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CCM Biosciences announces launch of 5Prime Sciences business unit

New business unit is focused on DNA Biotechnology and Molecular Diagnostics, leveraging state-of-the-art platforms for enzyme engineering

 

Global annual revenue from company’s intellectual property portfolio is $30-50M

 

 

MOUNT LAUREL, N.J. — (BUSINESS WIRE) — Diversified biotechnology company CCM Biosciences (CCM Bio) announced the launch of its business unit CCM 5Prime Sciences (5Prime) focused on the development and application of proprietary technology in the domain of DNA biotechnology. 5Prime’s technology platform includes multiple patent-protected, globally commercialized compositions and methods for molecular cloning, next-generation DNA sequencing and molecular diagnostics.

 

5Prime has two focus areas: 1) in vitro diagnostic (IVD) tests: a wide array of companion diagnostics (CDx) tests for targeted cancer, rare disease, and prenatal/preimplantation diagnostics, developed using the droplet digital Polymerase Chain Reaction (ddPCR) and Next-Generation Sequencing (NGS) methodologies, which accompany the personalized medicine therapeutic (Rx) pipeline of CCM Bio; 2) synthetic biology: engineered DNA- and RNA-manipulating enzymes that improve upon the enzymes used in IVD tests, in PCR reagents, and also in enzymatic DNA/RNA synthesis.

 

Proven technology behind market-leading DNA sequencing products and diagnostic tests; including one of the 5 highest revenue-generating technologies invented in the history of Princeton University

 

Focus areas 1 and 2 are based on the company’s patented technology originating in the PhD thesis work of Co-Founder and CEO Dr. Raj Chakrabarti at Princeton University. According to the Princeton University Office of Technology Licensing, patents in this portfolio, which are now controlled by 5Prime, are among the top 5 revenue-generating patents in the history of the university, having been commercialized in collaboration with companies such as Celera Diagnostics, Quest Diagnostics, Abbott, New England Biolabs, and Toyobo Life Sciences. Diagnostic tests and products based on the company’s intellectual property include the XSense test from Quest Diagnostics, which is the leading DNA-based carrier screening test for autism (Fragile X syndrome); and the Q5 polymerase kit marketed by New England Biolabs, which is the leading high-fidelity polymerase kit for DNA sequencing.

 

In the context of molecular diagnostics, NGS is typically applied to diagnose in high-throughput the patterns of DNA mutations in genes. A related method called RNA-Seq, which applies NGS to RNA rather than DNA to measure real-time gene expression levels, has emerged as a foundation for modern personalized medicine. However, a notorious difficulty in both traditional NGS and RNA-Seq is sequence bias, which results in inaccurate estimates of the relative copy numbers of different genes and associated disease-causing mutations, and which has limited the transformative potential of these methods. ddPCR is a sensitive method for diagnosing mutations in specific disease-associated genes that is also limited by problems of sequence bias.

 

5Prime’s technology enables the efficient polymerization and amplification of nearly any DNA or RNA sequence to overcome sequence bias in nucleic acid amplification and associated diagnostic methods like NGS and ddPCR, the global markets for which were valued at $10B and $6B, respectively, in 2022 and expected to surpass $44B and $14B, respectively, by 2032. Its state-of-the-art synthetic biology platform for polymerase enzyme engineering generates proprietary polymerases with optimal properties for NGS or PCR-based diagnostic tests, by applying machine learning algorithms to the big data generated from ultrahigh-throughput, microfluidic experimental screening of enzyme activity. In addition, the company’s technology platform applies proprietary nonaqueous media and computational systems biology methods in conjunction with such enzymes to dramatically improve nucleic acid polymerization and amplification efficiency.

 

About CCM Biosciences

CCM Biosciences, Inc. is a biotechnology company dedicated to discovering and developing novel drugs – including small molecules, gene therapies, biologics, and nanomedicines – as well as associated companion diagnostics. CCM Bio’s patented molecular discovery platforms were developed at Chakrabarti Advanced Technology, a privately funded R&D institute founded in 2010 with scientists in the US, France and India and with publications in leading scientific journals including PNAS, Nucleic Acids Research, American Chemical Society journals and Nature Publishing Group journals. CCM Bio is partnered with the global chemical and pharmaceutical services company PMC Group, Inc. for fully integrated discovery, development and manufacturing of drugs and diagnostics.

Contacts

Dr. Anisha Ghosh
email: anisha@ccm-bio.com

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Data.ai: Puzzle app Royal Match globally held top spot for biggest mobile game by monthly revenue since July, beating Candy Crush Saga

—  Istanbul-based developer Dream Games is on track to double revenue from its debut title despite a lacklustre year for mobile peers

 

 

Tim Bradshaw / Financial Times:

 

Puzzle app Royal Match, developed by a small team in Istanbul, has overtaken Microsoft-owned Candy Crush Saga as the most lucrative mobile game in the world, outshining other smartphone titles during a lacklustre 12 months for the industry. Royal Match became the biggest mobile game by monthly revenue globally in July and has held the top spot since then, according to Data.ai, which tracks consumer spending on Apple and Android app stores.

 

Launched in 2021, it is the debut title from Dream Games, a Turkish start-up valued at $2.75bn early last year. For more than a decade, King’s Candy Crush Saga has been one of the world’s most consistently popular games on any platform, hitting $20bn in cumulative revenue this year. Now part of Microsoft after its $75bn buyout of Activision Blizzard, Candy Crush has spent only six months outside the top 10 highest-revenue mobile games since it was released in late 2012, according to Data.ai. Consumer spending on Royal Match more than doubled in the year to October, increasing the game’s annual gross revenue run rate (before paying out app store fees) to $2bn, said Soner Aydemir, Dream Games co-founder and chief executive.

 

Royal Match grew so much in what has been another challenging year for mobile games, its creators and investors say, thanks to a focus on quality and mass-market appeal, in a sector that often sees short-term money-spinners launched into Apple’s and Google’s app stores by a few developers on a low budget. “We strongly believe quality is the best business plan,” Aydemir said. Data.ai is forecasting the mobile games market will decline about 3 per cent this year globally, including in China, making Royal Match — alongside Scopely’s Monopoly Go! — a scarce new hit. “They have had a very impressive year,” said Lexi Sydow, head of insights at Data.ai. Royal Match is a “match-three” puzzle game, which would typically involve lining up tiles or icons to clear a grid. These have become the most popular casual gaming genre since they were popularised by Bejeweled in the early 2000s.

PHOTO: Soner Aydemir, Dream Games co-founder and chief executive: ‘What we are focusing on is a little bit different to our competitors’ © Ege Islek

 

While it spawned many imitators, Candy Crush Saga came to dominate the match-three market, ranking number one by consumer spend on mobile app stores for nearly 127 consecutive months, according to Data.ai. At least, until this summer. Aydemir said his players are more loyal and willing to spend more on in-game items than in other puzzle apps. More than 90 per cent of Royal Match users who have played the game for a year go on to play it for a second year, he added. Part of Royal Match’s success is its mass-market appeal, with an easy-to-learn puzzle element and bright and breezy storyline that draws a wider audience than the fantasy battlers or casino games that typically dominate the revenue charts, Sydow said. With about 55mn monthly active users, it has succeeded in persuading players to spend more on average than Candy Crush’s much larger audience of approximately 160mn does, according to Data.ai. Dream Games’ investors are hoping that it can outlast other pretenders to Candy Crush’s throne, such as Playrix’s Gardenscapes and Homescapes, which briefly outsold King’s hit for a few months in 2020.

 

“So many mobile games are a bit glitchy or the graphics aren’t that good but Royal Match is a luxury experience,” said Rob Moffat, an early investor in Dream Games with Balderton Capital, the London-based venture capital firm. “Nothing ever breaks, it’s a really clear clean art style. They think about every detail.” Dream has also invested heavily in advertising to bring in new players and lure back lapsed ones, at a time when many mobile games developers have struggled to navigate Apple’s privacy changes, which have impeded ad targeting of “whales” or big spenders in the past few years. “There’s this idea that in a climate where it’s more difficult to find your whales, it might be smarter to go broader,” said Sydow.

PHOTO: ‘Royal Kingdom’, the coming follow-up to ‘Royal Match’ © Dream Games

 

Next year, Dream Games plans to capitalise on its success by launching a follow-up, Royal Kingdom, that Aydemir hopes will “extend the story and the universe” of Match’s lead character, King Robert. Royal Kingdom, which introduces Robert’s brother Richard, is being tested in the UK and other select markets. “What we are focusing on is a little bit different to our competitors,” said Aydemir. “We are focusing on building an [intellectual property] and characters and a universe, with a well-crafted product to create a high-quality game with long-term and mass appeal.” Dream Games wants to avoid being a “one-hit wonder”, said Danny Rimer, a partner at investor Index Ventures, who sits on its board. “They have higher expectations for themselves.” The start-up was founded in 2019 by former executives at Peak Games, another Turkish mobile developer that was acquired in 2020 by US rival Zynga. Dream Games, which now employs 200 people and is profitable, recently brought on Ed Catmull, co-founder of digital animation pioneer Pixar, as a strategic adviser.

 

“When I first started playing Royal Match, I was struck by the unusual attention to the quality of the game’s visuals,” said Catmull, who has passed 5,000 levels on the game, according to Aydemir. Aydemir is an admirer of Pixar and its parent, Walt Disney, for both their output and their organising principles, and has watched The Lion King musical five times and the Frozen stage show twice. Dream Games has a 35-seat cinema in its Istanbul office where all staff, including software engineers, regularly watch movies — then spend hours afterwards analysing what makes them good or bad. “It builds a creative culture in the company,” Aydemir said. “We also play very bad games to understand why they are not good enough.”

 

 

 

— Techmeme

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Tony Leung and Andy Lau reunite in ‘The Goldfinger,’ reviving the Hong Kong Noir genre: ‘Epic stories are making a comeback’

“If you really missed not seeing us on screen together, then ‘The Goldfinger’ is your opportunity to do so,” says Hong Kong superstar Andy Lau of his new crime movie where he is again paired with Tony Leung Chiu-wai  “(In the Mood for Love).”

 

The film releases at the end of the month in different parts of Asia and North America (from Dec. 30). Pre-release marketing and promotional efforts make much of the Lau-Leung repairing some twenty years after the “Infernal Affairs” trio of hit movies. The movies were both critical and commercial hits and contained an iconic rooftop scene in Hong Kong’s Wanchai district with the police undercover agent and the mobster’s mole facing off guns drawn.

 

The pair clearly rate each other highly for their acting skills and for the kind of professionalism that has kept them both a the top of the game for more than two decades. If anything, they claim to be getting better. “I think we’ve gotten a lot more mature over the years and we’ve also built up more acting experience,” Leung said.

 

But the real magic – like Quentin Tarantino getting John Travolta to dance again in “Pulp Fiction” – is dropping the pair back into a gritty Hong crime thriller that is drawn on a large and somewhat nostalgic canvas. The director and screenwriter of “The Goldfinger” is Felix Chong, who in recent years is known for “Project Gutenberg” and the series of “Overheard” movies, but who hit the big time at the beginning of the decade as co-writer of “Infernal Affairs.”

 

The new financial crime film pits Lau as a desiccated 1980s crime investigator within the relatively newly formed Independent Commission Against Corruption (ICAC) trying to put Leung as the flamboyant head of the Carmen Century Group behind bars. It is a pursuit that takes many years as, at first, Leung’s character Ching appears to have a Midas touch, building an investment empire through a succession of bold gambles and deft use of shares as a form of payment.

 

When a stock market rout bankrupts the Carmen group, exposing it as little more than a Ponzi scheme, the sleuth thinks he may have his chance. But the body count grows and justice proves hard to deliver. (Part of the story is said to be based on the real world rise and fall of the Carrian Group.)

 

“The Goldfinger” has a complex and fast-moving plot with multiple leaps back and forward in time. And a budget big enough to do justice to the period setting and flavors – it takes in a plethora of Hong Kong locations that were hip and luxurious in their day, but which now look gaudy and deliciously retro.

 

That combination puts “The Goldfinger” in a direct line of succession to Hong Kong noir films such as “Infernal Affairs,” and the oeuvres of Johnny To and John Woo.

 

This is a genre which may have fallen into partial decline as a result of Hong Kong filmmakers decade-long experiment in making films for mainland audiences (and their more restrictive political overseers) and a renewed focus on smaller-budget, hyper-local films. Since 2019, Hong Kong-made films such as “Table for Six,” “Mama’s Affair” and “A Guilty Conscience” have regained market share of the local box office, but failed to convert wide international audiences.

 

“Hong Kong films deserve a bigger market. There have been so many new forms of competition that the [Hong Kong] market has shrunk. At the same time, [Hong Kong films’] subject matter has become been more concerned about local and social topics,” says Lau. “But I also hope to see more epic stories, bigger, more globalized stories that also incorporate local [Hong Kong] elements.”

 

“The theme of financial crimes [such as ‘The Goldfinger’s’] is very attractive and yet very unique. It is something that audiences everywhere in the world can connect with,” said Leung.

 

Hong Kong may no longer the hub of Asian cinema that it was in the 1980s and 1990s, but the skills endure. Leung said that digital de-aging technology was not used and that his character’s three different looks were achieved the old-fashioned way, with wigs, make up and costume. And, as a performer he had little difficulty getting his head around the chronological challenges. “It was all there on the page,” he said.

 

 

 

— Variety

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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

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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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AACCNJ announces new chairman and vice chair for 2024, at AACCNJ annual meeting

ISELIN, N.J. — R. Stanley Prater, Chairman, African American Chamber of Commerce of New Jersey (AACCNJ) announced that Gary Mann, CEO, Jasfel Analytics, and Tammeisha Smith, CEO, Dunbar Center will serve as Chairman of the Board and Vice Chair of the Board of Directors, respectively, effective Jan. 1, 2024.

 

“It has been an honor and privilege to serve as the Chamber’s Chairman over the last four years, and I am confident that newly elected Chairman; Gary Mann and Vice Chair; Tammeisha Smith are well positioned and the right choices to lead the Chamber into the future,” said, R. Stanley Prater.

 

“I am truly honored and humbled to step into the role of Chairman of the Board. Stan has been an exemplary steward and leader, and I extend my sincere gratitude to him”, said Gary Mann, CEO, Jasfel Analytics. “As I assume this responsibility, I am mindful of the extraordinary work of John Harmon, Founder and CEO. Standing on the shoulders of both Stan and John, I am committed to building on their incredible legacy.

 

Together, with the continued guidance of John, we will further advance and expand revenue generating opportunities and strategic relationships for African American businesses in New Jersey and beyond.”

 

“As we look ahead, I am inspired by the collective strength and diversity of talent within our membership. I firmly believe that our success is interlinked with the success of every member, said Tammeisha Smith, CEO, Dunbar Center. “Therefore, I encourage active participation, constructive feedback, and a shared commitment to our common goals. Together, we will chart a course that not only sustains our present momentum but also paves the way for a brighter, more prosperous future.”

 

“It certainly doesn’t seem like it has been four years, but it has been an absolute honour and pleasure to serve as the Vice Chairman of the Board of the African American Chamber of Commerce”, said Robert Warrington, Esq.  “It has been immensely satisfying to be a part of an organization that takes pride in highlighting daily how Black excellence in the business community continues to benefit New Jersey’s economy. I am confident that Gary Mann and Tammeshia Smith will continue to uphold that standard in the years to come as the organization continues to advocate for inclusion of its constituents in New Jersey’s economy.”

 

“We are grateful to former Chairman Stan Prater for his leadership to excellence, growth and sustainability over his tenure, he definitely made an impact on our organization”, said John E. Harmon, Sr., IOM, Founder, President, & CEO, AACCNJ.

 

“And to our incoming Chairman, Gary Mann and the other officers that will join him, there remains a tremendous amount of work to be done and each of you possess the commitment and unique skills necessary to get the job done with excellence.

 

I look forward to working with each of you to design strategies that will derive value for our members and those that invest in the mission of AACCNJ while concurrently contributing to the competitiveness of New Jersey.”

 

The official Changing of the Guard ceremony/reception will take place on January 18th from 6 p.m. – 8 p.m. at the APA Hotel in Iselin, NJ. Members only, may register at www.aaccnj.com.

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Art & Life Culture Economics International & World Lifestyle

All the opportunity in the world awaits: Why Hollywood needs to embrace the vitality of international creators

The first time I went to Ghana, I was 19 years old and volunteering to build a health clinic in a rural village. It was the early ‘90s, I was a teenaged lunatic, and everything bad that could have happened to me did: I got malaria; I was beaten up by soldiers on the border with the Ivory Coast — but I also encountered wonderful people and stunning and moving and unforgettable experiences and friendships. All told, I had the time of my life, and vowed to spend as much time as I could on the African continent, and I have ever since.

 

A few weeks ago, I was back in Ghana (now as a middle-aged man, no backpack, no youthful bravado) for a very different reason: to join other producers at a historic pan-African summit devoted to the elevation of the film and television industries across the continent. And the talent, entrepreneurial intelligence, and sheer creativity on display came as a welcome injection of hope at a time when those of us based in Hollywood could use it.

 

As we all take our holiday break and look toward 2024, many of us working in the entertainment hub of Los Angeles are — to say the least — shaken. Limping out of the pandemic and labor strikes and cost-cutting and mergers, Hollywood is struggling for the gumption to do anything cool; or, really, to do just about anything. Buyers seem to be only warily open for new business, and strictly according to company “mandates” conveyed by apologetic executives who are understandably fearful for their jobs. What’s been lost in this town-wide shakedown is the electric sense of possibility, of excitement about daring projects, and a desire for creative innovation that, for many of us, is the reason we have these jobs in the first place.

Invention Studios chief Nicholas Weinstock with Invention’s Nicole Magabo and Vanessa Kihuguru Olanrewalu Ayorinde

 

The irony is that the industry has never been in more urgent need of creative innovation than now. Unexpected storytelling from sources as far-ranging as possible are in fact crucial to our ability to get through the current crunch to a healthier future. It’s worth pointing out that many of the most prosperous recent jolts to the film and television business have come from surprising creators outside America’s borders – from “Parasite” to “Casa de Papel” to “Squid Game” to “Lupin” to the British-conceived “Succession” to the India-born “RRR” and beyond. It’s also worth noting that the number of game-changing hit movies and series that have been generated by nervous corporate mandates, in the history of the entertainment industry, is zero.

 

All of which suggests that the world beyond seized-up Hollywood might provide a beacon as we all try to get through a dark time.

 

In November, I had the honor to serve as head juror of the Africa International Film Festival (AFRIFF) in Lagos, Nigeria, where more than 700 feature films were submitted from across the continent and from traditional tribal storytellers and internationally renowned filmmakers alike. The award for best picture went to “Fumilayo Ransome-Kuti,” about the life of a heroic women’s rights activist and educator: a film (period piece, narratively unorthodox, feminist agenda, unfamous actors) that would be in no corporate mandate on earth.

 

From Nigeria I traveled to Accra, where the National Film Authority hosted the first-ever continental summit devoted to the empowerment of African cinema. Hundreds of emerging writers and directors attended the conference’s panels and speeches — including a passionate address by Ghana’s President, Nana Akufo-Addo — advocating and offering support for globally groundbreaking movies and shows.

 

And you don’t have to go as far as Africa to find surging creative ambition. A couple months ago, at the Mercato Internazionale Audiovisivo (MIA) in Rome and at MIPCOM in Cannes, creators and producers from around the world convened to build and promote their most audacious projects. While there I strategized with a Ukrainian producer on her comedy set in a bunker in Kiev during the Russian bombings; with Mumbai-based entrepreneurs who are gathering the makers of India’s most popular YouTube videos into a creative comedy collective; and with other pioneers of film and television offering tales and perspectives that worldwide audiences have never seen.

 

The energy of international creators these days is a vital fuel for our industry that — unlike most natural resources — is only growing. And for those of us hoping to make great things in 2024 and beyond, it’s a model of creative courage that we desperately need. Amid all the corporate downsizings in Hollywood, it’s crucial that we resist the obedient urge to downsize our imaginations. Our industry is in urgent need of reinvention. We have the historic opportunity to rise to that challenge with all the partners, innovators and joy in the world.

 

(Pictured at top: Attendees at the Africa International Film Festival in Lagos in November)

Nicholas Weinstock is president of Invention Studios, an independent creative company based in Los Angeles. After attending college at Harvard University and the University of Nairobi, he went to graduate school for literature at the University of Botswana and the University of Cape Town, and is author of a nonfiction book and two novels. Most recently, he developed and executive produced the Apple TV+ series “Severance” and “High Desert” and produced the film “Thelma,” set to premiere at the 2024 Sundance Film Festival. He is also the founder of Craft Services, an online support network and project incubator for more than 600 emerging screenwriters worldwide.

 

 

 

— Variety

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Business Culture Economics Entertainment News Lifestyle Perspectives

Some of this year’s cinematic films hit big while others list as most overlooked movies of 2023

This past year saw cinematic highs for studio blockbusters like “Barbie” and “Oppenheimer” while indie darlings such as “American Fiction” and “Past Lives” found a warm reception from critics and audiences.

 

But not all films can make a mark at the box office or find a passionate fanbase (or obsessed critic) to champion their releases.

 

The content onslaught often makes it hard to find the hidden gems, which is what end of the year lists are for — so Variety asked writers and editors to suggest their lesser-seen favorite films of the year.

 

And while you’re desperately searching for new content, check out Nida Manzoor’s jaw-dropping, action flick “Polite Society” or the tear-inducing animated feature “Robot Dreams.”

 

Do not sleep on the middle-of-nowhere Australian crime documentary “Last Stop Larrimah,” centered around the mysterious disappearance of the local favorite, thus making everyone a suspect.

 

If you’re looking for a thriller, check out the screenshot flick “Missing” that takes place entirely from a teenager’s laptop and phone, as she tries to uncover the secret behind her mother’s sudden and unexplainable disappearance (from the creators of “Searching).”

 

And if you’re looking for something a little lighter, we suggest Peter Dinklage, Anne Hathaway and Marisa Tomei’s strange little comedy “She Came to Me,” about a composer who finds inspiration for his next musical masterpiece while cheating on his wife with a tugboat captain.

 

Instead of re-watching “West Wing” or mainlining “The Sopranos” yet again, check out these movies you may have missed.

The Wallners’ catchy “In My Mind” opens and closes German director Christian Petzold’s perceptive portrait of a young novelist named Leon, who heads to a family cottage on the Baltic coast to complete his second manuscript. While his housemates spend their afternoons swimming, flirting and falling in love, Leon putzes around the house, looking for inspiration — but mostly just wasting time. When the others ask him to join in, he’s quick to deflect, saying, “My work won’t allow it.” Smart and sexy, “Afire” is above all keenly insightful about the insecurities of a bright, borderline-insufferable writer stuck in his own head. — PD

 

Read more:

https://variety.com/lists/overlooked-movies-of-2023/afire/

 

 

 

— Variety

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Business Culture Economics Lifestyle Perks Sports & Gaming Technology

Ocean Casino Resort selects Konami Gaming’s SYNKROS casino management system showcasing a suite of top features

Atlantic City Boardwalk resort joins with Konami to deliver industry-leading tech features to guests

LAS VEGAS — (BUSINESS WIRE) — Ocean Casino Resort and Konami Gaming, Inc. announced a partnership to drive in-demand casino technology to the 20-acre luxury destination on Atlantic City’s world-famous boardwalk.

 

Ocean has selected Konami’s SYNKROS® as its core gaming enterprise management system, through which the resort is set to take advantage of many exciting features that would be first to market in New Jersey. Ocean is in the position to leverage award-winning technology including Konami’s Konetic™ employee mobile application and integrated SYNK31™ Title 31 / Anti-Money Laundering (AML) system, for continuing top-tier service.

 

“We are looking forward to partnering with Konami to present both our guests and our team members with innovative, first to market technology meant to maximize efficiency and improve customer experiences,” said Bill Callahan, General Manager for Ocean Casino Resort. “Konami’s industry-leading technology and global gaming savvy are invaluable in the implementation of these new features to our casino floor.”

 

Through the upcoming SYNKROS launch, guests at Ocean will have the opportunity to tap into a suite of new and convenient bonusing and funding options. Another high-demand solution is the award-winning mobile app Konetic, which brings a convenient online workflow to many casino employee tasks including jackpot hand pays, managing dispatching alerts, cash can processing, progressive signs monitoring, and more. And with the implementation of SYNK31, Ocean is an industry early adopter of comprehensive, fully integrated Title 31 / AML compliance.

 

“As Ocean Casino Resort continues to achieve exceptional growth, the resort is investing in state-of-the-art gaming technology and innovative systems to enhance its operations and guest experience,” said Tom Soukup, senior vice president & chief systems product officer at Konami Gaming, Inc. “Our team is incredibly driven toward Ocean’s ongoing customer service strength, growth success, and market differentiation.”

 

This conversion is expected to be completed before Summer 2024.

 

Those interested in learning more about SYNKROS’ award-winning product suite are encouraged to visit www.konamigaming.com.

 

About Ocean Casino Resort:

Spanning over 20 beachfront acres on the world-famous Atlantic City Boardwalk, Ocean Casino Resort, named “Best Casino” by Philadelphia Magazine’s “Best of Philly 2023” awards, features 1,860 guest rooms and suites; 135,000 square feet of gaming entertainment; over 1,750 slot machines; 125 gaming tables; 160,000 square feet of meeting and convention space; 90,000 square feet of unique outdoor space; 5 upscale dining restaurants; 10 casual dining options; a 40,000 square foot spa; 6 signature day and nightlife experiences; and a 4,500-seat concert venue. Ocean is home to the world’s largest Topgolf Swing Suite and offers both land-based sports wagering and online gaming within the state of New Jersey through its real-money gaming sites. Ocean Casino Resort is owned and operated by AC Beachfront, L.L.C. For more information about Ocean, please visit theoceanac.com or follow Ocean on Facebook, Twitter, Instagram, & TikTok.

 

About Konami Gaming, Inc.

Konami Gaming, Inc. is a Las Vegas-based subsidiary of KONAMI GROUP CORPORATION (TSE: 9766). The company is a leading designer and manufacturer of casino games and technology for the global gaming market. For more information about Konami Gaming, Inc. or the SYNKROS® casino management system, please visit www.konamigaming.com.

Contacts

Media Contact:
Tashina Lazcano

Director of Marketing & Communications

702.419.6025

wortham0609@konamigaming.com

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Business Culture Economics Lifestyle Perspectives Regulations & Security

AM Best affirms Credit Ratings of Starr International Company, Inc.’s insurance subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the insurance subsidiaries of Starr International Company, Inc. (SICO) (Switzerland), a private investment holding company. The outlook of these Credit Ratings (ratings) is stable. These rating actions apply to the members of Starr International Group (SIG) and Starr Insurance & Reinsurance Limited (SIRL) (Bermuda).

 

The ratings of the members of SIG reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM). Members of SIG include Starr Indemnity & Liability Company, Starr Surplus Lines Insurance Company and Starr Specialty Insurance Company. These companies are all domiciled in Dallas, TX.

 

The ratings of SIRL and its members reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favorable business profile and appropriate ERM. Members of SIRL include Starr Property & Casualty Insurance (China) Company, Limited; Starr International Insurance (Asia) Limited (Hong Kong); Starr International Insurance (Singapore) Pte. Ltd; Starr International (Europe) Limited (United Kingdom); Starr International Insurance (Switzerland) AG (Switzerland) and Starr Europe Insurance Limited (Malta).

 

The operations of SIG and SIRL support a business profile that is well-diversified internationally and by product exposures. The groups continue to report strong growth trends in their key markets. Overall underwriting results are in line with the commercial casualty composite five-year average combined ratio. The groups have sustained the strongest levels of risk-adjusted capitalization on a consolidated and per-entity basis, as measured by Best’s Capital Adequacy Ratio (BCAR), which is further supported by favorable liquidity metrics. AM Best also notes that each group maintains above-average allocations to alternative asset classes, relative to composite peers, including private equity and debt funds, real estate funds and hedge funds, which are managed by affiliated investment management companies using external asset managers.

 

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

Michael Venezia
Senior Financial Analyst

+1 908 882 2414
michael.venezia@ambest.com

Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310
christopher.sharkey@ambest.com

Erik Miller
Director
+1 908 882 2120
erik.miller@ambest.com

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