Big Rock: Q1 Earnings Snapshot
On a per-share basis, the Calgary, Alberta-based company said it had a loss of less than 1 cent.
The craft beer maker posted revenue of $7.8 million in the period.
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San Francisco Chronicle
3 minutes ago
- San Francisco Chronicle
A massive office tower could replace this struggling downtown S.F. university campus
A massive skyscraper could rise at the downtown San Francisco site of the financially troubled Golden Gate University, according to an application filed with the city's Planning Department last week. The application proposes two redevelopment options for the 236,000-square-foot law school's flagship campus, which sits in the heart of the Financial District at 536 Mission St.: either a 700-foot tower featuring roughly 1.3 million square feet of office space or a slightly smaller, 650-foot tower that would provide just over 550,000 square feet of new offices alongside 370 new homes. The Chronicle reported previously that Texas-based developer Lincoln Properties has an option to purchase the downtown campus, and also provided a $21.9 million loan to the university, helping to pay off existing debt on the property. Public records show that the campus' sale has yet to close. The application for the property's redevelopment was filed by an attorney representing Royal MP Transbay LLC, a limited liability company registered to Lincoln Property. The developer told the Chronicle previously that it has partnered with New York-based real estate firm McCourt Partners on the pending bid to buy the campus. McCourt Partners has experience in office, hotel and residential construction. San Francisco-based architecture firm SOM is listed as the architect for plans filed with the city for the redevelopment project. A university spokesperson did not respond to an inquiry from the Chronicle about the redevelopment application on Monday. Lincoln Property and McCourt Partners could not immediately be reached for comment. The San Francisco Business Times first reported on the proposal Monday. Should the developers win approval for the mixed-use project proposed at the campus property, the plan would be to construct 160 one-bedroom units, 100 two-bedroom units and 110 studios, per the application. Both the office and the mixed-use tower variants would feature 46 stories. Both plans would require the demolition of the existing, seven-story campus. The university redevelopment plan is the second proposal for a massive downtown skyscraper to land before city planners in recent months: Last month, developer Hines filed plans for a slender 1,225-foot tower to replace an office building at 77 Beale St. That tower would be more than 150 feet taller than Salesforce Tower, which at 1,070 feet is San Francisco's tallest building and was co-developed by Hines. The university campus poised for redevelopment by Lincoln Property sits a block from Salesforce Tower and the Transbay transit center — a regional transportation center and mixed-use development that is also managed by the developer. The new office development proposals come as the city's beleaguered office market is starting to show signs of life, primarily due to artificial intelligence startups driving new leasing demand. And yet, San Francisco continues to wrangle with significant commercial vacancy in its downtown core, where roughly one-third of the city's office space sits vacant, and many large redevelopment efforts that have been approved in downtown and other parts of the city remain on hold. Whether Golden Gate University's future will include the 536 Mission property is not clear — real estate insiders have told the Chronicle that the school could remain involved in the redevelopment through a lease back deal. The university is currently in the midst of searching for a new president, and expects to announce its selection in the fall. In the past, the school's leadership has stated that Golden Gate University will maintain a presence in downtown San Francisco — a sentiment that acting president Bruce Magid repeated in a statement to the Chronicle on Monday
Business of Fashion
7 minutes ago
- Business of Fashion
GLP-1 Pills Will Be Priced Similarly to Injections, Wall Street Predicts
US prices for obesity-treatment pills that Eli Lilly and Novo Nordisk aim to launch next year likely will be on par with their weight-loss injections, analysts and investors say, in a departure from the usual practice of charging more for new medicines despite pressure to cut prices. Neither drugmaker has disclosed pricing plans for their new daily oral medications. With regulatory approvals and launches still months away, pricing plans could change. Denmark-based Novo expects approval later this year and to launch soon after, while Indianapolis-based Lilly expects to launch by August 2026. Novo's Wegovy and Lilly's Zepbound, administered as weekly injections, are the only highly effective weight-loss drugs targeting the GLP-1 hormone, and the United States is their biggest market. US list prices are about $1,000 per month or more, with both companies offering a monthly supply for $499 to customers paying cash rather than using health insurance. Both companies have said they developed oral weight-loss drugs to meet patient needs and widen access to the market, mindful that some people are averse to injections. ADVERTISEMENT The pills, however, are not more effective than the injections. Lilly said this month its pill orforglipron cut weight by 12.4 percent after 72 weeks in a trial. That compares with weight loss of 15 percent for Novo's daily oral semaglutide. Both trail Lilly's injection at up to 21 percent. UBS analyst Trung Huynh said that will cap Lilly's pricing. The price is 'probably going to come on par with the current drugs today or slightly lower,' Huynh said. TD Cowen analyst Michael Nedelcovych said he expects Novo's pill to debut near Wegovy's price, citing the precedent of its diabetes pill Rybelsus being priced at parity with injection Ozempic, the diabetes-treatment version of Wegovy. Novo executives told analysts this month they were not in a hurry for discount pricing for the new pill. Oral GLP-1 drugs will fill a niche rather than displace injections, according to analysts. TD Cowen estimates that pills will account for a percentage share of the global obesity drug market in the mid-teens by 2030, which could reach $150 billion by then. Growing Cash Pay US doctors, patients and insurers are pressing for lower prices to make the weight-loss drugs more affordable for the 40 percent of Americans who are obese. Typically, drugmakers launch new drugs at higher prices, citing scientific advances. President Donald Trump and lawmakers from both parties have urged the companies to reduce US prices. Novo declined to comment on pricing, pointing to Aug. 6 comments by David Moore, its US operations head, saying that the company may tap customers paying cash directly via its new NovoCare pharmacy, which was launched this year to sell Wegovy outside of insurance. A Lilly spokesperson called it premature to comment on pricing and launch plans for its pill because the company has not yet submitted data for regulatory approval. Peak annual sales forecasts for Lilly's orforglipron fell to as low as $10 billion after its trial data from earlier estimates of up to $30 billion, according to a Reuters review of analyst estimates. HSBC forecasts $15 billion in peak annual sales for Novo's pill, while Barclays expects only $1 billion. ADVERTISEMENT Manufacturing Volume A key question is how much supply will be available at the time of launch. Shortages of injectable GLP-1s in 2023 and 2024 opened the US market to cheaper compounded versions as the manufacturers failed to anticipate the huge demand. 'It's all about scale and pricing,' said Kevin Gade, portfolio manager at Bahl & Gaynor, which owns Lilly shares. Gade pointed to Novo's manufacturing challenge. The pill form requires about 75 times more active ingredient than the highest-dose Wegovy injection, two analysts told Reuters. Lilly has said it already has $808.5 million in orforglipron inventory for next year's expected launch. Novo has said it will launch its pill without supply constraints after billions of dollars in investment to expand semaglutide production. Despite the high production needs, Novo is unlikely to debut its pill at a higher price than Wegovy, said Karen Andersen, healthcare strategist at Morningstar. 'Particularly in the growing cash-pay market, I doubt it can risk a launch at a premium to Wegovy,' Andersen added. By Maggie Fick and Bhanvi Satija; Editors: Caroline Humer and Will Dunham Sign up to The Business of Beauty newsletter, your complimentary, must-read source for the day's most important beauty and wellness news and analysis.
Wall Street Journal
13 minutes ago
- Wall Street Journal
Aleon Metals Files for Bankruptcy to Seek New Owner
Aleon Metals, a metals recycler and processor, filed for bankruptcy to find a new owner after having struggled to stabilize the business due to operational issues and volatile commodity prices. The Freeport, Texas-based private company, which specializes in extracting valuable metals from spent catalysts used in petroleum refining, filed its chapter 11 petition on Sunday with the U.S. Bankruptcy Court in Houston. WSJ Pro Bankruptcy previously reported the company's retention of Morrison & Foerster as its restructuring counsel.
