Categories
Art & Life Culture Lifestyle

Power Home Remodeling hosts 10th Annual Quest Music Festival featuring Bruno Mars, Wiz Khalifa, Quinn XCII, & more

The top workplace’s annual holiday party provides private music festival, wellness retreat, and immersive art experience all in one as an end-of-year thank you to employees

 

CHESTER, Pa. — (BUSINESS WIRE) — Power Home Remodeling “(Power),” a Fortune 100 Best Company to Work For, hosted their annual ‘Quest’ music festival and retreat in Cancun, Mexico December 14th – 16th featuring a collection of internationally-recognized, Grammy-award winning musical acts that haven’t been seen together anywhere else.


The unprecedented roster brought together a mix of world-renowned artists like 15-time Grammy award-winning singer/songwriter, Bruno Mars; and multi-platinum selling, Grammy and Golden Globe nominated recording artist Wiz Khalifa; alongside a host of additional artists who have graced major stages around the world.

 

These global stars were also joined by a diverse mix of emerging talents like multi-platinum selling artist Quinn XCII, who’s accumulated over 3.5 billion global streams and has sold out iconic venues like Radio City Music Hall and The Greek Theatre; and contemporary electronic dance pop trio, A R I Z O N A, who’s generated over one billion streams worldwide and earned praise by Forbes. The 2022 Quest lineup featured (in alphabetical order):

  • A R I Z O N A
  • Bruno Mars
  • Bryce Vine
  • Quinn XCII
  • Wiz Khalifa
  • And more. To get an inside look at the event, check out #QuestByPower on Instagram.

 

To envision Quest, think Coachella meets a wellness retreat meets a beach vacation — except instead of bumping elbows with 100,000 spectators, it’s an exclusive viewing party for you, your closest friends and loved ones on the beaches of Mexico. Your ticket in? Being a Power employee. Room, board, food, swag, and admission to one of the hottest music festivals of the year are all included in this unique workplace perk. As an added bonus, Power employees are also able to bring their significant other.

 

Since 2012, Power has hosted the three-day retreat and exclusive music festival to celebrate the hard work and accomplishments of their employees from the last 365 days. Past musical performances have included more multiplatinum artists who’ve sold out major music venues around the world and dominated the Billboard Top 100 — and this year’s event was aimed to top them all.

 

“We strongly believe that there’s a direct correlation between the quality of someone’s experiences and the quality of their life, and we want to provide our people with an experience they couldn’t dream of – or get – anywhere else,” said Power co-CEO, Asher Raphael. “Our Quest music festival is an investment in our people, and investing in our people has always been, and will always be, the best investment we could make.”

 

Quest is created for Power employees, by Power employees. The company’s internal Brand and People Experience departments intentionally create every element of the event, from interactive art installations, to curating the music lineup, to designing Quest merchandise for attendees to remember their unique experience. In fact, the home remodeling company dedicates approximately 2% of top-line revenue every year on more than 250 unique internal events and experiences to foster both personal and professional development, and Quest is one of the most anticipated. This year’s signup period sold out in just seven minutes.

 

Those looking to score a spot to next year’s exclusive Quest music festival can visit apply.workatpower.com/job for open career opportunities across Power’s 18 territories nationwide.

 

Facebook | Twitter | YouTube | LinkedIn | Instagram

 

About Power Home Remodeling

Power Home Remodeling is a dream realization company — believing its purpose is to create positive change in everything the company touches — from customers’ homes to employees’ lives to the communities they live and work in. Power realizes this purpose by being people-first. Its employees and customers come before profit and their well-being factors into every business decision. Established in 1992, Power is the nation’s largest, full-service, exterior home remodeler with more than 3,000 employees, over one million lifetime customers, and $1 billion in annual revenue. Headquartered in the Philadelphia region, Power’s primary product line includes windows, siding, roofing, doors, solar roofing panels, and attic insulation, providing energy-saving solutions to residents across its operating territories, including Arizona, Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington D.C., and Wisconsin.

Contacts

Andrea Recine

Public Relations Manager

andrea.recine@powerhrg.com
609-477-9217

Categories
Business Healthcare Lifestyle Science

PeptiDream announces collaboration and license agreement with MSD for the discovery and development of novel peptide drug conjugates

KANAGAWA, Japan — (BUSINESS WIRE) — #MSD — PeptiDream Inc., a public Kanagawa, Japan-based biopharmaceutical company (President: Patrick C. Reid, hereinafter “PeptiDream”) (Tokyo: 4587)  announced on Tuesday a new multi-target collaboration and license Agreement with U.S.-based Merck & Co, Inc., Rahway, N.J., U.S.A., known as “MSD” outside the U.S. and Canada, through a subsidiary, focused on the discovery and development of novel peptide drug conjugates (“PDCs”).

 

Under the agreement, PeptiDream will provide peptide candidates identified from PeptiDream’s proprietary Peptide Discovery Platform System (“PDPS”) technology for use as PDCs against targets of interest to MSD. MSD will have exclusive rights to the peptide candidates for conjugation to cytotoxic payloads and will be responsible for all development aspects of any PDC products arising from the collaboration.

 

The new collaboration and license agreement builds upon the long collaborative relationship between the companies, which started with a multi-target discovery and optimization collaboration in April 2015.

 

Under the terms of the agreement, PeptiDream will receive an upfront payment from MSD and be eligible for payments based on the achievement of specified development, regulatory, and commercial milestones potentially totaling up to $2.1 billion (¥275billion (1USD = 131JPY)). In addition, PeptiDream is eligible to receive royalties on net sales of any such products.

 

“I am excited to announce this collaboration with MSD for the discovery and development of peptide drug conjugates, to further expand on our pipeline of innovative PDC therapeutics. We look forward to continuing to work with the excellent team at MSD as we build on years of collaboration.” said Patrick C. Reid PhD, President & CEO of PeptiDream.

 

About PeptiDream Inc.

PeptiDream Inc. (Tokyo Stock Exchange Prime Market 4587) is leading the translation of macrocyclic peptides into a whole new class of innovative medicines to address unmet medical needs and improve the quality of life of patients worldwide. Founded in 2006, PeptiDream employs its proprietary Peptide Discovery Platform System (PDPS) technology, a state-of-the-art highly versatile discovery platform which enables the production of highly diverse (trillions) non-standard peptide libraries with high efficiency, for the identification of highly potent and selective macrocyclic peptide candidates, which then can be developed into peptide-based, small molecule-based, or peptide-drug conjugate (PDC)-based therapeutics and diagnostics. PeptiDream has an extensive global network of discovery and development partners driving the development and commercialization of a broad and diversified pipeline of investigational therapeutics. PeptiDream also markets and sells a number of radiopharmaceutical and radiodiagnostic products in Japan, through its wholly owned subsidiary, PDRadiopharma. PeptiDream is headquartered in Kawasaki, Japan. For more information about our company, science and pipeline, please visit www.peptidream.com.

Contacts

Inquiries:
PeptiDream Inc.
Contact: Yuko Okimoto, IR & Public Affairs

Email: y-okimoto@peptidream.com

Categories
Culture Lifestyle Technology

NICE Enlighten AI receives 2022 CUSTOMER Magazine Innovation Award for setting the standard in customer experience

Enlighten AI for CSAT is honored for improving customer service technology through all channels

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #NICENICE (Nasdaq: NICE) today announced that TMC, a global, integrated media company, and CUSTOMER Magazine has named NICE Enlighten AI for Customer Satisfaction as a 2022 award winner for Customer Experience Innovation. The 2022 Customer Experience Innovation Award recognizes best-in-class companies setting the standard in delivering exceptional customer experiences through all channels.

 

Enlighten AI for Customer Satisfaction (CSAT) is NICE’s industry leading Machine Learning and Artificial Intelligence (AI) ‘out-of-the-box’ solution that drives exceptional customer experiences by consistently and objectively scoring the agent behaviors that positively impact customer satisfaction, in real-time.

 

Traditional, manual interaction assessments of agent performance are time consuming, subjective and rely on a small random sample size that isn’t representative of an agent’s overall performance. Enlighten AI for CSAT removes the burden and subjectivity of manual evaluations by automatically analyzing every moment of every interaction, whether they happen across digital or voice channels. Measuring and improving upon agent soft-skills behaviors – such as showing empathy, demonstrating ownership, acknowledging loyalty – have been proven to directly influence customer satisfaction.

 

By automating scoring of agent soft skills on 100% of interactions and empowering agents with performance dashboards and the opportunity to self-correct, Enlighten AI offers a more objective standard to process. Supervisor dashboards allow supervisors to monitor team performance; see who is struggling and provide targeted coaching in minutes. Furthermore, Enlighten AI captures the customer data from each interaction and then operationalizes these customer insights, accelerating action, and turning customer service into a real competitive differentiator.

 

“NICE is laser-focused on innovating new AI-driven technologies to enhance contact center performance and help businesses deliver exceptional CX,” said Barry Cooper, President, CX Division, NICE. “Enlighten AI for Customer Satisfaction is the proud result of years of R&D and access to the world’s largest interaction dataset across industries. This solution provides our customers with AI-driven insights and analysis of the behaviors that create improved experiences for their own customers, and therefore provides a competitive advantage.”

 

“Congratulations to NICE for receiving a 2022 Customer Experience Innovation Award. NICE was selected for setting the standard in delivering world-class customer experiences across all channels,” said Rich Tehrani, CEO, TMC. “We’re pleased to recognize this achievement and look to continued innovation from NICE in 2023 and beyond.”

 

To learn how organizations are delivering exceptional CX by improving agent behaviors, please visit our website for videos, demos, and expert articles: www.nice.com/enlighten-ai.

 

About CUSTOMER

Since 1982, CUSTOMER magazine (formerly Customer Interaction Solutions) has been the voice of the customer experience, call/contact center, CRM and teleservices industries. CUSTOMER has helped the industry germinate, grow, mature and prosper, and has served as the leading publication in helping these industries that have had such a positive impact on the world economy to continue to thrive. Through a combination of outstanding and cutting-edge original editorial, industry voices, in-depth lab reviews and the recognition of the innovative leaders in management and technology through our highly valued awards, CUSTOMER strives to continue to be the publication that holds the quality bar high for the industry. Please visit http://www.customer.tmcnet.com.

 

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com

 

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

 

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Cooper, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact
Cindy Morgan-Olson, +1 646 408 5896, ET, cindy.morgan-olson@niceactimize.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Omri Arens, +972 3 763 0127, CET, ir@nice.com

Categories
Culture Lifestyle Local News

Most Mercer County government offices to close for Christmas and New Year’s holidays

TRENTON, N.J. — Most Mercer County government offices and facilities will be closed Monday, Dec. 26, 2022, in observance of Christmas, and Monday, Jan. 2, 2023, for New Year’s observance.

 

The Mercer County Clerk’s Office in Trenton and the County Connection office in Hamilton will be closed on both Dec. 26 and Jan. 2. County Connection, which is normally open Saturdays, also will be closed Dec. 24 and 31.

 

All branches of the Mercer County Library System was closed at 3 p.m. on Saturday, Dec. 24, and will also be closed Saturday, Dec. 31. They will also be closed on Dec. 25 and 26, and Jan. 1 and 2.

 

The following County offices and facilities will remain open: Trenton-Mercer Airport (except for administrative offices), Correction Center, Sheriff’s Office and the Emergency Services Communication Center.

 

Mercer County Park Commission facilities will have the following holiday hours: The Tennis Center will be closed on Christmas Day but will be open Dec. 24 from 7:30 a.m. to noon, Dec. 31 from 7:30 a.m. to 6 p.m., and Jan. 1 from 7:30 a.m. to 7:30 p.m.

 

The Skating Center will be closed Dec. 25 but will have public sessions Dec. 26 from 10 a.m. to noon, 1 to 3 p.m., 5 to 7 p.m. and 7:45 to 9:45 p.m., Jan. 1 from 10 a.m. to noon and 1 to 3:30 p.m., and Jan. 2 from 10 a.m. to 3 p.m.

 

All five county golf courses will be closed Dec. 25 but will be open Dec. 26, and Jan. 1 and 2 from 8 a.m. to 2 p.m., weather permitting.

 

Mercer County Stables will be open Dec. 24 from 7 a.m. to 3 p.m. and will be closed Dec. 25 and 26, and Jan. 1 and 2. The Wildlife Center will be open, by appointment only, Dec. 25 and 26 between 10 a.m. and 3 p.m., and Jan. 1 and 2 between 10 a.m. and 3 p.m.

 

Howell Living History Farm is currently open Tuesday-Friday only, from 1 to 4 p.m., for gift shop sales and barnyard visits. (Milking demonstrations with Blizzard the cow will begin at 2 p.m.) The farm will close for the season at 4 p.m. Friday, Dec. 23, and reopen Saturday, Jan. 28, 2023, for ice harvesting.

 

The Tulpehaking Nature Center and. Park Commission administrative offices will be closed Dec. 25 and 26, and Jan. 1 and 2. For more information on Park Commission facilities, visit www.mercercountyparks.org.

Categories
Environment Lifestyle Technology

Luminia processes over $2.5 billion in solar financing requests in 2022 to fuel 600+ MW project pipeline

Company increases active development with nearly 100 partners, including community solar projects across five major U.S. markets

 

SAN DIEGO — (BUSINESS WIRE) — Luminia accelerated commercial solar and storage adoption in a breakout year for the company by processing over $2.5 billion in financing requests across the U.S. for solar-plus-storage projects averaging over 1 MW, resulting in Development Agreements for almost 200 MWs of commercial solar projects, with an active development pipeline of an additional 600 MWs. This includes engaging with dozens of real estate portfolio owners, such as Gables Residential, representing nearly 900 million square feet of commercial, industrial, multifamily and hospitality properties.


In addition to expansions for its advanced technology platform for on-the-spot pricing proposals, instant property prequalification and portfolio analysis, Luminia also expanded its reach in community solar with key partners like New Hampshire Solar Garden.

 

“Our extensive background in renewable energy, commercial real estate and capital markets has given us a key advantage in delivering solutions that are uniquely suited to complex commercial markets,” said David Field, CEO and co-founder of Luminia. “By eliminating the financing barriers that once hindered commercial solar progress, we are experiencing explosive demand from our top rated solar partners, especially in the burgeoning community solar space.”

 

According to the Solar Energy Industry Association (SEIA), 41 states have deployed at least one community solar project, with an anticipated 5 GW of capacity to be added in the next five years. Luminia, which closed on 15 MW of community solar in Maine earlier this year, provides unique access to intermediate and long-term financing, driving down the cost of development for community solar and rooftop portfolio projects. With over 600 MW in the pipeline, the company is also developing community solar projects in five key markets, including Massachusetts, New York, Maine, New Hampshire and New Jersey. Projects vary in size and scope to meet individual state and municipal requirements with the pipeline of projects having an average system size of 9.5 MW.

 

In 2022, Luminia’s first-of-its-kind financing solutions catered to commercial property owners across 36 states with diverse needs. Luminia solutions scale from multifamily and industrial REIT portfolios to private education institutions to agricultural farms. Luminia allows property owners to gain access to a range of sustainability and asset value improvements, such as electric vehicle charging infrastructure, or water conservation improvements, without any out-of-pocket money down, or corporate or personal guarantees, like for this Sacramento farm.

 

Luminia continues to expand its suite of financial offerings catered specifically to large commercial portfolio owners. “Our team brings decades of experience as owners and lessors of tenant-occupied commercial real estate. Our REIT-friendly financing structures allow landlords to efficiently share the benefits of solar with their tenants, enabling both landlords and tenants to profitably accelerate solar adoption and meet their ESG objectives,” said Jim Kelly, co-founder of Luminia. “In addition, our strategic focus on community solar provides yet another option for our portfolio clients to monetize their rooftops.”

 

Luminia’s solution was also recently launched on Energy Toolbase’s ETB Developer platform, which now allows renewable energy developers to quickly access Power Purchase Agreement (PPA) quotes and additional financing options that match their customers’ needs directly within the ETB platform.

 

To learn how solar developers are utilizing Luminia financing to procure more business and how commercial property owners are achieving environmental, social, and governance (ESG) goals while increasing net operating income, visit luminia.io.

 

About Luminia

Founded in 2019, California-based Luminia provides unique financing and technology platform solutions that enable the deployment of commercial property sustainability improvements and community solar projects at scale. Through novel financing options and artificial intelligence-driven commercial real estate portfolio analysis, Luminia empowers commercial and industrial property owners to implement holistic clean energy and energy efficiency upgrades without barriers. Luminia partners with property owners, solar developers and portfolio managers to provide purpose-built solutions that offer the greatest potential economic benefit and advance a property’s ability to meet ESG requirements. For more information, visit luminia.io.

Contacts

Christine Bennett for Luminia

christine@cleantechcommunication.com | +1 925.330.4783

Categories
Business Lifestyle Regulations & Security Technology

Knightscope (Nasdaq: KSCP) receives 5 new contracts

Public Safety Innovator Continues to Accelerate Growth Alongside Sustained Renewals

 

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — $KSCP #SecurityRobotKnightscope, Inc. (Nasdaq: KSCP), a leading developer of autonomous security robots, continues to accelerate market expansion with five new contracts for its Autonomous Security Robot (ASR) and Blue Light Emergency Communication services across multiple U.S. states.


The contracts and deployment locations are as follows:

  • A property management group in Chicago will have a K5 ASR patrolling the parking lot of a mixed-use facility with both retail and professional clients as tenants. This will be the Company’s second deployment in the City of Chicago in an area where crime, trespassing, vehicle break-ins, and catalytic converter thefts are at epidemic levels.
  • A police department in North Carolina has purchased a K1 Call Box to aid in direct emergency communications for its citizens.
  • Knightscope scored another Tribal casino client, which will be the first contract in Oklahoma. There are 39 Tribal Nations in Oklahoma alone, and they collectively have over 80 casinos.
  • An airport in New Jersey is replacing a competitor’s product with a K1 Blue Light Emergency Phone.
  • 4 K1 Call Boxes will be going to a construction company in Texas completing a new bridge. The phones will be used to assist in suicide prevention.

 

Knightscope’s expanded product line is helping its clients protect the places people live, work, study and visit in many new ways. In addition to this ongoing new growth, Knightscope perseveres with sustained renewals received from existing clients, further validating the long-term effectiveness of its technologies.

  • A Houston-based hospital signed a 2-year renewal for its 2 K3 ASRs. This will be the 5th and 6th years of service for these Texan robots.
  • Featured in multiple local news stories touting a significant reduction in vehicle break ins, auto thefts and other types of crimes, a Portland hotel renewed its agreement to keep their K5 patrolling its parking lot for another year.

 

These renewals are a testament to the positive impact Knightscope’s technologies have actually solving real problems at a very affordable rate. Click here to discover what Knightscope tools will best help you in your specific application today.

 

About Knightscope

Knightscope is an advanced security technology company based in Silicon Valley that builds fully autonomous security robots that deter, detect and report. Knightscope’s long-term ambition is to make the United States of America the safest country in the world. Learn more about the company at www.knightscope.com. Follow Knightscope on Facebook, Twitter, LinkedIn and Instagram.

 

Forward-Looking Statements

This press release may contain ”forward-looking statements” about Knightscope’s future expectations, plans, outlook, projections and prospects. Such forward-looking statements can be identified by the use of words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” ”proposes” and similar expressions. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Readers are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Knightscope’s Annual Report on Form 10-K for the year ended Dec. 31, 2021. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements except as may be required by law.

Contacts

Public Relations:
Stacy Stephens
Knightscope, Inc.
(650) 924-1025

Corporate Communications:

IBN (InvestorBrandNetwork)

Los Angeles, California

www.InvestorBrandNetwork.com
310.299.1717 Office

Editor@InvestorBrandNetwork.com

Categories
Business Healthcare Lifestyle Science

Seagen, Astellas and Merck announce FDA acceptance of sBLAs for PADCEV® (enfortumab vedotin-ejfv) with KEYTRUDA® (pembrolizumab) for the first-line treatment of certain patients with locally advanced or metastatic urothelial cancer

– This combination has the potential to be the first treatment option combining an antibody-drug conjugate plus an immunotherapy in this treatment setting –

– FDA granted the applications Priority Review with a PDUFA date of April 21, 2023 –

 

BOTHELL, Wash. & TOKYO & RAHWAY, N.J. — (BUSINESS WIRE) — Seagen Inc. (Nasdaq: SGEN),Astellas Pharma Inc. (TSE:4503) and Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced the U.S. Food and Drug Administration (FDA) has accepted for Priority Review supplemental Biologics License Applications (sBLAs) for PADCEV® (enfortumab vedotin-ejfv) and KEYTRUDA® (pembrolizumab) for use of these two agents in combination for the treatment of patients with locally advanced or metastatic urothelial cancer (la/mUC) who are not eligible to receive cisplatin-containing chemotherapy. The respective applications are intended to expand both labels for PADCEV and KEYTRUDA. The agency set a Prescription Drug User Fee Act (PDUFA) goal date for each application of April 21, 2023.

 

“We look forward to working closely with the FDA as we seek potential accelerated approval for this combination in the hopes that it can be another treatment option for patients with locally advanced or metastatic urothelial cancer who are not eligible for cisplatin-containing chemotherapy,” said Ahsan Arozullah, M.D., M.P.H., Senior Vice President and Head of Development Therapeutic Areas, Astellas.

 

The combination therapy was granted Breakthrough Therapy designation by the FDA in February 2020. The respective sBLAs are supported by efficacy and safety data from the phase 1b/2 EV-103 trial (NCT03288545, also known as KEYNOTE-869) Dose Escalation/Cohort A and Cohort K. Results from Dose Escalation/Cohort A were published in the Journal of Clinical Oncology.1 Results from Cohort K were presented in a late-breaking session at the 2022 European Society for Medical Oncology (ESMO) Congress.2

 

“Urothelial cancer, the most common type of bladder cancer, is associated with poor survival in the advanced stage,” said Marjorie Green, M.D., Senior Vice President and Head of Late-Stage Development, Seagen. “The investigational results from our clinical development program support the combination of PADCEV and KEYTRUDA as a potential treatment for this patient population.”

 

Please see Important Safety Information at the end of this press release for both drugs, including a warning and precaution for immune-mediated adverse reactions for pembrolizumab and BOXED WARNING for PADCEV (enfortumab vedotin-ejfv) for serious skin reactions.

 

“Despite advancements in treatment options, approximately half of advanced bladder cancer patients in the U.S. are ineligible for cisplatin-based chemotherapy, and these patients need new options. We are encouraged by the investigational results of the combination of PADCEV and KEYTRUDA for this patient population and are fully committed to work to bring this new approach forward to patients,” said Dr. Eliav Barr, Senior Vice President, Head of Global Clinical Development and Chief Medical Officer, Merck Research Laboratories.

 

Seagen, Astellas and Merck are further investigating enfortumab vedotin plus pembrolizumab in the ongoing phase 3 EV-302 study (NCT04223856, also known as KEYNOTE-A39), evaluating the clinical benefit for the investigational treatment combination in patients with previously untreated advanced urothelial cancer. The trial is intended to serve as the confirmatory trial for the potential accelerated approval in the U.S. and serve as the basis for global registration.

 

The studies are part of an extensive program evaluating this combination in multiple stages of urothelial cancer, including two phase 3 clinical trials in muscle-invasive bladder cancer in EV-304 (NCT04700124, also known as KEYNOTE-B15) and EV-303 (NCT03924895, also known as KEYNOTE-905).

 

About Bladder and Urothelial Cancer

It is estimated that approximately 81,180 people in the U.S. were diagnosed with bladder cancer in 2022.3 Urothelial cancer accounts for 90% of all bladder cancers and can also be found in the renal pelvis, ureter and urethra.4 Approximately 12% of cases are locally advanced or metastatic urothelial cancer at diagnosis.5 Globally, approximately 573,000 new cases of bladder cancer and 212,000 deaths are reported annually.6

 

About the EV-103/KEYNOTE-869 Trial

The EV-103 trial (NCT03288545) is an ongoing, multi-cohort, open-label, multicenter phase 1b/2 study of enfortumab vedotin alone or in combination with pembrolizumab and/or chemotherapy in first- or second-line settings in patients with locally advanced or metastatic urothelial cancer (la/mUC) and in patients with muscle-invasive bladder cancer.

 

About PADCEV

PADCEV (enfortumab vedotin-ejfv) is a first-in-class antibody-drug conjugate (ADC) that is directed against Nectin-4, a protein located on the surface of cells and highly expressed in bladder cancer.7 Nonclinical data suggest the anticancer activity of PADCEV is due to its binding to Nectin-4-expressing cells followed by the internalization and release of the anti-tumor agent monomethyl auristatin E (MMAE) into the cell, which result in the cell not reproducing (cell cycle arrest) and in programmed cell death (apoptosis).8

 

PADCEV (enfortumab vedotin-ejfv) U.S. Indication & Important Safety Information

BOXED WARNING: SERIOUS SKIN REACTIONS

  • PADCEV can cause severe and fatal cutaneous adverse reactions including Stevens-Johnson syndrome (SJS) and Toxic Epidermal Necrolysis (TEN), which occurred predominantly during the first cycle of treatment, but may occur later.
  • Closely monitor patients for skin reactions.
  • Immediately withhold PADCEV and consider referral for specialized care for suspected SJS or TEN or severe skin reactions.
  • Permanently discontinue PADCEV in patients with confirmed SJS or TEN; or Grade 4 or recurrent Grade 3 skin reactions.

 

Indication

PADCEV® is indicated for the treatment of adult patients with locally advanced or metastatic urothelial cancer (mUC) who:

  • have previously received a programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor and platinum-containing chemotherapy, or
  • are ineligible for cisplatin-containing chemotherapy and have previously received one or more prior lines of therapy.8

 

Important Safety Information

Warnings and Precautions

Skin reactions Severe cutaneous adverse reactions, including fatal cases of SJS or TEN, occurred in patients treated with PADCEV. SJS and TEN occurred predominantly during the first cycle of treatment but may occur later. Skin reactions occurred in 55% of the 680 patients treated with PADCEV in clinical trials. Twenty-three percent (23%) of patients had maculo-papular rash and 33% had pruritus. Grade 3-4 skin reactions occurred in 13% of patients, including maculo-papular rash, rash erythematous, rash or drug eruption, symmetrical drug-related intertriginous and flexural exanthema (SDRIFE), dermatitis bullous, dermatitis exfoliative, and palmar-plantar erythrodysesthesia. In clinical trials, the median time to onset of severe skin reactions was 0.6 months (range: 0.1 to 6.4 months). Among patients experiencing a skin reaction leading to dose interruption who then restarted PADCEV (n=59), 24% of patients restarting at the same dose and 16% of patients restarting at a reduced dose experienced recurrent severe skin reactions. Skin reactions led to discontinuation of PADCEV in 2.6% of patients. Monitor patients closely throughout treatment for skin reactions. Consider topical corticosteroids and antihistamines, as clinically indicated. For persistent or recurrent Grade 2 skin reactions, consider withholding PADCEV until Grade ≤1. Withhold PADCEV and refer for specialized care for suspected SJS, TEN or for Grade 3 skin reactions. Permanently discontinue PADCEV in patients with confirmed SJS or TEN, or for Grade 4 or recurrent Grade 3 skin reactions.

 

Hyperglycemia and diabetic ketoacidosis (DKA), including fatal events, occurred in patients with and without pre-existing diabetes mellitus, treated with PADCEV. Patients with baseline hemoglobin A1C ≥8% were excluded from clinical trials. In clinical trials, 14% of the 680 patients treated with PADCEV developed hyperglycemia; 7% of patients developed Grade 3-4 hyperglycemia. The incidence of Grade 3-4 hyperglycemia increased consistently in patients with higher body mass index and in patients with higher baseline A1C. Five percent (5%) of patients required initiation of insulin therapy for treatment of hyperglycemia. The median time to onset of hyperglycemia was 0.6 months (range: 0.1 to 20.3). Hyperglycemia led to discontinuation of PADCEV in 0.6% of patients. Closely monitor blood glucose levels in patients with, or at risk for, diabetes mellitus or hyperglycemia. If blood glucose is elevated (>250 mg/dL), withhold PADCEV.

 

Pneumonitis Severe, life-threatening or fatal pneumonitis occurred in patients treated with PADCEV. In clinical trials, 3.1% of the 680 patients treated with PADCEV had pneumonitis of any grade and 0.7% had Grade 3-4. In clinical trials, the median time to onset of pneumonitis was 2.9 months (range: 0.6 to 6 months). Monitor patients for signs and symptoms indicative of pneumonitis, such as hypoxia, cough, dyspnea or interstitial infiltrates on radiologic exams. Evaluate and exclude infectious, neoplastic and other causes for such signs and symptoms through appropriate investigations. Withhold PADCEV for patients who develop persistent or recurrent Grade 2 pneumonitis and consider dose reduction. Permanently discontinue PADCEV in all patients with Grade 3 or 4 pneumonitis.

 

Peripheral neuropathy (PN) occurred in 52% of the 680 patients treated with PADCEV in clinical trials, including 39% with sensory neuropathy, 7% with muscular weakness and 6% with motor neuropathy; 4% experienced Grade 3-4 reactions. PN occurred in patients treated with PADCEV with or without pre-existing PN. The median time to onset of Grade ≥2 PN was 4.6 months (range: 0.1 to 15.8 months). Neuropathy led to treatment discontinuation in 5% of patients. Monitor patients for symptoms of new or worsening peripheral neuropathy and consider dose interruption or dose reduction of PADCEV when PN occurs. Permanently discontinue PADCEV in patients who develop Grade ≥3 PN.

 

Ocular disorders were reported in 40% of the 384 patients treated with PADCEV in clinical trials in which ophthalmologic exams were scheduled. The majority of these events involved the cornea and included events associated with dry eye such as keratitis, blurred vision, increased lacrimation, conjunctivitis, limbal stem cell deficiency, and keratopathy. Dry eye symptoms occurred in 34% of patients, and blurred vision occurred in 13% of patients, during treatment with PADCEV. The median time to onset to symptomatic ocular disorder was 1.6 months (range: 0 to 19.1 months). Monitor patients for ocular disorders. Consider artificial tears for prophylaxis of dry eyes and ophthalmologic evaluation if ocular symptoms occur or do not resolve. Consider treatment with ophthalmic topical steroids, if indicated after an ophthalmic exam. Consider dose interruption or dose reduction of PADCEV for symptomatic ocular disorders.

 

Infusion site extravasation Skin and soft tissue reactions secondary to extravasation have been observed after administration of PADCEV. Of the 680 patients, 1.6% of patients experienced skin and soft tissue reactions, including 0.3% who experienced Grade 3-4 reactions. Reactions may be delayed. Erythema, swelling, increased temperature, and pain worsened until 2-7 days after extravasation and resolved within 1-4 weeks of peak. Two patients (0.3%) developed extravasation reactions with secondary cellulitis, bullae, or exfoliation. Ensure adequate venous access prior to starting PADCEV and monitor for possible extravasation during administration. If extravasation occurs, stop the infusion and monitor for adverse reactions.

 

Embryo-fetal toxicity PADCEV can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risk to the fetus. Advise female patients of reproductive potential to use effective contraception during PADCEV treatment and for 2 months after the last dose. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with PADCEV and for 4 months after the last dose.

 

Adverse Reactions

Most Common Adverse Reactions, Including Laboratory Abnormalities (≥20%)

Rash, aspartate aminotransferase (AST) increased, glucose increased, creatinine increased, fatigue, PN, lymphocytes decreased, alopecia, decreased appetite, hemoglobin decreased, diarrhea, sodium decreased, nausea, pruritus, phosphate decreased, dysgeusia, alanine aminotransferase (ALT) increased, anemia, albumin decreased, neutrophils decreased, urate increased, lipase increased, platelets decreased, weight decreased and dry skin.

 

EV-301 Study: 296 patients previously treated with a PD-1/L1 inhibitor and platinum-based chemotherapy.

Serious adverse reactions occurred in 47% of patients treated with PADCEV; the most common (≥2%) were urinary tract infection, acute kidney injury (7% each) and pneumonia (5%). Fatal adverse reactions occurred in 3% of patients, including multiorgan dysfunction (1.0%), hepatic dysfunction, septic shock, hyperglycemia, pneumonitis and pelvic abscess (0.3% each). Adverse reactions leading to discontinuation occurred in 17% of patients; the most common (≥2%) were PN (5%) and rash (4%). Adverse reactions leading to dose interruption occurred in 61% of patients; the most common (≥4%) were PN (23%), rash (11%) and fatigue (9%). Adverse reactions leading to dose reduction occurred in 34% of patients; the most common (≥2%) were PN (10%), rash (8%), decreased appetite and fatigue (3% each). Clinically relevant adverse reactions (<15%) include vomiting (14%), AST increased (12%), hyperglycemia (10%), ALT increased (9%), pneumonitis (3%) and infusion site extravasation (0.7%).

 

EV-201, Cohort 2 Study: 89 patients previously treated with a PD-1/L1 inhibitor and not eligible for platinum-based chemotherapy.

Serious adverse reactions occurred in 39% of patients treated with PADCEV; the most common (≥3%) were pneumonia, sepsis and diarrhea (5% each). Fatal adverse reactions occurred in 8% of patients, including acute kidney injury (2.2%), metabolic acidosis, sepsis, multiorgan dysfunction, pneumonia and pneumonitis (1.1% each). Adverse reactions leading to discontinuation occurred in 20% of patients; the most common (≥2%) was PN (7%). Adverse reactions leading to dose interruption occurred in 60% of patients; the most common (≥3%) were PN (19%), rash (9%), fatigue (8%), diarrhea (5%), AST increased and hyperglycemia (3% each). Adverse reactions leading to dose reduction occurred in 49% of patients; the most common (≥3%) were PN (19%), rash (11%) and fatigue (7%). Clinically relevant adverse reactions (<15%) include vomiting (13%), AST increased (12%), lipase increased (11%), ALT increased (10%), pneumonitis (4%) and infusion site extravasation (1%).

 

Drug Interactions

Effects of other drugs on PADCEV (Dual P-gp and Strong CYP3A4 Inhibitors)

Concomitant use with a dual P-gp and strong CYP3A4 inhibitors may increase unconjugated monomethyl auristatin E exposure, which may increase the incidence or severity of PADCEV toxicities. Closely monitor patients for signs of toxicity when PADCEV is given concomitantly with dual P-gp and strong CYP3A4 inhibitors.

 

Specific Populations

Lactation Advise lactating women not to breastfeed during treatment with PADCEV and for at least 3 weeks after the last dose.

Hepatic impairment Avoid the use of PADCEV in patients with moderate or severe hepatic impairment.

 

For more information, please see the full Prescribing Information including BOXED WARNING for PADCEV here.

About KEYTRUDA® (pembrolizumab) injection, 100 mg

KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

 

Merck has the industry’s largest immuno-oncology clinical research program. There are currently more than 1,600 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient’s likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

 

Selected KEYTRUDA® (pembrolizumab) Indications in the U.S.

Urothelial Carcinoma

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma (mUC):

  • who are not eligible for any platinum-containing chemotherapy, or
  • who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy.

Non-muscle Invasive Bladder Cancer

KEYTRUDA is indicated for the treatment of patients with Bacillus Calmette-Guerin-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.

See additional selected indications for KEYTRUDA in the U.S. after the Selected Important Safety Information.

 

Selected Important Safety Information for KEYTRUDA

Severe and Fatal Immune-Mediated Adverse Reactions

KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the PD-1 or the PD-L1, blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.

 

Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti–PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

 

Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.

 

Immune-Mediated Pneumonitis

KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% (94/2799) of patients receiving KEYTRUDA, including fatal (0.1%), Grade 4 (0.3%), Grade 3 (0.9%), and Grade 2 (1.3%) reactions. Systemic corticosteroids were required in 67% (63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% (36) and withholding in 0.9% (26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.

 

Pneumonitis occurred in 8% (31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days (range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% (21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.

 

Immune-Mediated Colitis

KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% (48/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (1.1%), and Grade 2 (0.4%) reactions. Systemic corticosteroids were required in 69% (33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% (15) and withholding in 0.5% (13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.

 

Hepatotoxicity and Immune-Mediated Hepatitis

KEYTRUDA as a Single Agent

KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% (19/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.4%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 68% (13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% (6) and withholding in 0.3% (9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.

 

KEYTRUDA With Axitinib

KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase (ALT) (20%) and increased aspartate aminotransferase (AST) (13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal (ULN) (Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%.

Contacts

Seagen Contacts:
For Media
David Caouette

(310) 430-3476

dcaouette@seagen.com

For Investors
Douglas Maffei, Ph.D.

(425) 527-4881

dmaffei@seagen.com

Astellas Contacts:
For Media
Cassie Hogenkamp

(847) 942-0980

cassie.hogenkamp@astellas.com

For Investors
Astellas Pharma Inc.

Corporate Advocacy & Relations

+81-3-3244-3202

Merck Contacts:
For Media
Julie Cunningham

(617) 519-6264

Chrissy Trank

(640) 650-0694

For Investors
Peter Dannenbaum

(908) 740-1037

Damini Chokshi

(908) 740-1807

Read full story here

Categories
Business Lifestyle Regulations & Security Travel & Leisure

New York speeds up traffic with award-winning cashless tolling system by Kapsch TrafficCom

  • Highest traffic volume and commercial traffic toll point in the USA to use cashless tolling
  • Intelligent Transportation Society NY awarded Kapsch with the ITS Project of the Year 2022

 

VIENNA & NEW YORK — (BUSINESS WIRE) — Kapsch TrafficCom USA announces the delivery completion for a new tolling system covering four bridges and two tunnels between New York and New Jersey. The final step of the project, for which the Port Authority of New York and New Jersey and Kapsch TrafficCom were awarded ITS NY Project of the Year 2022, went live on December 11th.

 

With the new system, the toll point with the highest traffic volume and commercial traffic in the United States will offer cashless tolling. This means that millions of drivers taking the tunnels or bridges into the city are no longer forced to stop at toll booths.

 

With the system for the Lincoln Tunnel going live, we have concluded six years of tireless work to enable cashless tolling for drivers crossing between New York and New Jersey,” comments JB Kendrick, President Kapsch TrafficCom USA. “I want to thank the team for their effort and, of course, also the Port Authority for the great cooperation in this project.”

 

Port Authority Executive Director Rick Cotton comments: This upgrade is a win-win for all drivers who use our crossings by cutting precious minutes from daily commutes, by reducing vehicle accidents in toll lanes, and by decreasing emissions from vehicles waiting in line to pay cash at toll booths.

 

The scope of the project included the replacement of the legacy toll collection system at all Hudson River and Staten Island Bridge crossings operated by the Port Authority with AET technology provided by Kapsch. For E-ZPass users, nothing will change. Those without E-ZPass will have their license plates automatically recorded and receive their bills via mail.

 

The tolling system covers four bridges, two tunnels, thirteen zones, two-way traffic with one direction tolled at reversable lanes and three plazas. Kapsch installed new tolling sensors and equipment providing proprietary stereoscopic nVDC technology in order to create all electronic transactions.

 

FULL TEXT press release at: https://www.kapsch.net/en/press

Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility with successful projects in more than 50 countries.

Contacts

Kapsch TrafficCom AG

Sandra Bijelic

P +43 50 811 1720

sandra.bijelic@kapsch.net

Categories
Business Lifestyle

Clay Fisher named chief marketing officer for Kinetic by Windstream

LITTLE ROCK, Ark. — (BUSINESS WIRE) — Clay Fisher has been named chief marketing officer of Kinetic. As a marketing executive with a track record of driving growth for major subscription-based consumer brands, Fisher brings a rare mix of marketing, product, and e-commerce management expertise to the company.


Clay’s success in customer acquisition, retention and revenue growth will bring an added level of sophistication to our marketing efforts that will elevate the Kinetic brand,” said Jeff Small, president of Kinetic.

 

Fisher previously worked as senior vice president of consumer marketing and revenue at The New York Times, where he oversaw the transition from a primarily ad revenue-based business model to a subscription-based business model by doubling subscriptions in just three years. Prior to that, he was vice president of the digital media group for DIRECTV. He’s also held a range of marketing leadership roles for Travelocity, Monster.com and his own digital marketing agency.

 

Fisher holds a master’s degree in technology management from Columbia University and a bachelor’s in marketing from George Washington University. He lives in Ridgewood, New Jersey, with his wife and three sons.

 

About Kinetic

Kinetic by Windstream is a business unit of Windstream Holdings, a privately held communications and software company. Kinetic provides premium broadband, entertainment and security services through an enhanced fiber network to consumers and businesses primarily in rural areas in 18 states. The company also offers managed communications services, including SD-WAN and UCaaS, and high-capacity bandwidth and transport services to businesses across the U.S. Additional information is available at GoKinetic.com. Follow us on Twitter at @GoKineticHome.

 

Category: Kinetic

Contacts

Kerri Case

kerri.case@windstream.com

Categories
Business Lifestyle Science Technology

L3Harris to acquire Aerojet Rocketdyne

MELBOURNE, Fla. & EL SEGUNDO, Calif. — (BUSINESS WIRE) — L3Harris Technologies (NYSE: LHX) and Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) together announced the signing of a definitive agreement for L3Harris to acquire Aerojet Rocketdyne for $58 per share, in an all-cash transaction valued at $4.7 billion, inclusive of net debt.

 

This marks L3Harris’ second acquisition announcement of 2022, demonstrating its continued focus on delivering critical capabilities to warfighters while strengthening the nation’s defense industrial base through increased competition.

 

“We’ve heard the DoD leadership loud and clear: they want high-quality, innovative and cost-effective solutions to meet both current and emerging threats, and they’re relying upon a strong, competitive industrial base to deliver those solutions,” said Christopher E. Kubasik, L3Harris CEO and Chair.

 

“With this acquisition, we will use the combined talents of more than 50,000 employees to drive continuous process improvement, enhance business operations and elevate the performance of this crucial national asset.”

 

A proven provider of world-class propulsion systems and energetics to the DoD, NASA and other partners and allies worldwide, Aerojet Rocketdyne has a 100-year heritage of excellence delivering some of the most significant moments in space exploration and discovery, while leading the industry with investments in rocket propulsion that support America’s warfighters and enhance integrated deterrence.

 

The acquisition will ensure the defense industrial base and our customers will have a strengthened merchant supplier to effectively address both current and emerging threats – and promote scientific discovery and innovation – through targeted investment in advanced missile technologies, hypersonics and more.

 

“This agreement will accelerate innovation for national security propulsion solutions while providing a premium cash value for our shareholders and tremendous benefits for our employees, customers, partners and the communities in which we operate,” said Eileen P. Drake, CEO and President of Aerojet Rocketdyne. “Joining L3Harris is a testament to the world-class organization and team we’ve built and represents a natural next phase of our evolution. As part of L3Harris, we will bring our advanced technologies together with their substantial expertise and resources to accelerate our shared purpose: enabling the defense of our nation and space exploration. This is an exciting new chapter for Aerojet Rocketdyne and our over 5,200 dedicated team members, providing them with additional opportunities, and we look forward to working closely with L3Harris to complete this transaction.”

 

Aerojet Rocketdyne currently generates approximately $2.3 billion in annual revenue. The company’s employees operate primarily out of advanced manufacturing facilities in Canoga Park, California; Camden, Arkansas; West Palm Beach and Orlando, Florida; Huntsville, Alabama; Orange, Virginia; Redmond, Washington; Stennis Space Center, Mississippi; Jonesborough, Tennessee; and Carlstadt, New Jersey.

 

The cash acquisition will be funded with existing cash and the issuance of new debt. The deal is expected to close in 2023, subject to required regulatory approvals and clearances and other customary closing conditions.

 

Additional information regarding this transaction can be found at the L3Harris investor page and the Aerojet Rocketdyne investor page.

 

About L3Harris Technologies

L3Harris Technologies, an agile global aerospace and defense technology innovator, delivers end-to-end solutions meeting our customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and customers in more than 100 countries.

 

About Aerojet Rocketdyne

Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc., is a world-recognized aerospace and defense leader that provides propulsion systems and energetics to the space, missile defense and strategic systems, and tactical systems areas, in support of domestic and international customers. For more information, visit www.Rocket.com and www.AerojetRocketdyne.com.

 

Regarding this Acquisition

Barclays Capital Inc. and Goldman Sachs & Co. LLC are serving as financial advisors, and Simpson Thacher & Bartlett LLP is serving as legal counsel to L3Harris. Citi and Evercore Inc. are serving as co-lead financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Aerojet Rocketdyne.

 

Forward-Looking Statements

This press release contains forward-looking statements that reflect each company’s management’s current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Each company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Important risk factors that could cause actual results or outcomes to differ from those expressed in the forward-looking statements are described in the “Risk Factors” sections of each company’s Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent quarterly reports on Form 10-Q. In addition, the following factors, among others, could cause actual results to differ materially from the forward-looking statements or historical performance: delays in, or failures in respect of, anticipated satisfaction of closing conditions, unexpected costs, liabilities or delays, legal proceedings or the ability to obtain regulatory approvals and the satisfaction of other closing conditions in a timely manner or at all. Statements about business acquisitions, including benefits and future plans, are forward-looking and involve risks and uncertainties. The forward-looking statements speak only as of the date of this press release, and L3Harris and Aerojet Rocketdyne disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Additional Information and Where to Find It

In connection with the proposed transaction, Aerojet Rocketdyne will file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including Aerojet Rocketdyne’s proxy statement on Schedule 14A (the “Proxy Statement”). Aerojet Rocketdyne plans to mail to its stockholders a definitive Proxy Statement in connection with the proposed transaction. AEROJET ROCKETDYNE URGES YOU TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AEROJET ROCKETDYNE, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors will be able to obtain a free copy of the Proxy Statement and other related documents (when available) filed by Aerojet Rocketdyne with the SEC at the website maintained by the SEC at www.sec.gov. Investors also will be able to obtain a free copy of the Proxy Statement and other documents (when available) filed by Aerojet Rocketdyne with the SEC by accessing the Investor Relations section of Aerojet Rocketdyne’s website at http://rocket.com.

 

Participants in the Solicitation

Aerojet Rocketdyne and certain of its directors, executive officers and employees may be considered to be participants in the solicitation of proxies from Aerojet Rocketdyne’s stockholders 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 stockholders of Aerojet Rocketdyne in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be included in the Proxy Statement when it is filed with the SEC. You may also find additional information about Aerojet Rocketdyne’s directors and executive officers in Aerojet Rocketdyne’s proxy statement for its 2022 annual meeting of stockholders, which was filed with the SEC on May 3, 2022 and in subsequently filed Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. You can obtain free copies of these documents from Aerojet Rocketdyne using the contact information below.

Contacts

Media Contacts
Paul Swiergosz
L3Harris Technologies

Paul.Swiergosz@L3Harris.com
(321) 378-5631

Steve Warren
Aerojet Rocketdyne

Steven.Warren@rocket.com
(703) 650-0278

Investor Contacts
Rajeev Lalwani
L3Harris Technologies

Rajeev.Lalwani@L3Harris.com
(321) 727-9383

Kelly Anderson
Aerojet Rocketdyne

IR@AerojetRocketdyne.com
(310) 252-8155