-021-00973-6. PMID: 35016695; PMCID: PMC8753864.

^xhttps://mp.weixin.qq.com/s?__biz=MzA4ODQxMjgzNw==&mid=2654028680&idx=1&sn=af420ac7e860be0b26463c2e71c6e3f4&chksm=8bef6442bc98ed5477c5b17bb4973baa552611206f55c8c4b11ba9e7d7f032389914c3dcb45a&scene=27

^xi Tam, et al. A randomized phase 3 trial of zanubrutinib vs ibrutinib in symptomatic Waldenström macroglobulinemia: the ASPEN study. Blood. October 2020. 136(18): 2038-2050.

^xii Lymphoma Research Foundation. Available at https://lymphoma.org/aboutlymphoma/nhl/wm/. Accessed December 2020.

^xiii Chen, et al. Cancer statistics in China, 2015 [J]. CA: A Cancer Journal for Clinicians, 2016, 66(2):115-132.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230506005006/en/

Investor Contact:

[email protected]

Gabrielle Zhou

+86 10 5895 8058

Kevin Mannix

+1 240-410-0129

Media Contact:

[email protected]

Edith Tan

+86 10 6844 5311

Kathleen Cuca

+ 1 551-222-6790

KEYWORDS: Massachusetts Switzerland China United States North America Asia Pacific Europe

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

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Berkshire Hathaway Inc. First Quarter 2023 Earnings Release

OMAHA, Neb.–(BUSINESS WIRE)–
(BRK.A; BRK.B) – Berkshire’s operating results for the first quarters of 2023 and 2022 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters of 2023 and 2022 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

	First Quarter
	2023				2022*
Net earnings attributable to Berkshire shareholders	$	35,504			$	5,580
Net earnings includes:
Investment and derivative gains (losses)		27,439				(1,580	)
Operating earnings		8,065				7,160
Net earnings attributable to Berkshire shareholders	$	35,504			$	5,580

Net earnings per average equivalent Class A Share	$	24,377			$	3,784
Net earnings per average equivalent Class B Share**	$	16.25			$	2.52

Average equivalent Class A shares outstanding	1,456,438			1,474,703
Average equivalent Class B shares outstanding	2,184,657,109			2,212,054,009
* Revised due to change in accounting for Long-Duration Insurance Contracts as required by GAAP. ** Per share amounts are 1/1,500th of those shown for Class A.

Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains/losses of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) include gains of approximately $23.4 billion in the first quarter of 2023 and losses of approximately $771 million in the first quarter of 2022 due to changes during the first quarters of 2023 and 2022 in the amount of unrealized gains that existed in our equity security investment holdings. Investment gains (losses) also include after-tax realized gains on sales of investments of $1.7 billion in the first quarter of 2023 and after-tax realized losses on sales of investments of $612 million in the first quarter of 2022. In 2023, investment gains also include a net remeasurement gain of approximately $2.4 billion related to Berkshire’s acquisition of an additional 41.4% ownership interest in Pilot Travel Centers.

The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

	First Quarter
	2023				2022
Insurance-underwriting	$	911			$	167
Insurance-investment income		1,969				1,170
BNSF		1,247				1,371
Berkshire Hathaway Energy Company		416				775
Other controlled businesses		3,065				3,025
Non-controlled businesses*		568				282
Other		(111	)			370
Operating earnings	$	8,065			$	7,160
* Includes certain businesses in which Berkshire had between a 20% and 50% ownership interest.

Approximately $4.4 billion was used to purchase shares of Class A and Class B common stock during the first quarter of 2023. On March 31, 2023, there were 1,450,152 Class A equivalent shares outstanding.

At March 31, 2023, insurance float (the net liabilities we assume under insurance contracts) was approximately $165 billion, an increase of approximately $1 billion since yearend 2022.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains (losses) and impairments of goodwill and intangible assets.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our periodic earnings statements. In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance.

About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230506005003/en/

Marc D. Hamburg

402-346-1400

KEYWORDS: Nebraska United States North America

INDUSTRY KEYWORDS: Other Retail Professional Services Utilities Energy Food/Beverage Other Manufacturing Fashion Retail Rail Insurance Transport Finance Manufacturing

MEDIA:

Posted on May 5, 2023 11:29 pm

Credicorp Ltd.: Credicorp Ltd. Reports First Quarter 2023 Financial and Operating Results

Lima, May 05, 2023 (GLOBE NEWSWIRE) — Credicorp Ltd. Reports First Quarter 2023 Financial and Operating Results

ROE of 18.7% Driven by Resilient Core Income

Cost of Risk Stable Sequentially Remaining High impacted by Social and Climatic Events in Peru

Lima, Peru – May 5, 2023 – Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia and Panama today reported its unaudited results for the quarter ended March 31, 2023. Financial results are expressed in Soles and are presented in accordance with International Financial Reporting Standards (IFRS). Effective 1Q23, the Company reports under IFRS 17 accounting standards for insurance contracts. While the impact on consolidated net income is not material, the reclassification of line items in the P&L has impacted the efficiency ratio. To facilitate comparability, figures for 1Q22 and 4Q22 have been restated to reflect IFRS 17.

1Q23 OPERATING AND FINANCIAL HIGHLIGHTS

• Net Income attributable to Credicorp increased 18.1% YoY to stand at S/1,384 million, driven by an improvement in performance in Universal Banking and strong results in the Insurance business. ROAE rose to 18.7% in the quarter, up from 17.0% in 1Q22 and seasonally higher than the 15.3% reported in 4Q22.
• Structural Loans, measured in average daily balances, declined 0.7% QoQ, primarily due to seasonality in Wholesale Banking, but increased 9.7% YoY led by growth in Retail Banking at BCP and by Mibanco.
• Total Deposits at quarter-end increased 1.1% QoQ and 0.5% YoY to S/148,623 million, where the high interest rate backdrop continued to drive migration from Demand and Saving Deposits to Time Deposits. Low-cost Deposits represented 54.7% of total funding.
• The Structural NPL ratio increased 17 bps QoQ to 5.12%, driven by an increase coin the volume of the overdue portfolio in Wholesale Banking, which was already provisioned given that our models anticipate deterioration; Mibanco, which was impacted by social and climatic events in an adverse macroeconomic environment; and Consumer and Credit Card loans, after higher-risk segments were targeted in 2022.
• Structural Provisions increased 1.3% QoQ, driven by Retail Banking at BCP and Mibanco and, partially offset by Wholesale Banking. At BCP, provisions in retail banking rose, reflecting a downturn in customer payment as well as the impacts of an update to macroeconomic outlook variables such as inflation, interest rates and GDP growth. Mibanco increased provisions due to social and climate events. In this context, stringent origination standards were applied in specific consumer segments at BCP, and the risk appetite was adjusted in a number of geographies and segments at Mibanco. The Structural Cost of Risk remained stable QoQ while StructuralNPL Coverage dropped to 110.0%, which reflects an uptick in the weight of collateralized refinanced wholesale loans.
• Core Income declined 1.4% QoQ but increased 18.9% YoY reflecting structural loan growth and a high interest rate environment. Net Interest Income (NII) remained stable QoQ and was up 28.8% YoY, while FX Volumes and Fees contracted in both periods. On the back of higher interest rates, the Net Interest Margin increased 9 bps QoQ and 138 bps YoY to stand at 5.84%.
• The Efficiency Ratio, which has been restated under IFRS17, improved 290 bps in the QoQ comparision and stood at 44.3%. This improvement was mainly driven by an uptick in operating income at BCP stand-alone and Pacifico, which more than offset the growth reported for expenses in a context marked by on-going investment in disruptive initiatives and digital transformation.
• The CET1 Ratio for BCP Stand-Alone at quarter-end was 11.9%, up 30 bps YoY but down 66 bps QoQ which reflected a dividend declaration this quarter, CET1 at Mibanco rose 38 bps YoY to stand at 16.4% but declined 8 bps QoQ.
• At BCP stand-alone, 30-day local currency LCR currency stood at 154.1% under regulatory standards and 138.7% based on more stringent internal standards, while USD 30-day LCR stood at 203.7% and 123.1% under regulatory and more stringent internal standards, respectively.
• Credicorp maintains a diversified, liquid investment portfolio with investment portfolios Held to Maturity and Available for Sale accounting for 5% and 15% of Interest Earnings Assets, respectively.
• Advancing our Strategic Initiatives: Yape continues to drive financial inclusion and topped 8.8 million monthly active users (MAU) by quarter-end. Monthly income per MAU continues to increase and reached S/1.8 in 1Q23. We believe Yape is on track to reach cashflow breakeven in 2024
• On the ESG front, we recently added two new members to our Board and increased the participation of women to 1/3; maintained the independence of the majority of members; and added expertise in digital transformation and fintech innovation. We also defined our corporate environmental strategy and roadmap, which includes developing capabilities to measure our portfolio carbon footprint; promoting green financing; and fine-tuning management of environmental risks. Implementation will begin in 2Q23. More information can be found in our recently published 2022 Annual and Sustainability Report.
• On April 27, the Board of Directors declared a cash dividend of S/25.00 per share equivalent to a total payment of S/ 2,359,557,925 to be paid out on June 9th, 2023.

Please find attached the full Earnings Release 1Q23 and Consolidated Charts 1Q23.

About Credicorp 

Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Credito del Peru – BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth Management, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.

For further information please contact the IR team:

[email protected]

Investor Relations

Credicorp Ltd.

Attachments

• 1T23 Reporte Trimestral
• 1Q23 Earnings Release
• 1Q23 Consolidated Charts
• 1T23 Tablas Consolidadas
• Historical Consolidated Charts

Posted on May 5, 2023 10:53 pm

Mueller Water Products to Participate in the Oppenheimer 18th Annual Industrial Growth Conference

ATLANTA, May 05, 2023 (GLOBE NEWSWIRE) — Mueller Water Products, Inc. (NYSE: MWA) will virtually participate in the Oppenheimer 18^th Annual Industrial Growth Conference on Tuesday, May 9, 2023, starting at 1:30 p.m. Eastern Time.

About Mueller Water Products, Inc.

Mueller Water Products, Inc. is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. Our broad product and service portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe condition assessment, pressure management products, and software technology that provides critical water system data. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure^®. Visit us at www.muellerwaterproducts.com.

Mueller refers to one or more of Mueller Water Products, Inc. (MWP), a Delaware corporation, and its subsidiaries. MWP and each of its subsidiaries are legally separate and independent entities when providing products and services. MWP does not provide products or services to third parties. MWP and each of its subsidiaries are liable only for their own acts and omissions and not those of each other. Mueller brands include Mueller

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, Echologics

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, Hydro Gate

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, Hydro-Guard

^®

, HYMAX

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, i2O

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, Jones

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, Krausz

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, Mi.Net

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, Milliken

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, Pratt

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, Pratt Industrial

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, Sentryx™, Singer

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, and U.S. Pipe Valve & Hydrant. Please see muellerwp.com/brands to learn more.

Investor Relations Contact: Whit Kincaid
770-206-4116
[email protected]

Media Contact: Robin Keegan
770-206-4152
[email protected] 

Posted on May 5, 2023 8:04 pm

Fortune Brands to Proceed with Acquisition of Emtek and Schaub Premium Hardware Brands and the U.S. and Canadian Yale and August Residential Smart Lock Brands from ASSA ABLOY

Fortune Brands to Proceed with Acquisition of Emtek and Schaub Premium Hardware Brands and the U.S. and Canadian Yale and August Residential Smart Lock Brands from ASSA ABLOY

Highlights:

• Emtek and Schaub lead entry into new, highly synergistic premium and luxury hardware category

• Yale and August add scale and breadth to Fortune Brands’ complementary security and connected smart home portfolio in the U.S. and Canada

• Acquisition expected to be $0.02 to $0.04 accretive to 2023 EPS and generate $500 million to $550 million of sales and $0.45 to $0.55 of EPS in the third full year following the acquisition

• Fortune Brands’ transaction expected to close on or before June 30, 2023

DEERFIELD, Ill.–(BUSINESS WIRE)–
Fortune Brands Innovations, Inc. (NYSE: FBIN or “Fortune Brands” or the “Company”), an industry-leading home, security and commercial building products company, today announced that it will proceed with the acquisition of the Emtek and Schaub premium and luxury door and cabinet hardware business, and the U.S. and Canadian Yale and August residential smart home locks business (collectively the “Business”) from ASSA ABLOY, Inc. (a subsidiary of ASSA ABLOY AB) (collectively, the “Acquisition”).

The Acquisition agreement, which was first announced on December 1, 2022, was conditioned on the successful resolution of litigation among the Department of Justice, ASSA ABLOY, Inc. and Spectrum Brands, Inc. Today, the Department of Justice, ASSA ABLOY, Spectrum Brands and Fortune Brands resolved the lawsuit, which awaits final statutorily required approval from the Court overseeing the matter, which is expected to be received in short order. With the lawsuit settled, this allows Fortune Brands to proceed with the Acquisition.

“I am excited for Fortune Brands to proceed with the acquisition of the Emtek, Schaub, Yale and August brands. Our company is a great home for these world-class brands; we see many opportunities to build them within our portfolio,” said Fortune Brands Chief Executive Officer Nicholas Fink. “Together with our existing iconic brands, loyal channel relationships, and supply chain expertise, we believe this acquisition will result in enhanced, innovative products for consumers and customers. This meaningful transaction is consistent with Fortune Brands’ disciplined approach to value-creating acquisitions and our larger growth strategy.”

The Business is comprised of leading brands in the fast-growing residential smart lock and the highly profitable and growing premium and luxury hardware categories.

Yale and August will add scale and breadth to Fortune Brands’ complementary security and connected smart home portfolio in the U.S. and Canada, helping the Company to grow in the highly attractive connected products space. Yale and August will also bring strong innovation, digital capabilities and significant engineering expertise to Fortune Brands, augmenting its already powerful connected security portfolio.

Emtek and Schaub are leading luxury hardware brands with established and powerful distribution networks with leading channel partners and will be a highly synergistic complement to the House of Rohl suite of brands, allowing the Company to expand into adjacent product areas. Fortune Brands believes it can accelerate innovation and design and leverage its channel and consumer insights to create significant value over time.

Full-year 2022 revenues for the Business were approximately $400 million. The Acquisition purchase price is $800 million, or approximately $700 million net of tax benefits, on a cash-free, debt-free basis, subject to customary adjustments. Fortune Brands expects to receive tax benefits over a 15-year period with a net present value of approximately $100 million, and the net purchase price of $700 million equates to approximately 7.8x 2022 adjusted EBITDA for the Business before synergies. For the remainder of 2023, the Acquisition is expected to generate net sales of $190 million to $210 million and earnings per share of $0.02 to $0.04, inclusive of approximately $0.08 unfavorable EPS impact from purchase price amortization. As the Company executes upon identified synergies, it expects to generate net sales of $500 million to $550 million and EPS accretion of $0.45 to $0.55 in the third full year following the Acquisition.

Fortune Brands’ closing of the Acquisition is conditioned on the successful closing of the Hardware and Home Improvement business transaction between Spectrum Brands and ASSA ABLOY. Fortune Brands anticipates its transaction will close on or before June 30, 2023.

Fortune Brands will retain the Business’ associates and locations as it further assesses how best to fully integrate them into Fortune Brands’ organization. The Company expects to include financial performance for Yale and August as part of Fortune Brands’ Security reporting segment, and to include Emtek and Schaub financial results as part of the Company’s Water Innovations reporting segment.

Fortune Brands plans to host a conference call prior to the close of the transaction to provide stakeholders with additional information.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc. (NYSE: FBIN), headquartered in Deerfield, Ill., is a brand, innovation and channel leader focused on exciting, supercharged categories in the home products, security and commercial building markets. The Company’s growing portfolio of brands includes Moen, House of Rohl, Aqualisa, Therma-Tru, Larson, Fiberon, Master Lock and SentrySafe. To learn more about FBIN, its brands and environmental, social and governance (ESG) commitments, visit www.FBIN.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” made within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Statements preceded by, followed by or that otherwise include the words “believes,” “positioned,” “expects,” “estimates,” “plans,” “look to,” “outlook,” “intend,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations of our management. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements, including but not limited to: unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all); legal proceedings, judgments or settlements, including those that may be instituted against the seller, its board of directors, executive officers and others following the announcement of the proposed transaction; disruptions of our or the Business’s current plans, operations and relationships with customers, suppliers, distributors, business partners and regulators caused by the announcement and pendency of the proposed transaction; potential difficulties in employee retention due to the announcement and pendency of the proposed transaction; the possibility that the proposed transaction does not close, including, but not limited to, failure to satisfy the closing conditions; general business and economic conditions; our reliance on the North American repair and remodel and new home construction activity levels; our reliance on key customers and suppliers; our ability to maintain our strong brands and to develop innovative products while maintaining our competitive positions; our ability to improve organizational productivity and global supply chain efficiency; our ability to obtain raw materials and finished goods in a timely and cost-effective manner; the impact of sustained inflation, including global commodity and energy availability and price volatility; the impact of trade-related tariffs and risks with uncertain trade environments or changes in government and industry regulatory standards; our ability to attract and retain qualified personnel and other labor constraints; the uncertainties relating to the impact of COVID-19 on the Company’s business and results; our ability to achieve the anticipated benefits of our strategic initiatives; our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire; and the other factors discussed in our securities filings, including in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission. The forward-looking statements included in this release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005484/en/

INVESTOR AND MEDIA CONTACT:

Leigh Avsec

847-484-4211

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Residential Building & Real Estate Other Retail Commercial Building & Real Estate Manufacturing Construction & Property Building Systems Other Manufacturing Retail Home Goods Other Construction & Property Chemicals/Plastics

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Spectrum Brands and the DOJ Reach a Settlement Regarding the HHI Acquisition

MIDDLETON, Wis.–(BUSINESS WIRE)–
Spectrum Brands Holdings, Inc. (NYSE: SPB, “Spectrum Brands” or the “Company”), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today announced that it has agreed to a stipulation with the U.S. Department of Justice (the “DOJ”) to settle the DOJ’s challenge of ASSA ABLOY’s acquisition of the Company’s Hardware and Home Improvement segment (“HHI”).

As previously announced, on September 8, 2021, Spectrum Brands announced an agreement to sell HHI to ASSA ABLOY for $4.3 billion in cash, subject to customary adjustments. On September 15, 2022, the DOJ filed a lawsuit to block the closing of the HHI sale. On December 2, 2022, ASSA ABLOY announced an agreement to sell its Emtek and the Smart Residential Business in the U.S. and Canada to Fortune Brands, a strong and experienced player in the home hardware and security markets.

David Maura, the Company’s Chief Executive Officer, said, “We are very pleased to have reached agreement with the DOJ, which is a critical milestone toward putting HHI in the hands of ASSA ABLOY, who we believe will enhance HHI’s ability to bring consumers better innovation and product choice.”

The closing of the transaction is subject to satisfaction of customary closing conditions. Approval of the Mexican competition authority is the only outstanding regulatory approval. The Company continues to expect to close this transaction on or prior to June 30, 2023.

About Spectrum Brands

Spectrum Brands Holdings is a home-essentials company with a mission to make living better at home. We focus on delivering innovative products and solutions to consumers for use in and around the home through our trusted brands. We are a leading supplier of specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, shaving and grooming products, personal care products, and small household appliances. Helping to meet the needs of consumers worldwide, Spectrum Brands offers a broad portfolio of market-leading, well-known and widely trusted brands including Tetra®, DreamBone®, SmartBones®, Nature’s Miracle®, 8-in-1®, FURminator®, Healthy-Hide®, Good Boy®, Meowee!®, OmegaOne®, Spectracide®, Cutter®, Repel®, Hot Shot®, Rejuvenate®, Black Flag®, Liquid Fence®, Remington®, George Foreman®, Russell Hobbs®, Black+Decker®, PowerXL®, Emeril Lagasse®, and Copper Chef®. For more information, please visit www.spectrumbrands.com. Spectrum Brands – A Home Essentials Company™.

Forward Looking Statements

Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these statements by using words like “future,” “anticipate”, “intend,” “plan,” “estimate,” “believe,” “expect,” “project,” “forecast,” “could,” “would,” “should,” “will,” “may,” and similar expressions of future intent or the negative of such terms. These statements are based upon our current expectations of future events and projections and are subject to a number of risks and uncertainties, many of which are beyond our control and some of which may change rapidly, actual results or outcomes may differ materially from those expressed or implied herein, and you should not place undue reliance on these statements. Important factors and uncertainties that could cause our actual results to differ materially from those expressed or implied herein include, without limitation: (1) the risk that the court fails to enter of the agreed stipulation, (2) the risk that ASSA ABLOY and Fortune fail to satisfy the conditions to closing of the divestiture transaction and / or otherwise fail to consummate the divestiture transaction, (3) the ability to consummate the announced transaction on the expected terms and within the anticipated time period, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions and our ability to realize the benefits of the transaction, including reducing the leverage of the Company, invest in the organic growth of the Company, fund any future acquisitions, returning capital to shareholders, and/or maintain its quarterly dividends; (4) the risk that regulatory approvals that are required to complete the proposed transaction may not be received, may take longer than expected or may impose adverse conditions; (5) our ability to realize the expected benefits of such transaction and to successfully separate the divested business; and (6) the other risk factors set forth in the securities filings of Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC, including our fiscal 2022 Annual Report and subsequent Quarterly Reports on Form 10-Q.

Some of the above-mentioned factors are described in further detail in the sections entitled “Risk Factors” in our annual and quarterly reports, as applicable. You should assume the information appearing in this press release is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including he securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005508/en/

Faisal Qadir

608-278-6207

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Residential Building & Real Estate Consumer Electronics Technology Construction & Property Landscape Interior Design Specialty Pets Retail Home Goods Consumer

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Primoris Services Corporation Announces Results of Annual Stockholders Meeting

DALLAS–(BUSINESS WIRE)–Primoris Services Corporation (NYSE: PRIM) (“Primoris” or “the Company”) today announced the results of the Company’s Annual Meeting of Stockholders held virtually via webcast on May 3, 2023.

At the meeting, stockholders approved the election of nine directors. The directors are: David L. King, Chairman, Primoris; Michael E. Ching, Global Head of Investment Research, Evalueserve; Stephen C. Cook, President and Principal Stockholder, Fieldstone Partners; Carla S. Mashinski, former Chief Financial Officer, Cameron LNG; Terry D. McCallister, former Chairman and Chief Executive Officer, WGL Holdings, Inc. and Washington Gas; Thomas E. McCormick, President and Chief Executive Officer of Primoris; Jose R. Rodriguez, former senior audit partner at KPMG LLP; John P. Schauerman, former Executive Vice President of Corporate Development, Primoris; and Patricia K. Wagner, former Group President of U.S. Utilities for Sempra Energy.

Proposal 2: Advisory, Non-Binding Vote Approving the Company’s Named Executive Officer Compensation was approved.

Proposal 3: Advisory, Non-Binding Vote Approving the Frequency of Advisory Votes on Named Executive Officer Compensation was approved.

The stockholders also approved the ratification of the selection of Moss Adams LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023.

Primoris Services Corporation’s 2023 Equity Incentive Plan was also approved by stockholders and is in effect as of May 4, 2023.

David L. King, Chairman of the Board, said, “I want to thank our shareholders for their commitment and partnership. We appreciate the trust you have placed in our Board and leadership team to successfully execute and create long-term shareholder value.”

About Primoris

Primoris Services Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005507/en/

Blake Holcomb

Vice President, Investor Relations

214-545-6773

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Engineering Utilities Other Construction & Property Manufacturing Energy Construction & Property Urban Planning

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CORRECTING and REPLACING ServiceNow and Hugging Face release StarCoder, one of the world’s most responsibly developed and strongest-performing open-access large language model for code generation

The open-access, open-science, open-governance 15 billion parameter StarCoder LLM makes generative AI more transparent and accessible to enable responsible innovation at scale

SANTA CLARA, Calif.–(BUSINESS WIRE)–
The seventh paragraph has been removed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230504005419/en/

The updated release reads:

SERVICENOW AND HUGGING FACE RELEASE STARCODER, ONE OF THE WORLD’S MOST RESPONSIBLY DEVELOPED AND STRONGEST-PERFORMING OPEN-ACCESS LARGE LANGUAGE MODEL FOR CODE GENERATION

The open-access, open-science, open-governance 15 billion parameter StarCoder LLM makes generative AI more transparent and accessible to enable responsible innovation at scale

ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced the release of one of the world’s most responsibly developed and strongest-performing open-access large language model (LLM) for code generation. Led by ServiceNow Research and Hugging Face, the open-access, open-science, and open-governance 15 billion parameter StarCoder LLM makes generative AI more transparent and accessible to enable responsible innovation at scale.

The StarCoder model is designed to level the playing field so developers from organizations of all sizes can harness the power of generative AI and maximize the business impact of automation with the proper governance, safety, and compliance protocols. This new LLM marks the next major milestone in the BigCode Project, an ambitious initiative to develop state-of-the-art AI systems for code in an open and responsible manner with the support of the open-scientific AI research community.

“ServiceNow’s collaboration with Hugging Face expands our longstanding commitment to AI excellence,” said Harm de Vries, lead of the Large Language Model Lab at ServiceNow Research and co-lead of BigCode. “New, responsible AI practices to train and share large language models are vital to ensuring the right protocols, safeguards, and permissive licenses are in place for our customers, and StarCoder is making this possible.”

“The joint efforts led by Hugging Face and ServiceNow enable the release of powerful base models that empower the community to build a wide range of applications more efficiently than a single company could come up with,” said Leandro von Werra, machine learning engineer at Hugging Face and co-lead of BigCode. “This endeavor is a testament to the potential of open-source as we work toward democratizing AI.”

Trained with a trillion tokens of permissively licensed source code covering over 80 programming languages from BigCode’s The Stack v1.2 dataset, StarCoder can be deployed to bring pair-programing like generative AI to applications with capabilities like text-to-code and text-to-workflow. With this, StarCoder gives professional software engineers the power to tackle the most complex programming challenges and empowers citizen developers to build new software regardless of technical ability—accelerating AI innovation at scale. The model will be released with open-access on the Code Open RAIL-M license to permit royalty-free distribution. Unlike traditional open-source software released without use case restrictions, BigCode releases the model with a responsible AI model license that includes use case restrictions that apply to modifications of the model, and applications using the model – for example, to restrict the models from being used to generate or distribute malicious code to harm electronic systems. Supporting code has been open sourced on the BigCode project’s GitHub.

ServiceNow Research and Hugging Face, which works on some of the world’s largest AI and LLM initiatives, launched the joint BigCode Project in September 2022. The project continues to operate as an open scientific collaboration, as the two companies harness the collective brainpower and resources from the open-source community through BigCode working groups, task forces, and meetups.

Beyond key partnerships and collaborations, ServiceNow is continuously embedding enterprise AI capabilities across the Now Platform to fulfill its mission of being the world’s most intelligent platform for end-to-end digital transformation. In the last three years alone, ServiceNow has expanded its portfolio with several notable AI acquisitions, including Attivio, Element AI, and Hitch Works, bringing practical, purpose‑built AI capabilities to the Now Platform. Most recently, ServiceNow introduced new AI-based tools within the Now Platform Utah release to help organizations maximize efficiency, accelerate ROI, and create more simplified, connected experiences.

For more information on StarCoder, please visit https://huggingface.co/bigcode.

About ServiceNow

ServiceNow (NYSE: NOW) makes the world work better for everyone. Our cloud-based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNow^TM. For more information, visit: www.servicenow.com.

About Hugging Face

Hugging Face is the leading open-source and community-driven AI platform, providing tools that enable users to build, explore, deploy and train machine learning models and datasets. For more information, visit: huggingface.co.

© 2023 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005419/en/

Jacqueline Velasco

(408) 561-1937

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Networks Internet Technology Telecommunications Artificial Intelligence

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15 billion parameter StarCoder LLM makes generative AI more transparent and accessible to enable responsible innovation at scale (Graphic: Business Wire)