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Idemitsu invests in European Open Innovation Venture Capital Fund from Emerald

Idemitsu invests in European Open Innovation Venture Capital Fund from Emerald

 

TOKYO–(BUSINESS WIRE)–Idemitsu Kosan Co.,Ltd. (Headquarters: Tokyo, Japan), has decided to invest in an open innovation evergreen fund, managed by Emerald Technology Ventures, a Swiss clean technology-focused venture capital organization (Headquarters: Zurich, Switzerland). In addition, Idemitsu has decided to establish a new open innovation promotion base in Switzerland. For new business creation, Idemitsu strengthens its efforts to accelerate innovations with start-up companies, not only in Japan, but around the world.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201115005016/en/

The Emerald fund portfolio focuses on industrial innovations in both material chemistry and clean technologies that can help resolve social issues with improvements to energy efficiencies and reductions in carbon dioxide levels. Idemitsu’s investment in this evergreen fund and the creation of a partnership with Emerald will realize new synergies that play on Emerald’s technological expertise and market insight, as well as Emerald’s access to start-up companies in North America, Europe and Israel, together with Idemitsu’s existing technologies and cultivated business networks. Those synergies will in turn lead to the creation of a resilient business portfolio that can flexibly and tenaciously respond to changes in business conditions by incorporating technological innovations from start-up companies.

To further accelerate global open innovations, Idemitsu also plans to establish a European open innovation promotion base in the Swiss canton of Basel-Stadt.

“To resolve the priority themes in our Medium-term Management Plan*, we not only pursue maximal synergies with technologies that are related to those our corporate group has already developed, but will also stress the promotion of open innovations that build on external technologies and ideas,” said Hajime Nakamoto, Managing Executive Officer in Innovation Strategy Planning, Electronic Materials Business, Agri-Bio Business, Lithium Battery Material, Intellectual Property, and Research at Idemitsu. “This investment and the establishment of overseas bases are momentous steps forward for us. Though implementation of open innovation is a long-term objective, we, especially our young employees, drive ourselves forward to laying the foundations early.”

Idemitsu is taking on the challenge of creating new values through the promotion of global open innovation.

Notes:

* Idemitsu’s Medium-term Management Plan (FY2020-2022)

https://sustainability.idemitsu.com/en/themes/259

[Overview of Idemitsu Kosan Co.,Ltd.]

Company Name

Idemitsu Kosan Co.,Ltd.

Business Description

Sustainable supply of various forms of energy and materials

Website

www.idemitsu.com/index.html

[Overview of Emerald Technology Ventures]

Company Name

Emerald Technology Ventures

Business Description

Open Innovation Venture Capital

Website

www.emerald-ventures.com

 

Public Relations Section, Idemitsu Kosan Co., Ltd.

https://www.idemitsu.com/contact/flow/index.html

Yuuka Sakata (Ms.)

[email protected]

KEYWORDS: Australia Australia/Oceania Japan United States Switzerland North America Asia Pacific Israel Europe Middle East India Canada

INDUSTRY KEYWORDS: Professional Services Other Energy Small Business Oil/Gas Energy Finance

MEDIA:

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Tatsuo Tanaka to Retire as Citi Japan Chairman, Vice Chairman Fumiaki Kurahara Appointed as Next Chairman

Tatsuo Tanaka to Retire as Citi Japan Chairman, Vice Chairman Fumiaki Kurahara Appointed as Next Chairman

 

TOKYO–(BUSINESS WIRE)–
Citi announced that Citi Japan Chairman Tatsuo Tanaka will retire on December 31, 2020 and has appointed Fumiaki Kurahara, current Vice Chairman to succeed as Chairman on January 1, 2021. Tanaka will retire from his role as Director, Chairman of Citigroup Japan Holdings Corp.(CJH), Citigroup Global Markets Japan Inc. (CGMJ), and Citibank N.A. Tokyo Branch (CBNA Tokyo). He will continue to stay on as a Senior Advisor to Citi Japan.

Chairman Tanaka has spent 47 years in the industry and eight years of dedicated service to Citi. Chairman Tanaka joined Citi as a Director, Chairman CJH in 2012. He was also appointed as a Director (non-executive) of CGMJ in the same year and a Director, Chairman (non-executive) of Citibank Japan Ltd. in 2015. Since 2017, he has been a Director, Chairman of CGMJ and CBNA Tokyo. Chairman Tanaka oversaw the CGMJ Board and helped strengthen our control and governance capability. Prior to joining Citi, Chairman Tanaka was Deputy President of Bank of Tokyo-Mitsubishi UFJ, Representative Director and Deputy President of Mitsubishi UFJ Financial Group and also served as Chairman of the Board of Union Bank N.A.

Vice Chairman Kurahara joined Citi Japan last October from Sumitomo Mitsui Financial Group (SMFG) where he was the President and CEO of SMBC Trust Bank Ltd. Prior to that, he was the Deputy President and Board Member of Sumitomo Mitsui Banking Corporation (SMBC). In SMFG, he has worked internationally and was responsible for the Wholesale Banking Unit and Structured Finance Unit.

Lee Waite, Citi Country Officer for Japan commented, “Throughout his tenure with us, Chairman Tanaka has always acted in the best interest of Citi and shown to be a true leader and asset to our franchise. His business wisdom and management insights have been critical in building and establishing our business model and enhancing our relationship with our clients. He also played an instrumental role in our relationship with the regulators in respect to our governance structure and has always been great counsel for the senior management at Citi Japan. I am grateful for Chairman Tanaka’s many contributions to Citi and wishing him all the best as we continue to work with him in his new advisory capacity.”

“As Vice Chairman for the year, Kurahara has already contributed to Citi Japan based on his senior client network and experience over a 36-year banking career. I have enjoyed working with Vice Chairman Kurahara, whose deep understanding of the financial business has served us well, and I am looking forward to working together with him in his new responsibilities as the Chairman of Citi Japan.”

About Citi:

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.jp | www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Corporate Affairs

Citi Japan

03-6776-5112

KEYWORDS: Japan Asia Pacific

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Burning Rock Announces In-Licensing of Myriad myChoice® Tumor Testing in China

GUANGZHOU, China, Nov. 15, 2020 (GLOBE NEWSWIRE) — Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”) today announced that it entered into a development and commercialization agreement with Myriad Genetics, Inc. (NASDAQ: MYGN, “Myriad”) which will bring myChoice® tumor testing for homologous recombination deficiency, or HRD, to China.

The Myriad myChoice CDx test enables physicians to identify patients with tumors that have lost the ability to repair double-stranded DNA breaks, resulting in potentially increased susceptibility to DNA-damaging drugs such as platinum drugs or PARP inhibitors. In May 2020, the U.S. Food and Drug Administration (FDA) approved myChoice CDx for use as a companion diagnostic to identify patients with advanced ovarian cancer with HRD-positive status, who are eligible or may become eligible, for first-line maintenance treatment with Lynparza (olaparib) in combination with bevacizumab. In August 2020, myChoice was exclusively cited and the only named commercial companion diagnostic by the American Society of Clinical Oncology in new recommendations on the use of PARP inhibitors for the treatment and management of certain patients with advanced ovarian cancer. The new recommendations, based on clinical trial results, were published in the Journal of Clinical Oncology.

Through the partnership with Myriad, Burning Rock will perform myChoice HRD testing in China for collaborative drug development studies and for clinics.

“The myChoice test is highly synergistic with Burning Rock’s existing testing platforms. With the growing significance demonstrated on PARP inhibitors in a range of cancer types, HRD has become an important yet challenging characteristic to identify for patients with cancer, while myChoice has been regarded as the ‘gold-standard’ for determining HRD status. We are excited to bring in this best-in-class HRD test for the benefit of Chinese patients, leveraging Burning Rock’s strengths in oncology NGS testing and commercial access in China,” said Yusheng Han, CEO of Burning Rock.

“Through close collaboration with Burning Rock in China, we are bringing the clinical benefits of myChoice testing to additional markets and patients, advancing personalized treatment for patients around the world,” said Nicole Lambert, president of Myriad Genetic Laboratories.

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, with the leading market share in China and over 185,000 tissue and liquid-based tests completed cumulatively, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.

For more information about Burning Rock, please visit: ir.brbiotech.com.

About Myriad myChoice

Myriad myChoice is the most comprehensive homologous recombination deficiency (HRD) test, enabling physicians to identify patients with tumors that have lost the ability to repair double-stranded DNA breaks, resulting in increased susceptibility to DNA-damaging drugs such as platinum drugs or PARP inhibitors. The myChoice test comprises tumor sequencing of the BRCA1 and BRCA2 genes and a composite of three proprietary technologies (loss of heterozygosity, telomeric allelic imbalance and large-scale state transitions). For more information, visit: https://myriad-oncology.com/mychoice-cdx/

About Myriad Genetics

Myriad Genetics Inc., is a leading precision medicine company dedicated to being a trusted advisor transforming patient lives worldwide with pioneering molecular diagnostics. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across six major medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. Myriad is focused on three strategic imperatives: transitioning and expanding its hereditary cancer testing markets, diversifying its product portfolio through the introduction of new products and increasing the revenue contribution from international markets. For more information on how Myriad is making a difference, please visit the Company’s website: www.myriad.com.

Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. All information provided in this press release is as of the date of this press release, and Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. 



Contact: [email protected]

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BioAegis Therapeutics Expands Phase 2 COVID-19 Treatment Clinical Trial in EU for Inflammation Regulator


No drug-related safety signals identified by the independent Data and Safety Monitoring Board.

MORRISTOWN, N.J., Nov. 15, 2020 (GLOBE NEWSWIRE) — BioAegis Therapeutics Inc., a clinical stage, private company developing therapies for infectious, inflammatory and degenerative diseases through a portfolio built around gelsolin technology, announced that it has expanded its clinical trial in severe COVID-19 to additional sites in Europe. The study has recruited more than one third of the expected enrollment and the independent Data Safety Monitoring Board (DSMB) has recently recommended continuation of recruitment based on a review of the safety data.

BioAegis’ Phase 2 clinical trial of recombinant human plasma gelsolin (rhu-pGSN) for the treatment of severe COVID-19 was initiated in August in Spain where COVID-19 cases were spiking. The study assesses rhu-pGSN, and its ability to regulate the overactive inflammatory response often responsible for causing lung damage and death in COVID-19 patients. Rhu-pGSN does not compromise the immune response as compared to other immune suppressive anti-inflammatory agents (e.g. dexamethasone). Low levels of this human plasma protein are associated with severe illness, organ failure and mortality in COVID-19 patients. 

Expanding the
Clinical
Footprint
within Spain and
i
nto Romania

In addition to Hospital Universitari Saint Joan de Reus in Tarragona Spain, BioAegis is expanding its clinical trial footprint by adding a second Spanish site, Hospital Universitari de Tarragona Joan XXIII. BioAegis has already begun recruiting patients at the new site.

The company also received approval from the Romania National Agency for Medicines and Medical Devices (NMMD) to extend the trial into Romania. Recruitment for this third site has begun.

The randomized, double-blind, placebo-controlled, proof-of-concept trial of rhu-pGSN is added to standard of care of patients with severe pneumonia due to COVID-19. The study will assess the efficacy (survival without organ failure on Day 14 without mechanical ventilation, vasopressors or dialysis) of three doses of rhu-pGSN administered intravenously to hospitalized subjects with a primary diagnosis of COVID-19 pneumonia and a severity score of 4, 5 or 6 on the World Health Organization (WHO) 9-point severity scale. It will also measure the safety and tolerability of treatment along with secondary outcomes.

According to Susan Levinson, PhD, CEO of BioAegis, “The independent Data Safety Monitoring Board has reviewed data from the initial patients and recommends that we continue the study as planned. With enrollment numbers growing, we look forward to further data including clinically meaningful endpoints in these severely ill COVID-19 patients once the study is completed.”

Details of the study can be found at: https://clinicaltrials.gov/ct2/show/NCT04358406

Gelsolin is a Key Component of the Body’s Immune System

Gelsolin is a human protein that is abundant in healthy individuals. It is a ‘master regulator of inflammation’. In the case of severe injury or infection, the body’s supply of gelsolin becomes depleted, which can lead to an overexuberant inflammatory response, organ damage and death, as seen in COVID-19. With the ability to replete gelsolin depleted by disease with rhu-pGSN, BioAegis is in a unique position to deliver therapeutics that have the potential to disrupt the course of the cytokine storm created by COVID-19.

Supplementing depleted systemic levels of gelsolin has enormous potential to prevent debilitating and potentially lethal ravages of inflammation, without compromising its essential function to fight infection and promote repair. Its unique qualities are:

  • Host-based, not pathogen specific. Recent findings demonstrate gelsolin’s ability to treat both viral and bacterial infections, even those resistant to antibiotics.
  • Naturally occurring human protein. Gelsolin is part of our innate immune system and our body’s first line of defense against pathogens.
  • Controls excess inflammation without suppressing the immune response to threats. Unlike current anti-inflammatory treatments and steroids rhu-pGSN is non-immunosuppressive.

About
BioAegis

BioAegis Therapeutics Inc. is a NJ-based clinical stage, private company whose mission is to capitalize on a key component of the body’s innate immune system, gelsolin, to prevent adverse outcomes in diseases driven by inflammation and infection.

BioAegis has the exclusive license to broad, worldwide intellectual property through Harvard-Brigham and Women’s Hospital. It holds over 40 patents issued for coverage of infection, inflammatory disease, renal failure, multiple sclerosis and other neurologic diseases. BioAegis has US biologics exclusivity and has recently filed new IP.

Investor Inquiries:

Steven Cordovano
203-952-6373
[email protected]

Media Inquiries:

Christine Lagana
[email protected]

This press release contains express or implied forward-looking statements, which are based on current expectations of management. These statements relate to, among other things, our expectations regarding management’s plans, objectives, and strategies. These
statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. BioAegis assumes no obligation to update any forward-looking statements appearing in this press release in the event of changing circumstances or otherwise, and such statements are current only as of the date they are made.

 



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Innovent Announces the Results of the Phase I Clinical Trial of IBI302, a First-in-class Ophthalmic Recombinant Human Anti-VEGF and Anti-Complement Bi-specific Fusion Protein for Neovascular Age-Related Macular Degeneration at 2020 American Academy of Ophthalmology

PR Newswire

SAN FRANCISCO and SUZHOU, China, Nov. 15, 2020 /PRNewswire/ — Innovent Biologics, Inc. (“Innovent”) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, metabolic, autoimmune and other major diseases, announces that the results of the Phase I clinical trial of IBI302, a first-in-class ophthalmic recombinant human anti-VEGF and anti-complement bi-specific fusion protein for neovascular age-related macular degeneration (nAMD) is released in e-poster at 2020 American Academy of Ophthalmology.

The Phase I study of IBI302 is an open-label, multi-center, dose-escalation clinical trial to evaluate the safety and tolerability of a single intravitreal injection of IBI302 in patients with nAMD. A total of 31 subjects were enrolled in the completed Phase I clinical study. All subjects received a single intravitreal injection of IBI302. No serious adverse event or dose limiting toxicity was reported. The study demonstrated good safety and tolerability of IBI302. One week after administration, improved vision and reduction of retinal edema were observed. By 28 days after administration, all 31 patients’ best corrected visual acuity increased by 6 letters on average compared to baseline; the average central retinal thickness decreased by 141.2 microns compared to baseline, and the efficacy of some patients lasted until 6 weeks after administration.

“Intravitreal injection of anti-VEGF drugs have become the first-line treatment for neovascular fundus diseases. Although they have a good therapeutic effect on nAMD in the short-term, a single anti-VEGF treatment regime requires frequent or even lifelong intraocular injections, and there are some patients with poor response or declining effect. Therefore, there are still huge unmet clinical needs in AMD treatment. The IBI302 Phase I research has shown good safety and tolerability with promising effect. I believe and also look forward to the following research of IBI302 will show more positive results,” said the principal investigator Professor Xiaodong Sun from General Hospital affiliated to Shanghai Jiao Tong University.

“IBI302 is an innovative drug independently developed by Innovent for the treatment of fundus diseases. It is globally the first anti-VEGF/anti-complement bispecific molecule and has been supported by the major new drug project of the Ministry of Science and Technology as a Class 1 new drug.  IBI302 was designed to provide more targeted treatment and interventions to the cause of AMD by adding additional targets, and to bring more clinical benefits compared to anti-VEGF antibody. The results presented by the current Phase I clinical trial have brought us greater confidence in the next phase of IBI302 research and development. I hope that Innovent can benefit the majority of patients with fundus diseases and their families through more innovative targets and molecules,” said Dr. Lei Qian, Senior Medical Director of Department for Medical Science and Strategies of Special Disease of Innovent.


About AMD

AMD involves macula and causes progressive central visual impairment. As one of the major blinding eye diseases among adults over 50, the incidence of AMD increases with age. In the developed countries or regions, the prevalence of people over 80 years-old can reach more than 30%. It can be divided into dry AMD and nAMD according to clinical manifestations and pathological types. About 80%-90% are dry AMD; and in patients with severe central vision impairment, nAMD accounts for about 90%.


About IBI302

Anti-VEGF therapy is currently the standard treatment for nAMD, but there are still some patients who do not respond well to long-term anti-VEGF therapy and even develop geographic atrophy and fibrosis. IBI302 is a bispecific anti-VEGF and anti-complement recombinant fully human fusion protein developed by Innovent. The N-terminus can bind to the VEGF family, block VEGF-mediated signaling pathway, inhibit vascular epithelium proliferation and angiogenesis, and reduce vasopermeability and leakage. The chronic inflammatory response related to complement activation is the key mechanism in the early stage of AMD. The C-terminus of IBI302 can inhibit the activation of the classic pathway and alternative pathway of complement through the specific binding of C3b and C4b, and reduce the inflammatory response mediated by the complement, so as to achieve the purpose of treating and controlling AMD.

The Phase I study of IBI302 is an open-label, multi-center, dose-escalation clinical trial to evaluate the safety and tolerability of a single intravitreal injection of IBI302 in nAMD patients. The enrolled patients with nAMD received intravitreal injection of different concentrations of IBI302. The study enrolled 31 patients.


About Innovent

Inspired by the spirit of “Start with Integrity, Succeed through Action,” Innovent’s mission is to develop and commercialize high quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to developing, manufacturing and commercializing high quality innovative medicines for the treatment of cancer, metabolic, autoimmune and other major diseases. On October 31, 2018, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 01801.HK.

Since its inception, Innovent has developed a fully-integrated multi-functional platform which includes R&D, CMC (Chemistry, Manufacturing, and Controls), clinical development and commercialization capabilities. Leveraging the platform, the company has built a robust pipeline of 23 valuable assets in the fields of cancer, metabolic, autoimmune diseases and other major therapeutic areas, with four products, TYVYT® (sintilimab injection), BYVASDA® (bevacizumab biosimilar injection), SULINNO® (adalimumab biosimilar injection), HALPRYZA® (rituximab biosimilar injection) officially approved for marketing in China, four assets in Phase 3 or pivotal clinical trials, and additional 15 molecules in clinical trials. TYVYT® is the only PD-1 inhibitor included in the NRDL.

Innovent has built an international team with expertise in cutting-edge biological drug development and commercialization. The company has also entered into strategic collaborations with Eli Lilly and Company, Roche, Adimab, Incyte, MD Anderson Cancer Center, Hanmi and other international partners. For more information, please visit: www.innoventbio.com.

Note:

TYVYT® (sintilimab injection) is not an approved product in the United States.

BYVASDA® (bevacizumab biosimilar injection) is not an approved product in the United States.

SULINNO® (adalimumab biosimilar injection) is not an approved product in the United States.

TYVYT® (sintilimab injection, Innovent)
BYVASDA® (bevacizumab biosimilar injection, Innovent)
SULINNO® (adalimumab biosimilar injection, Innovent)
HALPRYZA® (rituximab biosimilar injection, Innovent)

ALIMTA® and GEMZAR® are trademarks owned by or licensed to Eli Lilly and Company, its subsidiaries, or affiliates.

Cision View original content:http://www.prnewswire.com/news-releases/innovent-announces-the-results-of-the-phase-i-clinical-trial-of-ibi302-a-first-in-class-ophthalmic-recombinant-human-anti-vegf-and-anti-complement-bi-specific-fusion-protein-for-neovascular-age-related-macular-degeneration-at-202-301173208.html

SOURCE Innovent Biologics, Inc.

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Foundation Building Materials, Inc. Enters Into Definitive Agreement to Be Acquired by American Securities LLC

Foundation Building Materials, Inc. Enters Into Definitive Agreement to Be Acquired by American Securities LLC

FBM Shareholders to Receive $19.25 Per Share in Cash

SANTA ANA, Calif.–(BUSINESS WIRE)–
Foundation Building Materials, Inc. (“FBM” or the “Company”) (NYSE: FBM), one of the largest specialty building products distributors of wallboard, suspended ceiling systems, metal framing and complementary and other products in North America, today announced that it has entered into a definitive agreement under which an affiliate of American Securities LLC, a leading private equity firm, will acquire all outstanding shares of FBM for $19.25 per share in an all-cash transaction valued at approximately $1.37 billion, including outstanding debt.

An affiliate of Lone Star Funds (“Lone Star”), a global private equity firm, acquired FBM in 2015 and has maintained a majority ownership since the Company’s initial public offering in 2017. Upon completion of the transaction, FBM will become a privately held company.

The transaction, which was unanimously approved by the FBM Board of Directors, represents a premium of approximately 27% to the closing price of FBM common stock on November 13, 2020, the last trading day prior to the transaction announcement.

“We are pleased to announce this transaction with American Securities, delivering immediate cash value to our shareholders at a significant premium,” said Ruben Mendoza, President and CEO of FBM. “American Securities has a proven track record of investing in building products and distribution businesses, and shares our commitment to providing superior products and services to our customers. Having founded FBM nearly a decade ago, I am confident American Securities is the right partner for our company’s next phase, as we work to advance our strategic priorities and continue building long-term value for the Company. This transaction is truly a testament to the hard work and dedication of our more than 3,400 employees, and I’m excited to partner with the team at American Securities to further accelerate our success.”

“The FBM Board, led by the Special Committee and with the assistance of independent financial and legal advisors, conducted a thorough review of opportunities to enhance shareholder value, and unanimously concluded that entering into this agreement with American Securities represents the best way to maximize value,” said Chris Meyer, Chairman of the FBM Board. “This transaction with American Securities is a great outcome for FBM, and I thank Ruben and the rest of the management team for leading FBM to this critical point in the Company’s history. We look forward to FBM’s continued success with its new partner.”

“FBM’s strong national brand and reputation as the distributor of choice for leading building product suppliers make it a compelling investment for American Securities,” said Kevin Penn, a Managing Director of American Securities. “FBM has built meaningful relationships with its loyal customer base, and its focus on customer service underpins its leading market position. We look forward to working with the FBM team to build on the Company’s leadership and grow its global presence while further strengthening its relationships with its customers and partners.”

Approvals

Following execution of the merger agreement, FBM’s majority shareholder, which owns approximately 52% of the Company’s outstanding shares of common stock, approved the transaction by written consent. No further action by FBM’s shareholders is needed or will be solicited in connection with the merger.

The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions, including receipt of clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the Competition Act (Canada).

Advisors

RBC Capital Markets is serving as financial advisor to FBM, and Gibson, Dunn & Crutcher LLP and Davies Ward Phillips & Vineberg LLP are serving as legal counsel. Evercore is serving as financial advisor to the Special Committee of FBM’s Board, and Richards, Layton & Finger PA is serving as legal counsel. Weil, Gotshal & Manges LLP is serving as legal counsel to American Securities.

About Foundation Building Materials

Foundation Building Materials, Inc. is a specialty building products distributor of wallboard, suspended ceiling systems, metal framing, and complementary and other products throughout North America. Based in Santa Ana, California, the Company employs more than 3,400 employees and operates more than 170 branches across the United States and Canada. Learn more at www.fbmsales.com or follow us on LinkedIn, Twitter, Instagram or Facebook.

About American Securities

Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.

Cautionary Note Regarding Forward-Looking Statements

This communication contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the forward-looking statement. The Company has made these statements in reliance on the safe harbor created by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act). In some cases, forward-looking statements can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or the negative or similar expressions. All of the Company’s forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that the Company is expecting, including: the outbreak of the novel coronavirus COVID-19, or the COVID-19 pandemic; the length and severity of the COVID-19 pandemic and its impact on the global economy, the Company’s business, operations and financial results; the impact of cost-saving initiatives on the Company’s financial and liquidity position; federal, state and local government initiatives to mitigate the impact of the COVID-19 pandemic, including additional restrictions on business activities, “shelter-in-place” orders, guidelines and other restrictions; risks associated with transactions generally, such as the inability to obtain, or delays in obtaining, required regulatory approvals; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted following announcement of the transaction; failure to retain key management and employees of the Company; issues or delays in the successful integration of the Company’s operations with those of the acquirer, including incurring or experiencing unanticipated costs and/or delays or difficulties; failure or inability to implement growth strategies in a timely manner; unfavorable reaction to the transaction by customers, competitors, suppliers and employees; future levels of revenues being lower than expected and costs being higher than expected; conditions affecting the industry generally; local and global political and economic conditions; conditions in the securities market that are less favorable than expected; and other risks described in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Quarterly Reports on Form 10-Q.

The forward-looking statements contained in this communication are based on historical performance and management’s current plans, estimates and expectations in light of information currently available to the Company and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting the Company will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local political, economic, business, competitive, market, regulatory, public health and other factors, many of which are beyond the Company’s control, as well as the other factors described the Company’s filings with the SEC. Additional factors or events that could cause the Company’s actual results to differ may also emerge from time to time, and it is not possible for us to predict all of them. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove to be incorrect, the Company’s actual results may vary in material respects from what we may have expressed or implied by these forward-looking statements. You should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement made by the Company in this communication speaks only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws. The Company qualifies all of its forward-looking statements by these disclaimers.

Additional Information and Where to Find It

The Company will prepare an information statement on Schedule 14C for its stockholders with respect to the approval of the transaction described herein. When completed, the information statement will be mailed to the Company’s stockholders. You may obtain copies of all documents filed by the Company with the SEC regarding this transaction, free of charge, at the SEC’s website, www.sec.gov or from the Company’s website at https://investors.fbmsales.com/.

FBM Contact Information:

Investor Relations:

John Moten, IRC

Foundation Building Materials, Inc.

657-900-3200

[email protected]

Media Relations:

Joele Frank, Wilkinson Brimmer Katcher

Jed Repko or Ed Trissel

212-355-4449

American Securities Contact Information:

Amy Harsch

+1 (212) 476-8071

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Retail Other Retail Other Construction & Property Manufacturing Specialty Construction & Property Other Manufacturing

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Fingerprint Cards AB (publ) Unveils Curved Side-mounted Capacitive Sensor for Mobile Devices

Fingerprint Cards AB (publ) Unveils Curved Side-mounted Capacitive Sensor for Mobile Devices

Expands capacitive portfolio with uniquely curved sensor, enabling greater design flexibility while improving user experience.

GOTHENBURG, Sweden–(BUSINESS WIRE)–
Fingerprint Cards AB (Fingerprints™) today announces the launch of a new slim and curved capacitive touch sensor for biometric authentication. Following the success of the FPC1540 sensor, the uniquely curved FPC1542 sensor is set to enable innovation in the latest borderless smartphone designs.

As demand for side-mounted touch sensors grows, the curved sensor offers OEMs enhanced design flexibility while improving user experience with a seamlessly integrated sensor that can double as power button or volume control, or be used to operate the camera shutter and to scroll. The sensor can be coated in a range of colors to complement the aesthetics of the smartphone design.

FPC1542 expands Fingerprints’ portfolio of capacitive sensors, that are now integrated on the front, back and side of over 455 different mobile device models.

“As smartphone design continues to improve user experience, biometrics continues to act as an enabler for innovation and differentiation,” comments Ted Hansson, SVP Business Line Mobile at Fingerprints. “Being a leader in the capacitive sensor market, we have seen a growing demand for sensors that offer maximum design flexibility without compromising on security or functionality. With the launch of this new sensor, we bring something truly unique to mobile OEMs, taking enhanced user experience and optimized designs to the next level.”

Fingerprints will start volume shipments in Q4 and expects the first smartphone using FPC1542 to be launched in Q1 2021.

For more information about Fingerprints’ mobile device solutions, visit the website.

About Fingerprints

Fingerprint Cards AB (Fingerprints) – the world’s leading biometrics company, with its roots in Sweden. We believe in a secure and seamless universe, where you are the key to everything. Our solutions are found in hundreds of millions of devices and applications, and are used billions of times every day, providing safe and convenient identification and authentication with a human touch. For more information visit our website, read our blog, and follow us on Twitter. Fingerprints is listed on Nasdaq Stockholm (FING B).

For further information, please contact:

Ted Hansson, Senior VP Business Line Mobile

Investor Relations:

+46(0)10-172 00 10, [email protected]

Press:

+46(0)10-172 00 20, [email protected]

KEYWORDS: Sweden Europe

INDUSTRY KEYWORDS: Security Hardware Consumer Electronics Mobile/Wireless Technology

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KKR and Rakuten to Acquire Stakes in Seiyu from Walmart, Focus on Accelerating Digital Transformation of Japanese Retail: Seiyu Positioned to Become Japan’s Leading Omnichannel Retailer

KKR and Rakuten to Acquire Stakes in Seiyu from Walmart, Focus on Accelerating Digital Transformation of Japanese Retail: Seiyu Positioned to Become Japan’s Leading Omnichannel Retailer

  • KKR to purchase majority stake and new Rakuten subsidiary to acquire minority stake in Seiyu
  • Walmart to retain 15% stake and work with KKR and Rakuten to accelerate Seiyu’s digital transformation to become Japan’s leading omnichannel retailer
  • The complementary retail expertise KKR and Rakuten bring, including track records of driving growth in e-commerce and digital marketing platforms across the globe, will help Seiyu become the local, innovative, value retailer of choice
  • This transaction reflects Walmart’s commitment to building strong, local businesses by bringing together the right parties in the right structure to meet unique market needs

TOKYO & BENTONVILLE, Ark.–(BUSINESS WIRE)–
Walmart Inc. (“Walmart”), KKR & Co. Inc. (“KKR”) and Rakuten, Inc., (“Rakuten”) today announced the signing of definitive agreements under which KKR will purchase a majority stake and a new Rakuten subsidiary will purchase a minority stake in Seiyu GK (“Seiyu” or the “Company”) in a deal valuing the business at ¥172.5 billion (approx. $1.6 billion).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201115005157/en/

Under the terms of the agreements, KKR will acquire a 65% stake in Seiyu, and Rakuten will acquire a 20% stake, through a newly created subsidiary focused on retailer digital transformation. Walmart will retain a 15% stake in Seiyu. The new ownership structure enables Seiyu to take advantage of KKR, Rakuten and Walmart’s combined retail expertise and innovation as a standalone company and accelerate its digital transformation to further benefit both Seiyu’s customers and business partners.

KKR, Rakuten and Walmart are committed to supporting Seiyu’s growth and this unique ownership structure reflects a shared belief in Seiyu’s long-term strategy in Japan. Last year, Seiyu launched an ambitious strategy to accelerate growth through a more concerted focus on providing value, fresh produce and digital convenience to customers. The Company has already met or exceeded operational and financial goals across key areas, including market share, customer satisfaction, associate engagement and financial performance. Together, the three companies look to bring complementary strengths to build on Seiyu’s momentum and support its efforts to become Japan’s leading omnichannel retailer.

KKR and Rakuten’s investment in Seiyu is further intended to deliver a range of substantial benefits over time for the Company’s customer base, including:

  • Accelerated investment in digital channels to facilitate app-based shopping, payment and delivery services;
  • Introduction of new options for cashless payment;
  • Improved service experience across both online and offline channels; and
  • Enhanced product offering at everyday low prices to stay ahead of its customers’ shopping needs.

KKR will bring its deep expertise in the Japanese market to Seiyu, in addition to its decades-long track record of investing in the subsidiaries of large corporations and empowering them to unlock their potential as successful, independent companies. KKR will further leverage its sector and operational expertise to enhance Seiyu’s retail transformation efforts and will make available its network of advisors, portfolio companies and specialists to create value.

The new ownership structure builds on previously established collaborations between Rakuten and Walmart, including the popular Rakuten Seiyu Netsuper online grocery delivery service and Rakuten Group’s partnership with Walmart that includes ebook service support in the United States. Rakuten will further accelerate digital transformation of Seiyu and other Japanese retailers through its new subsidiary Rakuten DX Solution, leveraging its 100M+ membership base and technology.

Seiyu will continue to have access to Walmart’s global retail best practices, sourcing network and scale to maintain the price leadership and value it provides to customers.

Seiyu CEO Lionel Desclee will continue to lead the business through a transition period, after which he will take on a new role within Walmart. A new Board of Directors comprised of representatives from KKR, Rakuten and Walmart will be formed to focus decision making locally, and plans to appoint a new CEO following the close of the transaction.

Judith McKenna, President and CEO of Walmart International, commented, “This past year has been one of the most extraordinary in Seiyu’s rich 57-year history. Our associates have been exceptional, adapting brilliantly to serve customers at a time when they needed it most and outperforming against an ambitious transformation plan. We have been proud investors in this business over the past 18 years and we are excited about its future under the new ownership structure. Today’s announcement is important because its focus is on bringing together the right partners in the right structure to build the strongest possible local business. We look forward to supporting Seiyu’s growth and success, alongside KKR and Rakuten, as a minority investor.”

Hiro Hirano, Co-Head of Asia Pacific Private Equity and CEO of Japan at KKR, said, “KKR is pleased to invest in the success of Seiyu given the important role it plays in the lives of customers across the country. We are also excited by the prospect of working with Seiyu’s associates, who have dedicated themselves to supporting the business in spite of this year’s unprecedented challenges. We will focus on working closely with Seiyu’s management team and associates and leveraging the expertise of Rakuten and Walmart to enhance the customer experience, meet their ever-changing needs, and make shopping more accessible through digitalization. This investment is a true milestone for KKR in Japan and reinforces our commitment to the market as well as our continuing efforts to champion the long-term success of local businesses.”

Kazunori Takeda, Group Executive Vice President and President of Commerce Company, Rakuten, Inc., said, “By building on our successful partnership on Rakuten Seiyu Netsuper and our deep experience in online retail and data-based marketing, we look forward to accelerating digital transformation of Seiyu brick and mortar retail and further merging the best of offline and online retail to offer Seiyu customers the best possible OMO1 customer experience. The planned establishment of Rakuten DX Solution will also allow us to offer digital solutions optimized to transform retail at Seiyu and in new future partnerships with retailers across Japan.”

KKR is making its investment from its Asia private equity fund. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better — anytime and anywhere — in retail stores, online, and through their mobile devices. Each week, over 265 million customers and members visit approximately 11,400 stores under 55 banners in 26 countries and eCommerce websites. With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

About Seiyu:

Established in 1963, Seiyu is a nationwide supermarket chain in Japan with more than 300 retail units. Through its supermarket and hypermarket formats and Rakuten Seiyu Netsuper delivery service, Seiyu offers customers a broad assortment including fresh food, general merchandise, and apparel products across Japan from Hokkaido to Kyusyu. Offering EDLP to our customers, Seiyu contributes to making their everyday life more convenient as a leading, innovative, local value retailer powered by Walmart, its parent company.

About KKR:

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR Co.

About Rakuten:

Rakuten, Inc. (TSE: 4755) is a global leader in internet services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to approximately 1.4 billion members around the world. The Rakuten Group has over 20,000 employees, and operations in 30 countries and regions. For more information visit https://global.rakuten.com/corp/.

About Rakuten DX Solution:

A new Rakuten Group subsidiary planned for establishment in January 2021 to support the digital transformation of brick-and-mortar retailers across Japan and to promote the merger of offline and online retail (OMO) in order to serve customers with a seamless and personalized retail experience.

1OMO: “Online Merges with Offline” refers to breaking down the barriers between online services and offline brick-and-mortar stores in the retail space in order to provide customers with a seamless, personalized experience.

Walmart

Blake Jackson

+1 479 204-1028

[email protected]

Seiyu

Miyuki Moriguchi

[email protected]

KKR

KKR Asia Pacific

Anita Davis

+852 3602 7335

[email protected]

Finsbury (for KKR Japan)

Deborah Hayden, +81 70 2492 0463

Hannah Perry, +81 70 3769 9633

[email protected]

KKR Americas

Kristi Huller, Cara Major, Miles Radcliffe-Trenner

+1 212 750-8300

[email protected]

Rakuten, Inc.

Corporate Communications Department

[email protected]

KEYWORDS: United States Japan North America Asia Pacific Arkansas

INDUSTRY KEYWORDS: Discount/Variety Department Stores Other Retail Finance Banking Supermarket Professional Services Food/Beverage Retail Online Retail

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Mirum Pharmaceuticals Announces Data Presented During AASLD Highlighting Durable Improvements in Pruritus and Quality of Life in Children with Alagille Syndrome Treated with Maralixibat

Mirum Pharmaceuticals Announces Data Presented During AASLD Highlighting Durable Improvements in Pruritus and Quality of Life in Children with Alagille Syndrome Treated with Maralixibat

– Results of long-term treatment from the ITCH and IMAGINE II studies presented in late-breaking oral presentation at AASLD

– Data demonstrates significant and durable improvements in pruritus in children with Alagille syndrome through 220 weeks of maralixibat treatment

– Results have been included as supportive data in ongoing rolling NDA submission for treatment of cholestatic pruritus in patients with Alagille syndrome

FOSTER CITY, Calif.–(BUSINESS WIRE)–
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM), a biopharmaceutical company focused on the development and commercialization of novel therapies for debilitating liver diseases, announced data presented at the Annual Meeting of the American Association for the Study of Liver Diseases (AASLD) – The Liver Meeting Digital Experience™. The data were presented by Dr. Benjamin Shneider of Baylor College of Medicine and Texas Children’s Hospital presenting on behalf of the Childhood Liver Disease Research Network (ChiLDReN) in a late-breaking oral presentation titled “Preliminary Analysis of ITCH and IMAGINE II – Outcome of Long-term Administration of Maralixibat in Children with Alagille Syndrome.”

The objective of the studies was to assess pruritus and other markers of cholestasis in patients with Alagille syndrome (ALGS) with up to 220 weeks of treatment with maralixibat. Maralixibat, an apical sodium bile acid transporter (ASBT) inhibitor, has previously been shown to interrupt the enterohepatic circulation of bile acids, reducing pruritus.

Of the children enrolled in the ITCH and IMAGINE II studies, 28 of the 37 patients were on study at 48 weeks with 80% of those experiencing clinically meaningful reductions in pruritus (ItchRO[Obs] reduction ≥1.0 point) which were durable beyond four years (Week 220), with 90% of patients who continued on study experiencing a pruritus response at the end of treatment. The mean reduction in ItchRO(Obs) at week 48 was -1.9 points and deepened to -2.3 points at the end of treatment. Maralixibat treatment improved quality of life and led to improved growth parameters. The long-term data suggest that maralixibat has the potential to be an effective treatment and could serve as an alternative to surgery for ALGS patients, if approved.

“Maralixibat has the potential to address the severe pruritus experienced by children with Alagille syndrome, resulting in meaningful improvement in quality of life, meeting a major unmet need for this patient population,” said Benjamin L. Shneider, M.D., principal study investigator and member of the Childhood Liver Disease Research Network, funded largely by the National Institute of Diabetes and Digestive and Kidney Diseases. “Alagille syndrome often leads to progressive liver disease frequently complicated by severe pruritus, often disrupting sleep, interfering with school, and impacting the quality of life for children and their families so greatly that surgical intervention via external biliary diversion or liver transplant are required. These data show that with maralixibat, we have the potential to positively impact children’s health across multiple clinical measures, without resorting to invasive surgeries which can be associated with significant complications and potential mortality.”

To view the presentation and the complete data, please visit the AASLD section within the Events page on Mirum’s website.

“These results from the study confirm the potential for maralixibat to address the consequences of cholestasis in Alagille syndrome, supporting the effects seen in the long term analysis of the pivotal ICONIC study,” said Chris Peetz, president and chief executive officer of Mirum. “As we progress toward completion of our rolling NDA submission, maralixibat is being offered to eligible patients with Alagille syndrome through an expanded access program until it is available for prescribing.”

About the ITCH and IMAGINE II study

The ITCH study is a randomized, placebo-controlled study of maralixibat in children with ALGS. The IMAGINE II study is an open-label study for participants who completed the ITCH study. ITCH and IMAGINE II were conducted by ChiLDReN in the context of a Cooperative Research and Development Agreement between Mirum Pharmaceuticals and the NIDDK. Thirty-seven children were enrolled into the ITCH study. Children receiving maralixibat in the studies also demonstrated improvements in biomarkers of disease, including reductions in cholesterol and bile acid levels. After over 4 years of treatment, maralixibat continues to be generally well tolerated. There were two serious adverse events possibly related to administration of maralixibat leading to drug withdrawal in both patients (hematochezia/anemia and autoimmune hepatitis).

About Alagille Syndrome

ALGS is a rare genetic disorder in which bile ducts are abnormally narrow, malformed and reduced in number, which leads to bile accumulation in the liver and ultimately progressive liver disease. The estimated incidence of ALGS is one in every 30,000 people.1 In patients with ALGS, multiple organ systems may be affected by the mutation, including the liver, heart, kidneys and central nervous system.2 The accumulation of bile acids prevents the liver from working properly to eliminate waste from the bloodstream and, according to recent reports, 60% to 75% of patients with Alagille syndrome have a liver transplant before reaching adulthood.3 Signs and symptoms arising from liver damage in ALGS may include jaundice (yellowing of the skin), xanthomas (disfiguring cholesterol deposits under the skin), and pruritus (itch)2. The pruritus experienced by patients with ALGS is among the most severe in any chronic liver disease and is present in most affected children by the third year of life.4

About Maralixibat

Maralixibat is a novel, minimally absorbed, orally administered investigational drug being evaluated in several rare cholestatic liver diseases. Maralixibat inhibits the apical sodium dependent bile acid transporter (ASBT), resulting in more bile acids being excreted in the feces, leading to lower levels of bile acids systemically, thereby potentially reducing bile acid mediated liver damage and related effects and complications. More than 1,600 individuals have received maralixibat, including more than 120 children who have received maralixibat as an investigational treatment for Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC). In the ICONIC Phase 2b ALGS clinical trial, patients taking maralixibat had significant reductions in bile acids and pruritus compared to placebo, as well as reduction in xanthomas and accelerated growth long-term. In a Phase 2 PFIC study, a genetically defined subset of BSEP deficient (PFIC2), patients responded to maralixibat with an increase in transplant-free survival. The U.S. Food and Drug Administration has granted maralixibat Breakthrough Therapy designation for the treatment of pruritus associated with ALGS in patients one year of age and older and for PFIC2. Maralixibat was generally well-tolerated throughout the studies. The most frequent treatment-related adverse events were diarrhea and abdominal pain. Until maralixibat is approved and available for prescribing, the medication is available to patients with ALGS through Mirum’s expanded access program. For more information, please visit ALGSEAP.com. For more information about the Phase 3 study for maralixibat in pediatric patients with PFIC, visit PFICtrial.com.

About Mirum Pharmaceuticals

Mirum Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of a late-stage pipeline of novel therapies for debilitating liver diseases. The company’s lead product candidate, maralixibat, is an investigational oral drug in development for Alagille syndrome (ALGS), progressive familial intrahepatic cholestasis (PFIC), and biliary atresia. The company has initiated a rolling NDA submission for maralixibat in the treatment of patients with cholestatic pruritus associated with ALGS and expects to complete the submission in the first quarter of 2021. Additionally, the company plans to submit a marketing authorization application to the European Medicines Agency for maralixibat in the treatment of patients with PFIC2 in the fourth quarter 2020.

The company is also developing volixibat, also an oral ASBT-inhibitor, in primary sclerosing cholangitis and intrahepatic cholestasis of pregnancy. For more information, visit MirumPharma.com.

Follow Mirum on Twitter, Facebook and LinkedIn.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the results, conduct and progress of Mirum’s ongoing and planned clinical studies for maralixibat and volixibat, the regulatory approval path for maralixibat, and the potential launch of maralixibat, if approved. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “expects,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Mirum’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Mirum’s business in general, the impact of the COVID-19 pandemic, and the other risks described in Mirum’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Mirum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

The content in this release is the sole responsibility of the authors and does not necessarily represent the official views or imply endorsement of the National Institutes of Health.

1Danks, et al. Archives of Disease in Childhood1977

2Johns Hopkins Medicine. hopkinsmedicine.org/health/conditions-and-diseases/Alagille-syndrome

3Vandriel, et al. GALA EASL 2020; Kamath, et al. Hepatology Communications 2020

4Elisofon, et al. Journal of Pediatric Gastroenterology and Nutrition 2010

Investor Contact:

Ian Clements, Ph.D.

[email protected]

Media Contact:

Erin Murphy

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Health Consumer Infectious Diseases Children Pharmaceutical Biotechnology

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Simon And Taubman Modify Merger Price To $43.00 Per Share In Cash

PR Newswire

INDIANAPOLIS and BLOOMFIELD HILLS, Mich., Nov. 15, 2020 /PRNewswire/ — Simon Property Group, Inc. (NYSE: SPG) (“Simon”) and Taubman Centers, Inc. (NYSE: TCO) (“Taubman”) today announced that they have reached a definitive agreement modifying certain terms of the original merger agreement (the “Original Merger Agreement”), including a modified purchase price of $43.00 per share in cash and other provisions to reduce closing conditionality.  

The modified merger agreement continues to provide that Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership (“TRG”). The Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in TRG. 

The Boards of Directors of Simon and Taubman, including the Special Committee of independent directors of Taubman, have approved the terms of the transaction. The modified merger agreement provides that Taubman will not declare or pay a dividend on its common stock prior to March 1, 2021, and then, only subject to certain limitations and conditions.

The merger is expected to close in late 2020 or early 2021, subject to Taubman shareholder approval and customary closing conditions.  Simon and Taubman also have settled their pending litigation in the Circuit Court for the 6th Judicial District, Oakland County, Michigan.

About Simon
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. For more information, visit simon.com.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet malls in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.

Advisors

BofA Securities is serving as financial advisor to Simon and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Latham & Watkins LLP are serving as legal advisors.  Goldman Sachs & Co. LLC is serving as financial advisor to Taubman and Wachtell, Lipton, Rosen & Katz and Honigman LLP are serving as legal advisors. The Special Committee of the Board of Directors of Taubman has retained Lazard as its independent financial advisor and Kirkland & Ellis LLP as its independent legal counsel.

Forward Looking Statements
This communication contains certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as “believes”, “anticipates”, “expects”, “may”, “will”, “would”, “should”, “estimates”, “could”, “intends”, “plans” or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: the COVID-19 pandemic and related challenges, risks and uncertainties which have had, and may continue to have, direct and indirect adverse impacts on the general economy, mall environment, tenants, customers, and employees, as well as mall and tenant operations (including the ability to remain open) and operating procedures, occupancy, anchor and mall tenant sales, sales-based rent, rent collection, leasing and negotiated rents, mall development and redevelopment activities and the fair value of assets (increasing the likelihood of future impairment charges); future economic performance, including stabilization and recovery from the impact of the COVID-19 pandemic; savings due to cost-cutting measures; payments of dividends and the sufficiency of cash to meet operational needs; changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the mall industry; challenges with department stores; changes in consumer shopping behavior, including accelerated trends resulting from the COVID-19 pandemic; the liquidity of real estate investments; the failure to receive, on a timely basis or otherwise, the required approvals by Taubman’s shareholders; the risk that a condition to closing of the transaction may not be satisfied; Simon’s and Taubman’s ability to consummate the transaction; the possibility that the anticipated benefits from the transaction will not be fully realized (including Simon’s underwritten capitalization rate and its expectations regarding FFO per share accretion); the ability of Taubman to retain key personnel and maintain relationships with business partners pending the consummation of the transaction; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which Simon and Taubman operate, as detailed from time to time in each of Simon’s and Taubman’s reports filed with the Securities and Exchange Commission (the “SEC”). There can be no assurance that the transaction will in fact be consummated.

Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found under Item 1.A in each of Simon’s and Taubman’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the sections labeled “Risk Factors” and “Forward Looking Statements” in each of Simon and Taubman’s periodic reports on Form 10-Q for the fiscal quarters ended March 31, 2020, June 30, 2020 and September 30, 2020. Simon and Taubman caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions with respect to the proposed transaction, shareholders and others should carefully consider the foregoing factors and other uncertainties and potential events. All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to Simon and Taubman or any other person acting on their behalf are expressly qualified in their entirety by the cautionary statements referenced above. The forward-looking statements contained herein speak only as of the date of this communication. Neither Simon nor Taubman undertakes any obligation to update or revise any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as may be required by law.

Additional Information and Where to Find It
This communication is being made in respect of the proposed transaction involving Taubman and Simon. In connection with the proposed transaction, Taubman intends to file relevant materials with the SEC, including a preliminary proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Taubman will mail the definitive proxy statement and a proxy card to each shareholder of Taubman entitled to vote at the special meeting relating to the proposed transaction. This communication is not a substitute for the proxy statement or any other document that Taubman may file with the SEC or send to its shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS OF TAUBMAN ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT TAUBMAN WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TAUBMAN AND THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and other relevant materials in connection with the proposed transaction (when they become available), and any other documents filed by TAUBMAN with the SEC, may be obtained free of charge at the SEC’s website (http://www.sec.gov) or at Taubman’s website (www.taubman.com).

Participants in the Solicitation
Taubman and certain of its directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of Taubman in connection with the transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the Proxy Statement described above filed with the SEC. Additional information regarding Taubman’s directors and executive officers is also included in Taubman’s proxy statement on Schedule 14A for its 2020 Annual Meeting of Shareholders, which was filed with the SEC on July 2, 2020, or its Amended Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 27, 2020, as amended on April 29, 2020. These documents are available free of charge as described above.

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SOURCE Simon