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PureTech founded entity Karuna Therapeutics to be acquired by Bristol Myers Squibb for $14 billion

Transaction Delivers KarXT, a First-in-Class M1 / M4 Muscarinic Receptor Agonist, with Differentiated Efficacy and Safety

KarXT Is a Potential First-in-Class Treatment for Schizophrenia and as an Adjunctive Therapy, and First-in-Disease Treatment for Alzheimer’s Disease Psychosis, with Promise in Additional Neuropsychiatric and Neurodegenerative Indications

KarXT Is Expected to Launch in the U.S. for the Treatment of Schizophrenia in Adults with a Prescription Drug User Fee Act Date of Sept. 26, 2024

Bristol Myers Squibb to host a conference call today at 8 a.m. ET

 

Bristol Myers Squibb strengthens neuroscience portfolio with acquisition of Karuna Therapeutics

 

PRINCETON, N.J. & BOSTON — Bristol Myers Squibb (NYSE: BMY) and Karuna Therapeutics, Inc. (NASDAQ: KRTX) (“Karuna”) Friday announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired. The transaction was unanimously approved by both the Bristol Myers Squibb and Karuna Boards of Directors.

 

Karuna is a biopharmaceutical company driven to discover, develop and deliver transformative medicines for people living with psychiatric and neurological conditions. Karuna’s lead asset, KarXT (xanomeline-trospium), is an antipsychotic with a novel mechanism of action (MoA) and differentiated efficacy and safety. Karuna’s New Drug Application (NDA) for KarXT for the treatment of schizophrenia in adults was accepted for review by the U.S. Food and Drug Administration (FDA), with a Prescription Drug User Fee Act (PDUFA) date of Sept. 26, 2024. KarXT is also in registrational trials both for adjunctive therapy to existing standard of care agents in schizophrenia and for the treatment of psychosis in patients with Alzheimer’s disease. Bristol Myers Squibb believes KarXT represents a significant revenue contribution opportunity. Bristol Myers Squibb also sees potential from Karuna’s early-stage and pre-clinical pipeline.

 

“There are tremendous opportunities in neuroscience, and Karuna strengthens our position and accelerates the expansion and diversification of our portfolio in the space. We expect KarXT to enhance our growth through the late 2020s and into the next decade,” said Christopher Boerner, Ph.D., Chief Executive Officer of Bristol Myers Squibb. “This transaction fits squarely within our business development priorities of pursuing assets that are strategically aligned, scientifically sound, financially attractive, and have the potential to address areas of significant unmet medical need. We look forward to welcoming the talented Karuna team to Bristol Myers Squibb.”

 

“Schizophrenia and Alzheimer’s disease psychosis affect millions of people worldwide, with limited to no treatment options. KarXT’s novel mechanism has resulted in a transformational profile in schizophrenia, with compelling efficacy and a differentiated safety profile,” said Samit Hirawat, M.D., Executive Vice President, Chief Medical Officer, Drug Development of Bristol Myers Squibb. “KarXT also has the potential to deliver meaningful benefits to patients as an adjunctive treatment for patients with schizophrenia and as a first treatment for Alzheimer’s disease psychosis.”

 

Bill Meury, President and Chief Executive Officer of Karuna Therapeutics, said, “Karuna’s portfolio offers advancements in treatment not seen in many years. With Bristol Myers Squibb’s long-standing expertise in developing and commercializing medicines on a global scale and legacy in neuroscience, KarXT and the other assets in our pipeline will be well-positioned to reach those living with schizophrenia and Alzheimer’s disease psychosis. This announcement is a testament to the Karuna team’s talent, hard work, and innovation.”

 

Delivering Meaningful Benefits to Patients with KarXT

KarXT targets both the M1 and M4 muscarinic receptors, resulting in a differentiated safety and efficacy profile. KarXT has demonstrated improvements in cognition and is not associated with common side effects of currently approved treatments, including no meaningful weight gain, extrapyramidal symptoms, increased prolactin levels, akathisia and/or sedation.

 

Given this differentiated profile, KarXT has meaningful and expanding revenue potential in schizophrenia and with upside in additional indications and geographies:

  • Schizophrenia: KarXT is expected to launch in late 2024 in the U.S. as a treatment for schizophrenia in adults. There are approximately 1.6 million1 people treated for schizophrenia in the U.S., a significant portion of whom do not respond to currently available therapies and experience unacceptable side effects.
  • Adjunctive schizophrenia: A registrational clinical trial is currently underway evaluating KarXT as adjunctive treatment with current standard of care agents for the treatment of schizophrenia, with data expected in 2025.
  • Alzheimer’s disease psychosis: Registrational clinical trials are currently underway evaluating KarXT for the treatment of Alzheimer’s disease psychosis, with data expected in 2026. There are more than 6 million2 people living with Alzheimer’s disease in the U.S. There are currently no approved treatments for Alzheimer’s disease psychosis.
  • Additional indications: Bristol Myers Squibb believes KarXT also has potential in additional indications, including Bipolar I disorder, which impacts approximately 1.4 million1 people in the U.S., and Alzheimer’s disease agitation.

 

The transaction is expected to be dilutive to Bristol Myers Squibb’s non-GAAP diluted earnings per share by approximately $0.30 in 2024 from the financing cost of the transaction, as Bristol Myers Squibb expects to offset the operational expenses of the transaction through continued resource allocation, cost efficiencies and portfolio prioritization. The accounting treatment as a business combination or asset acquisition will be determined upon the expected close of the transaction. Bristol Myers Squibb expects to finance the acquisition with primarily new debt issuance. Bristol Myers Squibb’s cash flows and strong financial profile enable continued commitment to strong investment-grade credit ratings and investment for growth through business development opportunities and distributions to shareholders through ongoing dividends and share repurchases.

 

Transaction Terms and Financing

Under the terms of the merger agreement, Bristol Myers Squibb will acquire all outstanding shares of Karuna common stock for $330.00 per share in cash representing an approximately 53.4% premium to Karuna Therapeutic’s closing stock price on Dec. 21, 2023, for a total equity value of approximately $14.0 billion, or $12.7 billion net of estimated cash acquired.

 

The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including approval of Karuna stockholders and receipt of required regulatory approvals.

 

Conference Call Information

Bristol Myers Squibb will host a conference call today, Friday, Dec. 22, 2023, at 8:00 a.m. ET during which company executives will review discuss the transaction and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com.

 

Investors and the public can register for the live conference call here. Those unable to register can access the live conference call by dialing in the U.S. toll-free 1-866-777-2509 or international +1 412-317-5413. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

 

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes. A replay of the conference call will be available beginning at 11:30 a.m. ET on December 22, 2023, through 11:30 a.m. ET on Jan. 4, 2024, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 3194180.

 

Advisors

Gordon Dyal & Co. and Citi are serving as financial advisors to Bristol Myers Squibb, and Covington & Burling LLP is serving as legal counsel. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Karuna, and Simpson Thacher & Bartlett LLP is serving as legal counsel.

 

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.

 

About Karuna Therapeutics

Karuna Therapeutics is a biopharmaceutical company driven to discover, develop, and deliver transformative medicines for people living with psychiatric and neurological conditions. At Karuna, we understand there is a need for differentiated and more effective treatments that can help patients navigate the challenges presented by serious mental illness. Utilizing our extensive knowledge of neuroscience, we are harnessing the untapped potential of the brain in pursuit of novel pathways to develop medicines that make meaningful differences in peoples’ lives. For more information, please visit www.karunatx.com.

 

Additional Information and Where to Find It

In connection with the proposed acquisition of Karuna Therapeutics by Bristol Myers Squibb, Karuna Therapeutics intends to file a preliminary and definitive proxy statement. The definitive proxy statement and proxy card will be delivered to the stockholders of Karuna Therapeutics in advance of the special meeting relating to the proposed acquisition. This press release is not a substitute for the proxy statement or any other document that may be filed by Karuna Therapeutics with the SEC. KARUNA THERAPEUTICS’ STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF BRISTOL MYERS SQUIBB AND KARUNA THERAPEUTICS WITH THE SEC IN CONNECTION WITH THE PROPOSED ACQUISITION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES TO THE PROPOSED ACQUISITION. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important information about Bristol Myers Squibb and Karuna Therapeutics, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Bristol Myers Squibb and Karuna Therapeutics make available free of charge at Bristol Myers Squibb’s website at www.bms.com/investors and Karuna Therapeutics’ website at https://karunatx.com/, respectively, copies of materials they file with, or furnish to, the SEC.

 

Participants in the Solicitation

This press release does not constitute a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any securities. Bristol Myers Squibb, Karuna Therapeutics and their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Karuna Therapeutics in connection with the proposed acquisition. Information regarding Bristol Myers Squibb’s directors and executive officers is contained in Bristol Myer Squibb’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 14, 2023, and its definitive proxy statement for the 2023 annual meeting of stockholders, which was filed with the SEC on March 23, 2023. Information regarding Karuna Therapeutics’ directors and executive officers is contained in Karuna Therapeutics’ definitive proxy statement for the 2023 annual meeting of stockholders, which was filed with the SEC on April 27, 2023. To the extent holdings of Bristol Myers Squibb’s or Karuna Therapeutics’ securities by their respective directors or executive officers have changed since the amounts set forth in such 2023 proxy statements, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement relating to the proposed acquisition when it is filed with the SEC. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov, Bristol Myers Squibb’s website at www.bms.com and Karuna Therapeutics’ website at https://karunatx.com/.

 

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the proposed acquisition of Karuna Therapeutics by Bristol Myers Squibb, the expected timetable for completing the transaction, future opportunities for the combined businesses, the expected benefits of Bristol Myers Squibb’s acquisition of Karuna Therapeutics and the development and commercialization of Karuna Therapeutics’ product candidates, including the therapeutic and commercial potential of KarXT and Karuna Therapeutics’ other technologies and products in development. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. These statements are only predictions, and such forward-looking statements are based on current expectations and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause actual outcomes and results to differ materially from those expressed in, or implied by, the forward-looking statements. Actual results may differ materially because of numerous risks and uncertainties including with respect to (i) the approval of Karuna Therapeutics’ stockholders of the proposed acquisition, which may be delayed or may not be obtained, (ii) the risk that the expected benefits or synergies of the acquisition will not be realized, (iii) the risk that legal proceedings may be instituted related to the merger agreement, (iv) any competing offers or acquisition proposals for Karuna Therapeutics, (v) the possibility that various conditions to the consummation of the acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the acquisition and (vii) unanticipated difficulties or expenditures relating to the proposed acquisition, including the response of business partners and competitors to the announcement of the proposed acquisition or difficulties in employee retention as a result of the announcement and pendency of the proposed acquisition. The actual financial impact of this transaction may differ from the expected financial impact described in this press release. In addition, the compounds described in this press release are subject to all the risks inherent in the drug development process, and there can be no assurance that the development of these compounds will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2022, and Karuna Therapeutics’ business, particularly those identified in the risk factors discussion in Karuna Therapeutics’ Annual Report on Form 10-K for the year ended December 31, 2022, as well as other documents that may be filed by Bristol Myers Squibb or Karuna Therapeutics from time to time with the SEC. Neither Bristol Myers Squibb nor Karuna Therapeutics undertakes any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made and readers are cautioned not to place undue reliance on such statements.

 

Use of Non-GAAP Financial Information and Financial Guidance

In discussing financial guidance, Bristol Myers Squibb refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this communication that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company’s baseline performance, supplement or enhance management, analysts and investors overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods.

 

Non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because Bristol Myers Squibb believes they neither relate to the ordinary course of Bristol Myers Squibb’s business nor reflect Bristol Myers Squibb’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods.

 

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to or as a substitute for the related financial measures that are prepared in accordance with GAAP and are not intended to be considered in isolation and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

 

A reconciliation of the forward-looking non-GAAP measures presented in this communication is not provided due to the inherent difficulty in forecasting and quantifying items that are necessary for such reconciliation. Namely, we are not able to reliably predict the impact of specified items such as unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets and stock compensation resulting from acquisition-related equity awards, or currency exchange rates beyond the next twelve months. As a result, the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is not available without unreasonable effort. In addition, Bristol Myers Squibb believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results. In addition, the non-GAAP financial guidance in this communication excludes the impact of any potential additional future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this communication.

 

About PureTech Health

PureTech is a clinical-stage biotherapeutics company dedicated to giving life to new classes of medicine to change the lives of patients with devastating diseases.

Contacts

PureTech
Public Relations

publicrelations@puretechhealth.com
Investor Relations

IR@puretechhealth.com

EU Media
Ben Atwell, Rob Winder

+44 (0) 20 3727 1000

ben.atwell@FTIconsulting.com

U.S. Media
Nichole Sarkis

+1 774 278 8273

nichole@tenbridgecommunications.com

Read full story here

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HealthEC, LLC data event impacts companies nationwide, including Corewell Health

GRAND RAPIDS, Mich. — (BUSINESS WIRE) — Please replace the release with the following corrected version due to multiple revisions.

 

The updated release reads:

HEALTHEC, LLC DATA EVENT IMPACTS COMPANIES NATIONWIDE, INCLUDING COREWELL HEALTH

 

Population health management platform HealthEC, LLC, is notifying people nationwide of a data security event that happened earlier this year. For more information, please see HealthEC’s news release.

 

The company enables value-based health systems to identify high-risk patients, close gaps in care and recognize barriers to optimal care. HealthEC is a vendor for Corewell Health in Southeast Michigan.

 

The information of approximately 1 million patients of Corewell Health in Southeast Michigan could be impacted by the HealthEC data event. HealthEC is sending letters to every person who was impacted.

 

Not all individuals have the same data impacted, but the possible impacted data could include: Name; address; date of birth; Social Security number; medical record number; medical information like diagnosis, diagnosis code, mental/physical condition, prescription information, and provider’s name; health insurance information including beneficiary number, subscriber number, Medicaid and/or Medicare identification; billing and claims information including patient account number, patient identification number, treatment cost information. This event did not impact platforms such as Epic and MyChart and they are safe to use.

 

HealthEC is offering 12 months of credit monitoring and identity protection services through TransUnion. Instructions on how to activate these services is being sent to all impacted people.

 

Those seeking additional information can contact HealthEC toll-free at 1-833-466-9216 or visit the HealthEC website. People can also write to HealthEC at Attn: Compliance Officer, 343 Thornall St., Suite 630, Edison, NJ 08837.

Contacts

Ellen Bristol, Ellen.Bristol@corewellhealth.org

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Mercer Park Commission receives approval for Community Based Deer Management

The Mercer County Park Commission has been approved for a Community Based Deer Management (CBDM) permit from the New Jersey Division of Fish and Wildlife.

The CBDM permit allows for additional opportunities to improve forest understory and the overall ecological condition of natural areas through deer reductions beyond standard state hunting regulations. Reducing deer overpopulation also improves public safety by reducing deer-vehicle collisions.

No CBDM hunting will occur in areas that participate in the County’s traditional deer management hunting program until after the regular season concludes.

The additional measures permitted in the CBDM program will allow a professional culling firm to perform management activities during an extended season through March 31 at Howell Farm, County owned golf courses including Mountain View, Hopewell Valley, Princeton Country Club, Mercer Oaks East and West, and select regions of Mercer Meadows in Hopewell Township.

Management activities approved in the Park Commission’s permit include deer harvest by crossbow and firearm, culling during evening hours, and periodic closures for culling outside of the traditional State hunting season through March 31,2023.

At Mercer Meadows, the Curlis Woods region is included in the permit. Beginning February 19, 20245, this area will allow for crossbow culling Monday through Saturday through March 31 until 9 p.m. The Curlis Woods region will remain open to the public during this period of crossbow hunting. Park users are advised to remain on trails and wear bright colored clothing. All culling activity will take place from an elevated tree stand with a 75-foot safety buffer in place on either side of all County-recognized trails.

The Curlis Woods region will BE CLOSED to the public for shotgun culling on:

  • Wednesdays from February 21 through March 27

At County-owned golf courses including Princeton Country Club, Mountain View and Hopewell Valley Golf Courses, the permit allows for crossbow culling to take place Monday through Saturday, from sunrise until 9 p.m. January 1 though March 31. At Mercer Oaks East and West golf courses, crossbow culling may occur starting February 19 through March 31. The golf courses will be closed to the public during shotgun culling.

Golf courses will BE CLOSED to the public for shotgun culling as follows:

  • Hopewell Valley closed January 1 through January 31
  • Mercer Oaks East February 19 through February 29
  • Mountain View closed February 1 through February 29

At Howell Farm, the permit allows for extended evening culling (sunset through 9 p.m.) January 29 through March 31. Beginning in January, bow culling may take place Monday through Saturday, from sunrise to 9 p.m. until March 31. Howell Farm will be closed to the public during shotgun culling.

Howell Farm will BE CLOSED to the public for shotgun culling on:

  • Mondays January 29 through March 31
  • Tuesday through Friday from 4 p.m. to 9 p.m. January 20 through March 29

The above dates do not include closures as part of the Park Commission’s existing deer management program. Please visit mercercountyparks.org for details on all closures for deer manage

More information can be found by visiting the Mercer County Park Commission’s Deer Management page

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Organon to present at the 42nd Annual J.P. Morgan Healthcare Conference

JERSEY CITY, N.J. — (BUSINESS WIRE) — Organon (NYSE: OGN), announced on Thursday that Kevin Ali, Chief Exec. Officer, and Matthew Walsh, Chief Financial Officer, are scheduled to participate in a fireside chat at the 42nd Annual J.P. Morgan Healthcare Conference on Tuesday, Jan. 9, 2024, at 1:30 p.m. PT.

 

Investors, analysts, members of the media and the general public are invited to listen to a live audio webcast of the presentation at: https://jpmorgan.metameetings.net/events/healthcare24/sessions/49500-organon/webcast?gpu_only=true&kiosk=true

 

About Organon

Organon is a global healthcare company formed to focus on improving the health of women throughout their lives. Organon offers more than 60 medicines and products in women’s health in addition to a growing biosimilars business and a large franchise of established medicines across a range of therapeutic areas. Organon’s existing products produce strong cash flows that support investments in innovation and future growth opportunities in women’s health and biosimilars. In addition, Organon is pursuing opportunities to collaborate with biopharmaceutical innovators looking to commercialize their products by leveraging its scale and presence in fast growing international markets.

 

Organon has a global footprint with significant scale and geographic reach, world-class commercial capabilities, and approximately 10,000 employees with headquarters located in Jersey City, New Jersey.

 

For more information, visit http://www.organon.com and connect with us on LinkedIn, Instagram, X (formally known as Twitter) and Facebook.

Contacts

Media:

Karissa Peer

(614) 314-8094

Kate Vossen

(732) 675-8448

Investor:

Jennifer Halchak

(201) 275-2711

Alex Arzeno

(646) 430-2028

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AM Best assigns Credit Ratings to Federal Life Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Federal Life Insurance Company (Fed Life) (Riverwoods, IL). The outlook assigned to these Credit ratings (ratings) is stable.

The ratings reflect Fed Life’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

 

The ratings also reflect AM Best’s assessment that, based on Fed Life’s business plan, the company will build and maintain a balance sheet assessment of very strong supported by risk-adjusted capitalization also at the very strong level, as measured by Best Capital Adequacy Ratio (BCAR). Capital contributions in 2023 and retained earnings through the forecast period are expected to support net premium growth. Direct premium growth is expected to be relatively rapid based on projections, but capital at Fed Life is anticipated to be managed through affiliated reinsurance and capital infusions as necessary. Financial flexibility is viewed as positive as the company has access to additional capital at the holding company level (Federal Life Group, Inc.), and from its ultimate parent organization, Insurance Capital Group, LLC (ICG). The holding company has access to additional capital from the ultimate owner, ICG. Investment risk is projected as low but may increase to moderate depending on the evolution of the liability profile of the company, which could impact future balance sheet metrics.

 

The adequate operating performance assessment and the neutral business profile assessment are based on Fed Life’s business plans presented to AM Best. The plan includes an expectation of rapid premium growth and improving operating profitability that supports an adequate operating performance assessment. In addition, it also includes the introduction of additional products, which in combination with a larger and more geographically diversified premium base, would support a neutral business profile assessment. Should Fed Life materially underperform its business plan these assessments would no longer be supported. An ERM structure has been established and is expected to evolve alongside the product risks and operational complexity of the business.

 

Fed Life, originally incorporated in 1899 and mutualized in 1962, was demutualized in 2018 and under its new ownership is focused now on a portfolio of accident and health, as well as life and annuity (L/A) products, which it plans to market nationwide. The company engaged with a largely new management team in 2022 and 2023 to support the plan, and introduced its first new product, a hospital indemnity product, in 2022. Additional new products are in development to supplement the company’s hospital indemnity product and legacy L/A book of business. Rapid premium growth in 2022 and 2023 evidence early successes of the plan; however, successful launches of new products and further development of distribution are key to realizing the growth and expansion milestones presented to AM Best. AM Best will monitor the performance of Fed Life against key milestones set out in the business plan and internal expectations to evaluate if ongoing performance remains supportive of the adequate operating performance and neutral business profile assessments.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

John McGlynn

Senior Financial Analyst
+1 908 882 2106
john.mcglynn@ambest.com

Joseph Zazzera
Director
+1 908 882 2442
joseph.zazzera@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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United Natural Foods releases ‘Better for All’ environmental, social, and governance report for fiscal year 2023

Details significant progress on the Company’s key areas of focus – delivering positive impact, operational efficiency, and reinforcing its value proposition to stakeholders.

 

PROVIDENCE, R.I. — (BUSINESS WIRE) — United Natural Foods, Inc. (NYSE: UNFI) (the “Company” or “UNFI”) today released its 13th annual Better for All Report detailing UNFI’s progress on its social, environmental, and governance objectives during the Company’s 2023 fiscal year, ended July 29, 2023.

 

The report demonstrates the success of the Company’s enhanced focus on its most pressing impact areas – safety, well-being, waste, climate, sourcing, and community. It underscores that UNFI’s initiatives benefitting the planet, society, and the food industry can also directly benefit the Company’s business performance, resulting in enhanced value for all of its stakeholders.

 

UNFI’s Better for All strategy continues to focus on establishing the Company as a key connector within the food system value chain, creating and growing critical linkages among farmers, suppliers, manufacturers, retailers, and consumers.

 

“UNFI is building a company that creates sustainable value for stakeholders and shareholders, and a better food system for all,” said Sandy Douglas, President and CEO of UNFI. “In FY2023, we issued new responsible sourcing policies and position statements, expanded supplier diversity efforts, reaffirmed our broader commitment to diversity, equity, and inclusion (DEI), started work on our ninth and largest on-site solar array, completed LED lighting conversions across all of our distribution centers (DCs), and deployed a new system that helps us reduce food waste in our DCs.”

 

As a result of these efforts across the Company during fiscal 2023, UNFI reported the following milestones toward its goal to build a food system that is better for its people, its communities, and the planet:

  • Published, in connection with the Company’s new Supplier and Vendor Code of Conduct, both a formal policy designed to support the goal of zero deforestation across our primary deforestation-linked commodities by 2025, and a position statement and action plan for animal welfare standards in our supply chain. These have allowed the Company to work more efficiently and effectively with suppliers and vendors in pursuing these goals.
  • Completed a roof-mounted solar array installation, the Company’s largest to date, at its Howell, New Jersey distribution center, with a new, even bigger roof-mounted solar array at its Riverside, CA distribution center slated for the near future. UNFI’s solar array initiatives lower the Company’s carbon footprint and provide an excellent return on investment while also reducing the energy cost of operating a distribution center.
  • Launched the Climate Action Partnership to encourage suppliers to make credible climate commitments and provide innovative and scalable resources specific to the food system. This forum allows the Company to share best practices with suppliers who have common goals and drive more collaboration and efficiency across supply chains.
  • Reaffirmed its commitment to DEI and continued to build a diverse, high-performing, and agile workforce by delivering more DEI programming to employees. These initiatives help UNFI recruit talented associates and benefit from their diverse perspectives, whether they work in Company distribution centers or corporate offices.
  • Successfully completed an electric vehicle (EV) Blueprint that outlines how the Company plans to transition to zero-emission vehicles in the state of California. This reduces fuel and maintenance costs while also improving air quality.
  • Completed LED lighting conversions in all distribution centers, which not only decreases greenhouse gas (GHG) emissions and lowers cost but also improves safety by increasing lighting and limiting maintenance work throughout the facility.
  • Deployed a Reverse Logistics Disposition Reporting (RLDR) system at all UNFI distribution centers that increases inventory visibility, improves operating efficiency, reduces food waste, and minimizes waste disposal costs, contributing to lower shrink in distribution centers.
  • Supported the “Acres: Cultivating Equity in Black Agriculture” program, launched by The National Minority Supplier Development Council (NMSDC), to improve the Company’s relationships with an excellent source of high-quality producers.

 

Mr. Douglas added, “Our associates can be very proud of the solid progress on company sustainability and operational efficiency goals. I look forward to what we’ll accomplish together in 2024.”

 

About UNFI

UNFI is North America’s premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains, eCommerce providers, and foodservice customers. UNFI also provides a broad range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. As the largest full-service grocery partner in North America, UNFI is committed to building a food system that is better for all and is uniquely positioned to deliver great food, more choices, and fresh thinking to customers. To learn more about how UNFI is delivering value for its stakeholders, visit www.unfi.com.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include those described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including its annual report on Form 10-K for the year ended July 29, 2023 filed with the SEC on September 26, 2023 and other filings the Company makes with the SEC. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information contained in this press release to reflect subsequently occurring events or circumstances. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results.

Contacts

For UNFI Investors:
Kristyn Farahmand

401-213-2160

kristyn.farahmand@unfi.com
-or-

Steve Bloomquist

952-828-4144

steve.j.bloomquist@unfi.com

For Media:
UNFI
Charles Davis

215-539-1696

cdavis@unfi.com

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Amneal to participate at the 42nd Annual J.P. Morgan Healthcare Conference

BRIDGEWATER, N.J. — (BUSINESS WIRE) — Amneal Pharmaceuticals, Inc. (NYSE: AMRX) announced today that Chirag Patel, Co-Chief Exec. Officer and President, and Tasos Konidaris, Chief Financial Officer, will participate in the 42nd Annual J.P. Morgan Healthcare Conference on Jan. 9 to 10, 2024.

 

Chirag will present on Jan. 10 at 11:15 a.m. PST, and a live webcast will be accessible on the Company’s website at https://investors.amneal.com. A replay of the webcast will be available for 30 days following the event.

About Amneal

Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in Bridgewater, NJ, is a fully integrated global pharmaceuticals company. We make healthy possible through the development, manufacturing, and distribution of a diverse portfolio of approximately 270 pharmaceutical products, primarily within the United States. In its Generics segment, the Company is expanding across a broad range of complex product categories and therapeutic areas, including injectables and biosimilars.

 

In its Specialty segment, Amneal has a growing portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders, with a pipeline focused on unmet needs. Through its AvKARE segment, the Company is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more information, please visit www.amneal.com.

Contacts

Investor
Anthony DiMeo

Head of Investor Relations

anthony.dimeo@amneal.com

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On the 800th anniversary of the Christmas nativity scene a story emerges that takes readers back to that time

FORT WORTH, Texas — It’s rare to find a holiday book like A Bellwether Christmas: It tells a story that can entertain every member of the family regardless of age; it reveals history about a beloved Christmas tradition, and it features charming animal characters.

 

Laurel Guillen’s work of fiction was inspired by a life-changing trip to Italy and years of caring for some remarkable farm animals.

 

“Many years ago,” Guillen said, “I visited central Italy and came away with a burning desire to write a novel set in the time of Francis of Assisi and the early Franciscans. I did extensive research, but nothing ever came of it. In the meantime, I raised a son who adopted farm animals, including a horse, two sheep and two donkeys. One Christmas season a few years ago, the plot for this novel suddenly downloaded into my brain in a few minutes.”

 

She added that she suddenly realized “I was being given the chance to write a novel that combined my knowledge of 13th-century history as well as farm animals. I knew it was supposed to be a children’s novel, but one that adults would love also.”

 

A Bellwether Christmas depicts medieval rural life from its songs to work, food to customs, and each chapter begins with a beautifully drawn illustration that evokes the style of medieval woodcut art. Guillen also includes “afterwords” to help readers understand St. Francis’s life and his importance to the Church, and to introduce readers to the real-life farm animals her characters are based upon.

 

Bart is a curious, impetuous lamb who lives in a tiny village in medieval Italy. He is always getting into trouble and feels like he doesn’t belong. In chance encounters with a hare, a lark and then a terrifying wolf, he learns about the poor man from Assisi who loves all creatures and talks to them about love, honor and belonging. Bart is convinced that this man, and the new kind of celebration he is planning for Christmas Eve, holds the key to understanding his own destiny. But when Christmas Day dawns, he faces his biggest challenge yet: a dangerous mission to bring the gift of love to a friend. Will he be brave enough and finally find the place where he belongs?

 

The winner of multiple awards, including a First Place Christian Indie Award and Finalist in the 2022 Readers’ Choice Book Awards, A Bellwether Christmas is full of historical details to entertain kids and adults alike and offers a perfect opportunity for parents to talk to their kids about the meaning of Christmas.

 

Laurel Guillen is a Cornell University graduate and former radio, newspaper, and television journalist who has always loved medieval tales. She helped her husband, Michael Guillen, PhD, produce the award-winning family movie Little Red Wagon and now writes the blog God and Gardening on Facebook.

 

 

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Audiences to experience Amanda Gorman, Jan Vogler at Carnegie Hall – An evening of poetry and Bach

NEW YORK — History-making Presidential inaugural poet and bestselling author Amanda Gorman and internationally acclaimed cellist Jan Vogler share the stage for the first time at Stern Auditorium/ Perelman Stage at Carnegie Hall on Saturday, Feb. 17, 2024 at 8 p.m.

 

It will be an evening of spoken word and music featuring the award-winning poetry of Ms. Gorman and the Cello Suites of J.S. Bach, for offering a message of hope and humanity. 

 

Vogler says, “I grew up reading poetry, and have played the music of Bach for nearly my entire life, reveling for many years in the universal appeal of his captivating Cello Suites. To collaborate with Amanda and to see how her wonderful poems change my interpretation of Bach’s music is a great joy. I can’t wait to share the results of this extraordinary inspiration.”

 

Gorman states, “Like many people, Bach’s music captures my heart and my imagination. To be in dialogue with it, and with Jan and his cello – a Stradivarius that was made around the time that Bach wrote this music – is to touch something timeless.”

 

Tanja Dorn, President and CEO of presenter Dorn Music  comments, “I am elated that Dorn Music will be bringing together these two incredible artists around the eternal music of Bach and Ms. Gorman’s contemporary poetry in this very special evening. We are so honored to be presenting Ms. Gorman at Carnegie Hall and to be helping to bring this collaboration to life.”

 

Gorman is the youngest inaugural poet in U.S. history. She is a committed advocate for the environment, racial equality, and gender justice. Amanda’s activism and poetry have been featured on the Today Show, PBS Kids, and CBS This Morning, and in The New York Times, Vogue, and Essence. After graduating cum laude from Harvard University, she now lives in her hometown of Los Angeles.

 

In 2017, Gorman was appointed the first-ever National Youth Poet Laureate by Urban Word – a program that supports Youth Poets Laureate in more than 60 cities, regions and states nationally. Gorman’s groundbreaking performance of her poem, “The Hill We Climb,” at the 2021 Presidential Inauguration received international critical acclaim, inspiring millions of viewers with her message of hope, resilience, and healing.

 

Amanda appeared on the cover of TIME magazine in February 2021 and was the first poet to grace the cover of Vogue in their May 2021 issue. She was Porter Magazine‘s July 2021 cover star and received The Artist Impact Award at the 2021 Backstage at the Geffen Awards. In 2021 Amanda was one of 5 Variety Power of Women honorees and cover star, as well as one of three cover stars for Glamour‘s Women of the Year. The following year she was Allure’s beauty issue cover star, and one of four cover stars for Harper’s Bazaar’s 2022 Icons issue. The special edition of her inaugural poem, “The Hill We Climb,” her debut picture book, Change Sings, and her poetry collection, Call Us What We Carry, were published in 2021, all debuting at #1 on New York Times, USA Today and Wall Street Journal bestsellers lists. Her latest children’s book, Something, Someday, was published in September 2023 with illustrations by Caldecott Honor and Coretta Scott King Honor winner Christian Robinson, also debuting at #1 on the New York Times bestseller list. Please visit theamandagorman.com.

 

Vogler’s distinguished career has brought him together with renowned conductors and internationally acclaimed orchestras around the world. Highlights of his career as a soloist include concerts with the New York Philharmonic (both in New York and Dresden at the occasion of the reopening of the rebuilt Dresdner Frauenkirche under the direction of Lorin Maazel in 2005), performances with the Chicago, Boston, Pittsburgh and Montréal Symphony Orchestras and many others. He collaborates with conductors such as Andris Nelsons, Fabio Luisi, Sir Antonio Pappano, Valery Gergiev, Omer Meir Wellber, Manfred Honeck and Kent Nagano.

 

His interpretations of Johann Sebastian Bach’s famous cello Suites have been praised by audiences and critics. His recording of the six solo suites was awarded the Echo Klassik award in 2013. His great ability allowed him to explore the sound boundaries of the cello and to establish an intensive dialogue with contemporary composers and artists. This includes regular world premieres, including works by Tigran Mansurian, John Harbison, Udo Zimmermann, Wolfgang Rihm, Jörg Widmann, Nico Muhly, Sven Helbig, Zhou-Long and Sean Shepherd. In addition to his classical career Jan has collaborated with artists like actor Bill Murray (New Worlds) and rock legend Eric Clapton.

 

Jan has been an exclusive Sony Classical artist since 2003. His latest recording combines the world premiere recording of the Cello Concerto by Enric Casals with the Cello Concerto by Lalo, his partners being the Moritzburg Festival Orchestra and conductor Josep Caballe Domenech. In addition, his recording “Pop Songs” with the BBC Philharmonic conducted by Omer Meir Wellber was released in May 2022. In 2006, Jan received the European Award for Culture and in 2011 the Erich-Kästner Award for tolerance, humanity and international understanding. In June 2018 he received the European Award for Culture TAURUS as Director of the Dresden Music Festival and in 2021 Jan Vogler was awarded the Order of Merit of the Federal Republic of Germany. Jan Vogler has been Director of the renowned Dresden Music Festival since October 2008 as well as Artistic Director of the Moritzburg Festival since 2001. Please visit janvogler.com.

 

Tickets are on sale through the Carnegie Hall website, www.carnegiehall.org by calling CarnegieCharge at 212-247-7800, and at the Carnegie Hall box office at 57th Street and Seventh Avenue. Regular ticket prices start at $35. Student and Senior rush tickets are available for $35 at the Carnegie Hall box office. Students must show ID.

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‘The Hunger Games: The Ballad of Songbirds and Snakes’ to arrive on digital platforms

Enter the arena again when “The Hunger Games: The Ballad of Songbirds and Snakes” arrives on premium video on demand and premium electronic sell-through on Dec. 19 from Lionsgate.

 

The film will be available to buy for $24.99 and to rent for $19.99 on participating digital platforms, including Amazon Prime Video, Apple TV, Google Play and Vudu.

 

Based on the Suzanne Collins novel of the same name, the prequel centers on Panem’s President Snow — 64 years before Katniss Everdeen’s games. Tom Blyth‘s Coriolanus Snow is an Academy student tasked with mentoring District 12 tribute Lucy Gray Baird, played by Rachel Zegler, in the 10th annual Hunger Games.

 

Their pairing sets off a series of events that force Snow to battle his instincts for good and evil. Peter Dinklage, Hunter Schafer, Josh Andrés Rivera, Jason Schwartzman and Viola Davis round out the cast. The film is still currently playing in theaters and has earned over $300 million worldwide.

 

Francis Lawrence directed the film from a screenplay by Michael Lesslie and Michael Arndt.

 

In his review of the film, Variety’s film critic Peter Debruge wrote, “Much like ‘Harry Potter,’ the book series whose Hollywood success made this franchise possible, the big-screen adaptations took a few false steps before hitting their stride with a single director — in this case, Francis Lawrence — who now returns to helm a prequel (far better than the ‘Fantastic Beasts’ movies) that impressively expands the canon while honoring its key themes.”

 

The other “Hunger Games” movies are available to stream on Peacock and Fubo TV.

 

 

 

— Variety