Categories
Business Healthcare

Merck and Ridgeback Biotherapeutics provide update on results from MOVe-OUT study of molnupiravir, an investigational oral antiviral medicine, in at risk adults with mild-to-moderate COVID-19

KENILWORTH, N.J. & MIAMI — (BUSINESS WIRE) — $MRK #MRK–Merck (NYSE: MRK), known as MSD outside the United States and Canada, and Ridgeback Biotherapeutics today provided an update on the MOVe-OUT study of molnupiravir (MK-4482, EIDD-2801), an investigational oral antiviral medicine for COVID-19. Data are now available from all enrolled participants (n=1433). In this study population, molnupiravir reduced the risk of hospitalization or death from 9.7% in the placebo group (68/699) to 6.8% (48/709) in the molnupiravir group, for an absolute risk reduction of 3.0% (95% confidence interval [CI]: 0.1, 5.9; nominal p-value=0.0218) and a relative risk reduction of 30% (relative risk 0.70; 95% CI: 0.49, 0.99). Nine deaths were reported in the placebo group, and one in the molnupiravir group. The adverse event profile for molnupiravir remained consistent with the profile reported at the planned interim analysis.

Based on the study design, the definitive evaluation of efficacy was considered complete at the planned interim analysis, when the statistical criterion for success was met and enrollment in the study was discontinued at the recommendation of the external Data Monitoring Committee and agreed to by the U.S. Food and Drug Administration (FDA). As previously reported, at the planned interim analysis, molnupiravir significantly reduced the risk of hospitalization or death from 14.1% (53/377) in the placebo group to 7.3% (28/385) in the molnupiravir group (absolute risk reduction 6.8%; 95% CI: 2.4, 11.3; p=0.0012), for a relative risk reduction of 48% (relative risk 0.52; 95% CI: 0.33, 0.80).

 

The interim analysis and the additional analyses support the efficacy and overall favorable benefit-risk assessment of molnupiravir for the treatment of mild to moderate COVID-19 in adults at high risk for disease progression. Merck has shared these additional analyses with the FDA and they will be presented to the FDA’s Antimicrobial Drugs Advisory Committee on Nov. 30th.

 

Molnupiravir is being developed by Merck and Ridgeback for the treatment of mild to moderate coronavirus disease 2019 (COVID-19) in adults with a positive SARS-CoV-2 diagnostic test and who are at high risk for progression to severe COVID-19, including hospitalization or death. Molnupiravir has been authorized for use in the U.K. The FDA is reviewing Merck’s application for Emergency Use Authorization. The European Medicines Agency (EMA) is reviewing Merck’s application for marketing authorization following a positive scientific opinion under Article 5.3 regulation 726/2004, which is intended to support national decision-making on the possible use of molnupiravir prior to marketing authorization. These regulatory applications for molnupiravir are based on the pre-specified interim analysis based on data from 762 patients, which is the primary analysis of the study.

 

Merck and Ridgeback Biotherapeutics have conducted a rigorous development program for molnupiravir, and believe that molnupiravir has the potential to address a significant unmet medical need for an oral medicine for adults with COVID-19 who are at risk for progressing to severe COVID-19 and/or hospitalization. We look forward to working with the FDA and other agencies as they review our applications.

 

About Molnupiravir

Molnupiravir (MK-4482, EIDD-2801) is an investigational, orally administered form of a potent ribonucleoside analog that inhibits the replication of SARS-CoV-2, the causative agent of COVID-19. Molnupiravir is being studied as a single medicine, without the use of concomitant medicines and without food intake restrictions or dose modifications based on renal or hepatic impairment. Based on available data, no known drug interactions with molnupiravir have been identified.

 

Molnupiravir was invented at Drug Innovations at Emory (DRIVE), LLC, a not-for-profit biotechnology company wholly owned by Emory University; Emory/DRIVE received some research funding from the U.S. Department of Defense and the National Institutes of Health. Molnupiravir is being developed by Merck & Co., Inc. in collaboration with Ridgeback Biotherapeutics. Ridgeback received an upfront payment from Merck and also is eligible to receive contingent payments dependent upon the achievement of certain developmental and regulatory approval milestones. Any profits from the collaboration will be split between the partners equally. Since licensed by Ridgeback, all funds used for the development of molnupiravir have been provided by Merck and Ridgeback.

 

About Ridgeback Biotherapeutics

Headquartered in Miami, Florida, Ridgeback Biotherapeutics LP is a biotechnology company focused on emerging infectious diseases. Ridgeback markets EbangaTM for the treatment of Ebola and has a late-stage development pipeline which includes molnupiravir for the treatment of COVID-19. The team at Ridgeback is dedicated to developing life-saving and life-changing solutions for patients and diseases that need champions as well as providing global access to these medicines. In line with Ridgeback’s mission for equitable global access, all Ridgeback services and treatment for Ebola patients in Africa are delivered free of charge.

 

About Merck

For over 130 years, Merck, known as MSD outside the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

 

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA.

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

 

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

 

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Contacts

Media Contacts:

Melissa Moody

(215) 407-3536

Patrick Ryan

(973) 275-7075

Ridgeback Media Contact:

Chrissy Carvalho

Chrissy@goldin.com

Investor Contacts:

Peter Dannenbaum

(908) 740-1037

Raychel Kruper

(908) 740-2107

Categories
Business Healthcare

Merck to present at the 4th Annual Evercore ISI HealthCONx Conference

KENILWORTH, N.J. — (BUSINESS WIRE) — $MRK #MRK–Merck (NYSE: MRK), known as MSD outside the United States and Canada, announced today that Frank Clyburn, executive vice president and president of Human Health, is scheduled to participate in a virtual fireside chat at the 4th Annual Evercore ISI HealthCONx Conference on December 1, 2021 at 10:30 a.m. ET.

Investors, analysts, members of the media and the general public are invited to watch a live video webcast of the presentations at https://investors.merck.com/events-and-presentations/default.aspx.

 

About Merck

For over 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

 

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

 

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

 

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Contacts

Media:

Patrick Ryan

(973) 275-7075

Melissa Moody

(215) 407-3536

Investor:

Peter Dannenbaum

(908) 740-1037

Raychel Kruper

(908) 740-2107

Categories
Business Sports & Gaming

EML proudly sponsors the SBC North America Summit 2021

EML is delighted to showcase its winning experience at the Sports Betting Community (SBC) North America Summit in New Jersey from November 30 to Dec 2.


KANSAS CITY, Mo. — (BUSINESS WIRE) — EML Payments (ASX: EML) (S&P/ASX 200), North America’s pioneer in sports betting and igaming, is excited to welcome 2,500+ delegates to the Meadowlands Exposition Center for SBC’s major event, one of the biggest in the U.S.

 

EML’s comprehensive end-to-end solution saves companies time, reduces payment costs, and improves the overall customer experience while increasing gameplay profits.​

 

”Our game-changing solution enables players to experience betting, control and payouts all in one app or mobile experience,” said Ailie Kofoid, CEO Americas at EML.

 

The benefits of choosing EML:

  • Instant access to winnings.
  • Better engagement with customers throughout the igaming experience.
  • Faster spend and reinvestment ability.
  • Incremental revenue and margin.
  • Brand loyalty and engagement.
  • Reduced merchant service fees.

 

The EML team looks forward to engaging with delegates, operator delegates, world-class speakers and exhibitors over the three-day event.

 

About EML Payments

EML provides an innovative payment solutions platform, helping businesses all over the world create awesome customer experiences. Wherever money is in motion, our agile technology can power the payment process, so money can be moved quickly, conveniently and securely. We offer market-leading programme management and highly skilled payments expertise to create customisable feature-rich solutions for businesses, brands and their customers.

 

Come and explore the many opportunities our platform has to offer by visiting us at: EMLPayments.com

Contacts

Sarah Bowles, Group Chief Digital Officer
EML Payments Limited (ASX: EML)
sbowles@emlpayments.com
+61 439 730 968

Marie O’Riordan, Global Director of Public Relations
EML Payments Limited (ASX: EML)
marie.oriordan@emlpayments.com / pr@emlpayments.com
+44 207 183 5856 / +353 46 94 2010 9

Categories
Business

Cushman & Wakefield arranges $107M financing for logistics center in New Jersey

BAYONNE, N.J. — (BUSINESS WIRE) — #CRE–Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive advisor to Lincoln Equities Group and PCCP in the procurement of $107.4 million in acquisition and construction financing for the Bayonne Logistics Center – Building 100 in Bayonne, New Jersey. The loan was provided by Brookfield.

A Cushman & Wakefield team of John Alascio, Chuck Kohaut, TJ Sullivan, Zachary Kraft, Gary Gabriel and Kyle Schmidt represented the borrower.

 

The Bayonne Logistics Center – Building 100 will be a state-of-the-art, 332,640-square-foot industrial complex. The site consists of approximately 45.4 acres of trophy portside property and represents one of the last remaining industrial redevelopment opportunities of scale in the NY/NJ Port market. Construction is expected to be completed in October 2022.

 

“This financing represented a compelling opportunity for lenders, given the location and strength of the industrial market in the Port region,” said Alascio. “We are thrilled for our clients on this execution.”

 

Cushman & Wakefield’s more than 1,000 Logistics & Industrial Services professionals around the world provide local market expertise and strategies for manufacturing, logistics, warehousing and supply chain. According to Cushman & Wakefield research, Q3 2021 was another record-breaking quarter for the U.S. industrial market, with demand, rents and the construction pipeline continuing to reach new heights.

 

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Contacts

Jayden Lapin-Tatman
Communications Manager, East Region
212-841-5052
Jayden.LapinTatman@cushwake.com

Categories
Business Technology

NICE recognizes industry-leading CXone application partners at Fourth Annual DEVone Partner Conference

Awards highlight innovative applications designed to create a fluent digital customer experience

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #NICENICE (Nasdaq: NICE), today announced its 2021 DEVone Partner Award winners, who were recognized at the fourth annual NICE DEVone Partner Conference. More than 80 partners and NICE employees attended this virtual event where executives shared new DEVone program initiatives and the product roadmap for NICE CXone, the world’s #1 cloud customer experience platform.

The NICE DEVone Ecosystem is one of the industry’s largest technology partner networks and extends the NICE CXone portfolio through tested, fully integrated applications that utilize more than 400 APIs. The company works closely with its DEVone partners to ensure a deep understanding of joint customers’ needs in order to provide the next-gen tools necessary for seamless customer experiences.

 

This year’s DEVone Partner Award winners demonstrated innovative and collaborative integrations with NICE CXone that enhance customer experience and deliver better business results. Winners were recognized in the following categories:

 

  • Impact Award: Textel earned the Impact Award for its significant contributions to promoting the value of NICE CXone and the DEVone Ecosystem to customers and prospects. A cloud-based business texting solution, Textel’s integration into NICE CXone’s console enables users to connect directly with enterprise-grade conversational texting.
  • Rising Star Award: Lucency Technologies, which joined the program earlier this year, was recognized for its commitment to both customer engagement and business growth through active collaboration with NICE CXone. Lucency, an advanced customer context platform, enables the real-time transfer of a customer’s active website data (context) to CXone, empowering agents to understand and anticipate the customer’s exact needs for better experience.
  • Connection Award: Surfly and SpiceCSM earned this award as the top two partners who connected their technology to the most NICE CXone customers in the last year. Through their seamless and flexible integrations, both these partners accelerated deployment and added true customer value. Surfly’s co-browsing and remote collaboration technology enables agents to better connect with customers and humanize their interactions, providing a smooth and fast experience. SpiceCSM makes it easy for customers to best utilize existing infrastructure by enabling them to create integrated digital ecosystems that connect disparate systems, people, and processes.
  • Innovator Award: Customer Dynamics was recognized for its new, innovative solutions that leverage the power of CXone to help customers move their business forward, achieve new goals, and provide exceptional CX. This DEVone partner provides customers the tools to consistently deliver exceptional, personalized customer interactions by empowering live agents.

 

NICE CXone stays ahead of evolving and everchanging customer expectations through its digital-first approach, so that contact centers can meet customers where they are, with fast, real-time resolution.

 

“Every contact center has its own individual needs, and NICE CXone offers more than 400 APIs that help solve unique business challenges, so CXone customers can provide innovative and meaningful omnichannel experiences,” said Paul Jarman, CEO of NICE CXone. “As one of the technology industry’s largest partner communities, we’re proud to present these awards to DEVone partners who showcase the best of NICE CXone and deliver solutions that help customers achieve their customer service goals.”

 

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 Paul Jarman, 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
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

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

Categories
Business

AM Best assigns Issue Credit Rating to Massachusetts Mutual Life Insurance Company’s surplus notes

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “aa-” (Superior) to the $675 million 3.200% surplus notes due Dec. 1, 2061 that were recently issued by Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA). The outlook assigned to this Credit Rating (rating) is stable. All other Long-Term IRs of MassMutual and its subsidiaries are unchanged.

MassMutual’s financial leverage and interest coverage ratios are within AM Best’s guidelines for its ratings. The proceeds of the surplus notes will be used for general corporate purposes.

 

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 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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Frank Walko
Financial Analyst
+1 908 439 2200, ext. 5072
frank.walko@ambest.com

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

Best’s Review: Exclusive data and rankings featured in November

OLDWICK, N.J. — (BUSINESS WIRE) — The November issue of Best’s Review includes the following Best’s Rankings in key market segments:

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging insurance issues and trends and evaluating their impact on the marketplace. Full access to the complete content of Best’s Review is available here.

 

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 © 2021 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com

Categories
Business

AM Best Webinar: Benchmarking discussion: How current and emerging auto insurance trends will affect carrier results

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will host a complimentary webinar titled, “Benchmarking Discussion: How Current and Emerging Auto Insurance Trends Will Affect Carrier Results.” The webinar will air on Wednesday, Dec. 8, 2021, at 2:00 p.m. EST and is sponsored by LexisNexis Risk Solutions. Benchmarking is critical to understanding how an individual carrier’s own results are being affected by broader market conditions versus conditions unique to their own book of business. A panel of auto insurance experts will examine market trends and how auto carriers might respond.

Register now: www.ambest.com/webinars/benchmarking

 

Panelists include:

  • Adam Pichon, Vice President & General Manager, Auto Vertical, LexisNexis Risk Solutions
  • Ryan Hupp, Director, Product Management, LexisNexis Risk Solutions
  • John Ittner, Head of Analytics, Distribution Analytic Solutions, Farmers Insurance

 

Attendees can submit questions during registration or by emailing webinars@ambest.com. The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.

 

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 © 2021 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Lee McDonald
Group Vice President, Publication & News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Categories
Business Healthcare

Merck completes tender offer to acquire Acceleron Pharma Inc.

KENILWORTH, N.J. — (BUSINESS WIRE) — $MRK #MRK–Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced the successful completion of the cash tender offer, through a subsidiary, Astros Merger Sub, Inc., for all of the outstanding shares of common stock of Acceleron Pharma Inc. (Nasdaq: XLRN), at a purchase price of $180 per share in cash, without interest and less applicable tax withholding. As of the tender offer expiration at 5:00 p.m., Eastern Time, on Nov. 19, 2021, 38,752,614 shares of common stock of Acceleron were validly tendered and not withdrawn from the tender offer, representing approximately 63.3% of the total number of Acceleron’s outstanding shares. All such shares have been accepted for payment in accordance with the terms of the tender offer, and Astros Merger Sub, Inc. expects to promptly pay for such shares.

Merck intends to complete the acquisition of Acceleron through a merger of Astros Merger Sub, Inc. with and into Acceleron, with Acceleron being the surviving corporation, in which all shares not tendered into the offer will be cancelled and converted into the right to receive cash equal to the $180 offer price per share, without interest and less any applicable tax withholding. After the completion of the merger, Acceleron will become a wholly owned subsidiary of Merck and the common stock of Acceleron will no longer be listed or traded on the Nasdaq Global Market.

 

About Merck

For over 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

 

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes statements that are not statements of historical fact, or “forward-looking statements.” These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

 

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

 

The company undertakes no 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. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Contacts

Media Contacts:

Patrick Ryan

(973) 275-7075

Melissa Moody

(215) 407-3536

Investor Contacts:

Peter Dannenbaum

(908) 740-1037

Steven Graziano

(908) 740-6582

Categories
Business Environment

Steep rise in natural gas prices prompts New Jersey Natural Gas to implement a 5% increase to cover wholesale commodity costs

WALL, N.J. — (BUSINESS WIRE) — Due to a significant increase in wholesale natural gas prices, today New Jersey Natural Gas (NJNG) filed a notice with the New Jersey Board of Public Utilities (BPU) for a 5% increase related to Basic Gas Supply Service (BGSS) for residential and certain small commercial customers effective December 1, 2021.

Since May 2021, wholesale natural gas prices on the NYMEX – a benchmark index for gas commodity pricing – have increased by nearly 80%. The change to the BGSS is necessary to recover these higher commodity costs. While the underlying reasons for the surge in market prices cannot be tied to one specific cause or event, potential factors influencing the wholesale prices include the global supply demand imbalance and lagging storage levels.

 

The BGSS rate reflects natural gas commodity prices. These costs are passed through directly to customers and do not result in any increase to NJNG’s profits. If prices decline in the future, NJNG will return any over recoveries to customers through bill credits or rate reductions, as it has done previously. Last year alone, NJNG provided customers with bill credits totaling $20.6 million.

 

“Through our purchasing strategies, New Jersey Natural Gas works to responsibly manage our supply to serve our customers and minimize the impact of price volatility as much as possible,” said Mark Kahrer, Senior Vice President-Regulatory Affairs, Marketing and Energy Efficiency at NJNG. “After more than a decade of relatively low natural gas prices, this year we saw a sharp increase to the wholesale cost of natural gas, requiring us to take this action. We will continue to monitor market conditions and whenever possible, we will pass on any savings to customers.”

 

The average NJNG residential heating customer using 100 therms a month will see their bill go up $5.93. This is in addition to the BPU’s recent approval of NJNG’s new base rates and annual BGSS and Conservation Incentive Program filings resulting in an increase of $13.23. When combined, the typical customers will see their monthly bill go from $117.05 to $136.21, effective December 1, 2021.

 

Consistent with the BPU’s January 6, 2003 board order, New Jersey’s utilities are permitted to implement rate adjustments of up to 5% in December and February. This allows for the necessary cost recovery to keep pace with any wholesale natural gas market trends. Utilities may also decrease rates at any time.

 

Any customer having trouble paying their natural gas bills should contact NJNG to learn about available energy assistance programs. Resources include deferred payment arrangements, budget plans, utility bill payment assistance, one-time grants and low- or no-cost energy- efficiency programs to help reduce consumption and lower bills.

 

“There are multiple options available to assist customers who need financial assistance to pay their utility bills. Federal and state programs are already in place to help, and NJNG’s Gift of Warmth program goes the extra mile to help our customers with their natural gas bills. If you are having trouble, reach out to us for assistance, we are here to help,” Mr. Kahrer said.

 

If you or someone you know is a NJNG utility residential customer in need of assistance, call 800-221-0051 and say “energy assistance” at the prompt to speak with an NJNG customer service representative or email us at energyassist@njng.com. NJNG also offers energy-efficiency programs through The SAVEGREEN PROJECT®, including rebates and financing options for high-efficiency equipment, to help customers save energy and money. For more information, visit savegreenproject.com.

 

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

 

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties in New Jersey.
  • NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon energy solutions.
  • NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

 

NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage.®

 

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Contacts

Media Contact:
Mike Kinney

732-938-1031

mkinney@njresources.com

Investor Contact:
Dennis Puma

732-938-1229

dpuma@njresources.com