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- Gilead and Galapagos Completπ∑↓♣e Closing of Their T✔€ransformative Research and Development ColΩ←laboration
Gilead Sciences, Inc. and Galapagos NV annou≤€nced the closing of the global resear©≥£₽ch and development collaboratα×≈↓ion agreement signed on July 14,δ∑ 2019.
This agreement has received clearance from '→ the U.S. Federal Tra↑∏de Commission under ≠♥±∏the Hart-Scott-Rodino λ≠•Antitrust Improvement δ✘≠s Act of 1976 and merg↔<☆£er control approval from the'✘$ Austrian Federal Competition Authority.
Under the terms of the agreement, the c✘λ₽∑losing of this transaction tr<★∑<iggers an upfront license fe₩Ωe payment of $3.95 b± illion by Gilead to Gal♥∞©apagos. In addition, Gilead has®£ made an equity investment in Galapagos o§σσf approximately $1.1 billφ ∑εion (or approximately©& €960 million) by subscribing for new ✘&shares at a price of ✘>φ↕€140.59 per share, including issuance €•™ premium. As a result, Gilead now owns π✔ 13,589,686 ordinary shares of Gal©↕©apagos, representing approxi↑¥mately 22 percent of the currently outstanding ✔∞share capital of Galapagos.
“We are excited to close thi®$s unique agreement, which will generate both lon©♥§αg-term strategic value and m≤&±¶utual, immediate benefits,” sai™§↓d Daniel O'Day, Chairman and Chief Executiv♠÷e Officer of Gilead. “The collaboration≈δ¥ reflects Gilead's inΩ✘σ≈tent to grow our innovation ne☆λtwork through diverse and creative₩₽ partnerships.”
“This agreement is about maximizing innovat ion based on developing new mode of ∏₽$action medicines. With the capital provλ£÷ided by Gilead, we aim to p≠₹¥rogress innovation to patie↓™nts,” said Onno van de Stolpe, Chief E>∞₹xecutive Officer of Galapagos.¥₹★
In accordance with Belgian transpare± ncy legislation1, Galapagos notes that its tota≥ l share capital currently amo♥π↕™unts to €333,479,569"•£™.76; the total number ≥≈✔of securities conferring ↓voting rights is 61,652σεπ±,086, which is also the t₽εotal number of voting rights (the “denomina✘tor”), and all securities conferring voting righγαts and all voting rights a±€γre of the same category. €↓εThe total number of rights (warrants) to •subscribe to not yet issued securities conferr•φ§>ing voting rights is 5,958,292, which equals tπδ↑₩he total number of voting rights that may result from the exercise of these§≈✔ warrants. Galapagos does not have any convertiblπ™↓ e bonds or shares without voting r±×£≤ights outstanding.
About Gilead Sciences
Gilead Sciences, Inc. is a research-based biopha©★rmaceutical company that discovers, deve≥Ω↔↕lops and commercializes innova∑™£tive medicines in areas o★εf unmet medical need. The com'₹β≈pany strives to transform and simplify care f★₹or people with life-threaten&ε•ing illnesses around the world. Gi×↓€lead has operations in m™λore than 35 countries ¥±worldwide, with headquartδ¥ers in Foster City, California. For more info₹₽φ×rmation on Gilead Sciences, please vis£₽÷it the company’s website at www.gile✔•↕γad.com.
About Galapagos
Galapagos (Euronext & NASDAQ: GLPG) discovers✘ ♠₽ and develops small molecul≠™e medicines with novel ™β±₩modes of action, three of which s™→how promising patient resu↕σβ$lts and are currently in late-stage÷ ∑÷ development in mult$←♥iple diseases. The company’s pipel♦←₩ine comprises Phase 3 th ←¥rough to discovery programs in inflammation,÷γ∏ fibrosis, osteoarthritis and other in★>"dications. Galapagos’ ambition is t★₽∏o become a leading global ↓π≈biopharmaceutical company focuse±♣↓™d on the discovery, ∑¥∏®development and commercialization of innovative m÷♦≤♦edicines. More information at www.glpg.com.
Gilead Forward-Looking S"∞★♥tatements
This press release incσ☆ludes forward-looking statements within theλφ₽ meaning of the Private Securities ε☆Litigation Reform Act of 1995, rel©↕α≠ated to Gilead, Galapagos and th ♠∏e global research and development collaboπ↓εration agreement that are subje≤♦ct to risks, uncertainties and other factors.φ♦ All statements other than statements o♦$™f historical fact are statem♣γ'₹ents that could be deemed forw£Ω±ard-looking statements, including al✘ l statements regarding the λintent, belief or curren>t expect
from pharma focus aisa
the 2019 Asia-pacific Pharmaceutical ©<§≈IP Leader Summit will be held in Beijing on November 14-15, and will attract more than 500 industry expert±$™s from domestic and foreign pharmaceutical compan©±↔ies, biotechnology compaδ×¥nies, governments, associ> ations, law firms, intellectual property♣♦♠ agents and other companies to¥β♠ attend.
Official registration and consultation→ γ channels:
Contact：Ann
Phone: 021-65650305
From :businessinsuranceU.S. com" mercial property/casualty rates÷∏ rose 5% on average in the fourt׶₩h quarter of 2019, up from 4% in the third quar♦£Ωεter, reflecting insurers’ intent to★♥₹ continue to increase prices across most ₹♥±αlines, online insurance exchange MarketScouγ ∑t Corp. said Monday.“Auto rate increases have b₽δeen up all year long; howββ≤ever D&O (directors & officers) and p<★rofessional rate inc£ε♥reases have spiked significantly ↕≈in the fourth quarter,” Richard ≈§βγKerr, CEO of MarketScout Corp. said in a αstatement.Insurers are×<¥ carefully analyzing their properΩty exposures using catastrophe mo"♠deling tools, he said. “We expect ma ¥♥ ny of the major property catastrophe insur ≤♦ers to curtail their 2020 writings in Californiaπ♦♥λ brush and East and Gulf Coast wind areas. Na→δφturally, this will result in higher rat¥₽es to insureds,” Mr. Kerr said.D&amΩσp;O liability rates iβ∞ncreased by 8.25%, while commercial au≤₩to increased 8% in the quarter, a♣λφΩnd professional liability rates w↕↓ere up 6%, and umbrella/e'←xcess rates were up 5.5%, accordi•α>ng to MarketScout.Commer∞α≠→cial property rates increased 5.α ®25% in the quarter, and b÷₩₹↔usiness interruption rates were up 5%, ♦λ↓while all other lines showed smaller incre'∑δ×ases, except for workers compensation, where ₹★rates fell 1%, Marke₩★tScout said.By industry class, tra±₹nsportation and habitational saw the highe∑× σst average rate increases at 9% and 8.25λλ% respectively, MarketScou ≠ασt said.Large accounts – those with $250,001 "↓&to $1 million in premium – saw a rate hike ofγ♣© 5.5% in the fourth quarter, as did jumbo account₩•λs, which have more than $1 million in✘ו premium. Small accounts – thoseγ' > with up to $25,000 in premium – w δere up 5%, while medium accounts – those with '÷"®$25,001 to $250,000 in premium – were up 4.✘✔σ5%.The “steady trend” of γ↔upward rates reflects insurers’ plans to c←±™ontinue increasing prices across all lines ex↓₹cept for workers compensation, Market∏πScout said.Organizer：China Insurance Digital∏' & AI Development 2020₩☆Web:http://en.zenseegroπ>♦∏up.com/p/560573/Contact:Ann 02∞&1-65650305
From :insurancejournalIt was±©÷ a relatively quiet year for the Southeast i∑'n terms of major catastrophes c©'ompared with 2018 when Hurricane’s M£÷≠ichael and Florence caused major damage inπ← the region. This year, Hurricane D™>orian sideswiped the Southeas€•t coast and made landfall on the ♦★✘Outer Banks of North Carolina but most of the ar↔✔→÷ea was spared. Still, Aon said economic da©¶mage in the U.S. and Canada >®•was poised to approach a combinδ™↕δed $1.5 billion.Florida±≠& spent the year recovering from Hurricane Micha₩®π→el, which was upgraded to a C↑σ✔ategory 5 storm by NOAA in April. Florida↕÷ officials have repeatedly called on the inφ™ surance industry to speed up the recovery process✔ , with nearly 12% of cla™σims still open a year after the storm hit.Orga₹←nizer：China Insurance Digi₽αtal & AI Developmφ∑βent 2020Web:http://en.zenseegroup.co®>λm/p/560573/Contact:A☆&nn 021-65650305
From:businessinsuranceeinsurance renewa¥∑δls at Jan. 1, 2020, mainly saw single©™↕-digit increases, wit★☆&h some exceptions, according to repo÷↓εrts by reinsurance broker σ✘s released Thursday.Willis Re, the reinsurancγβ•e brokerage of Willis &×Towers Watson PLC, and Guyε♦ Carpenter & Co. LLC, a unit of Ma↔€ ±rsh & McLennan Cos.↑$≥× Inc. both reported that year-end reinsurance r↔ ≤enewals varied by account and region, bu γ₹♠t the retrocessional reinsurance was αunder pressure.Rates on line for property catas¥£↕trophe reinsurance programs remained st αable and property per risk pricing was driven ÷δ×by individual program p↓↑♣erformance, the Willis report saiα ↕d.Although some Lloyd’s of London π✔∑βsyndicates took firm positions on rate inc™₩reases and the Londo♣•n market authorized capacity decreased, tha∏±t capactiy was replaced by new capita♠ l and a strong supply fr↑♣♣om other markets, Willis R• $↓e said.U.S. loss-free accounts renewed at flatΩ↔♥ to up 10% while those w€¥±ith losses saw incre≠Ωαases of 10% to 50%, the Willis Re report said®♠, which was among the largest increases. Pδ"roperty catastrophe account±λΩs without losses renewed at πεflat to up 5%, while loss hi♥₩t accounts were up 10% to 20%→¶₽✔, Willis Re said.According to the Guy Carpe←≈nter report, the brokerage’s global propert≈♦y catastrophe rate on £★line index rose 5% in 2019.According tλ"o the Willis Re repor£↔"t, other large increase¶ s were seen in Central and Eastern Europe, whe∞¥re property programs with losses s€₹♣γaw increases of 5% to 20%, and Canada,↑↕ where such accounts renewed u§αp 10% to 40%.Most other regions ↓☆←and countries saw property 'λδσincreases in the single or low double d¥¥∏ igits, the report said.Thγ→∏e Jan. 1 renewals saw some “difficult©"” negotiations, according to a l★↕$λetter in the report from James Kent, global CEO, Ωδ∞♣Willis Re.The Guy Carpenter report said t↓₽he reinsurance market was “asymmetrical,” adding ∑>“this is certainly not a one>≠¶φ-size-fits-all market” and whileσσ overall capacity remained adequ∞σδ•ate, “allocated capacit>↔λy tightened notably in stressed cl> ≠asses.”Dedicated reinsur ∏ance capital rose 2%λ<§ in 2019 and the year saw approximately $60 b§♠illion in global insured catastrophe >♠™™losses, according to Guy✘ ✔ Carpenter, which was s↑ πignificantly lower than ↔2017 and 2018.Alternative capital, howev✘ er, contracted by approximately 7% percent “>≤↕∞as investors were more cautio$©©♣us with new investments after ass☆®€essing market dynamics and pricing adeq♣αuacy,” Guy Carpenter said.The retrocession mar¶εket “was challenged … by trapΩ♣ped capital, a lack of new capital ☆ and continued redemptions from third-party₹' capital providers,” a statement issue€☆♣πd with the Guy Carpenter report £≤said.However, signific€>ant retrocession provid≥★∏✘ers returned to the market in the past two≤÷♣ weeks, Willis Re said.Organizer：China Insurφ>↓≈ance Digital & AI Development 20α✔20Web:http://en.zenseegroup.com/p/560573/Contδ©act:Ann 021-65650305
Major information techno™♥logy companies in India are π•running the risk of termination of their $1 biσ×&llion contracts following Boeing Co.’s decision t↕ βo halt the productio©↑•n of its 737 Max jets, MoneyεσΩControl reported citing the&α® Business Standard. Companies like Tata β"₹Consultancy Services Ltd., IΩπ±>nfosys Ltd., HCL Technologies Ltd., C®§☆yient Ltd. and L&T Tech δ≈nology Services Ltd. "≈₽♠have outsourcing contracts with Boeing or its s<πδuppliers and Boeing’s jet crisis is expected t♥♥o affect these IT companiγλ es in the short run.From:businessinsuranceOr ¥>βganizer：China Insurance Digital & AI ♦§≈Development 2020Web:http://en.zen ∏✔seegroup.com/p/560573/Contact:Ann 021-65650305
France-based eyewear maker Essilor Internatiσ•♣'onal S.A. has discovered fraudulent activities ÷≤↔$at one of its factories in Thailand th×α ∞at could cause €190 million ($213 milli$$≥©on) in financial losses to the ÷company, The Irish Times reported citing Reute↓€♦rs. The company has filed complaint✘∞s in Thailand and has fired all γ♥Ω the involved employees. It hopes t o recover the losses from frozen∑₩ bank accounts, insurance and lawsu☆≤$its.Organizer：China Insurance Digital &Ω✘±✘; AI Development 2020Web:http://en<♦.zenseegroup.com/p/560573/Contact:Ann π021-65650305
