Hedge Fund Carrhae Plans $700 Million Strategy That Shuns China
The emerging markets hedge fund firm will launch the strategy in September with a target of about $700 million carved out from its long-only emerging markets fund, according to people with knowledge of the plan. Some investors from the $2 billion Carrhae Capital Long Fund strategy will move to the new money pool with the firm in talks to raise additional cash for both the funds that bet on rising stocks, the people said asking not to be identified because the details are private.
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Business Wire
a minute ago
- Business Wire
Melinta Therapeutics Announces Strategic Acquisition by CorMedix, Underscoring Its Portfolio Value and Industry Leadership
PARSIPPANY, N.J.--(BUSINESS WIRE)--Melinta Therapeutics, LLC ('Melinta'), a commercial-stage company providing innovative therapies for acute and life-threatening illnesses, today announces that it has entered into a definitive agreement to be acquired by CorMedix Inc. ('CorMedix') (NASDAQ: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions. The acquisition is a testament to the exceptional value Melinta has created through its strong portfolio, culture, capabilities, and experienced team within the hospital ecosystem for acute care. 'This acquisition represents a milestone achievement for Melinta and validates our position as a recognized leader in acute care,' said Christine Ann Miller, CEO of Melinta Therapeutics. 'I'm incredibly proud of our accomplishments. Through our talented team's dedication, we have undergone an extraordinary transformation to build a highly sought-after commercialization platform with sustainable growth and profitability. By joining forces with CorMedix, we're creating a stronger organization that will accelerate both our mission to provide innovative therapies to people impacted by acute and life-threatening illnesses and our vision that all patients who need our therapies receive them.' Since becoming privately owned by affiliates of healthcare investment firm Deerfield Management Company, L.P. in 2020, Melinta has demonstrated exceptional organizational evolution across operations, culture, and strategic positioning to achieve 85% revenue growth, positive cash flow, and sustainable profitability, while increasing employee satisfaction and building a highly talented team. Melinta has strengthened its position with global presence through ex-US partnerships and seven business development deals, including strategic partnership with BARDA to advance two FDA-approved antibiotics for use in pediatric patients, as well as the development of one product for use against biothreat pathogens. i This comprehensive evolution has established Melinta as a preferred partner who is fully integrated within the hospital ecosystem. This acquisition will expand CorMedix's commercial portfolio with six marketed, highly differentiated, hospital- and clinic-focused infectious disease products, including REZZAYO ® (rezafungin for injection), MINOCIN ® (minocycline) for Injection, VABOMERE ® (meropenem and vaborbactam), KIMYRSA ® (oritavancin), ORBACTIV ® (oritavancin), BAXDELA ® (delafloxacin), and an additional well-established cardiovascular product, TOPROL-XL ® (metoprolol succinate) ii. The portfolio's flagship product, REZZAYO ® is currently approved for the treatment of candidemia and invasive candidiasis in adults, with an ongoing Phase III study for the prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplantation (BMT), which is expected to be completed in 1H2026. The addition of Melinta's high-performing team, innovative assets, and a pipeline expansion indication positions CorMedix to deliver on its ambition of becoming a leader in the specialty pharmaceutical business. 'The combination of CorMedix and Melinta represents a compelling opportunity to create a specialty pharmaceutical leader with enhanced capabilities to serve patients,' said Joseph Todisco, Chief Executive Officer of CorMedix Inc. 'Melinta's proven commercial platform and portfolio perfectly complement our own, and once combined we will have the scale, resources, and expertise to accelerate innovation while creating significant value for our stakeholders. We are thrilled to welcome the talented Melinta team and look forward to building on our shared commitment to excellence in this space.' 'Under Christine's leadership, the transformation of Melinta has been remarkable,' said Jonathan Leff, Board Member of Melinta and Partner at Deerfield Management Company. 'Through focused execution and strategic investment in its commercial capabilities, the Melinta team has built a high-performing organization that has consistently exceeded expectations. The combination with CorMedix reflects the strategic value of Melinta's infrastructure and positions the combined company for continued growth under Joe's leadership. We look forward to this next chapter.' Under the terms of the agreement, which has been approved by the CorMedix and Melinta Board of Directors respectively, CorMedix will pay Melinta $300 million in upfront consideration (subject to customary adjustments), comprised of $260 million in cash and $40 million in CorMedix equity (in the form of pre-funded warrants) issued to Melinta shareholders. The agreement also contains an additional regulatory milestone of up to $25 million (payable in cash or shares at CorMedix's election) for the FDA approval of REZZAYO ® for prophylaxis of invasive fungal infections in adults undergoing allogenic BMT, if the milestone event is achieved by June 30, 2029. Furthermore, the agreement includes tiered royalties on REZZAYO U.S. net sales and low-single-digit royalties on MINOCIN ® for injection U.S. net sales. The merger is subject to customary closing conditions and U.S. regulatory approval and is expected to close in September. Advisors Evercore is acting as exclusive financial advisor and Fenwick & West LLP is acting as legal advisor to Melinta. Katten Muchin Rosenman LLP is acting as legal advisors for Deerfield Management Company, L.P. About Melinta Therapeutics Melinta Therapeutics is a biopharmaceutical company dedicated to providing innovative therapies to people impacted by acute and life-threatening illnesses. We focus our expanding portfolio on serving patients with an unmet need because that's how we make the most meaningful impact. At Melinta, we're visionaries dedicated to innovation while staying grounded in what matters most: patients. Our portfolio currently includes seven commercial-stage products: BAXDELA ® (delafloxacin), KIMYRSA ® (oritavancin), MINOCIN ® (minocycline) for Injection, ORBACTIV ® (oritavancin), REZZAYO ® (rezafungin for injection), TOPROL-XL ® (metoprolol succinate) and VABOMERE ® (meropenem and vaborbactam). For more information about Melinta Therapeutics, our commitment to patients, and to learn about our portfolio of therapies, including their important safety information, visit About REZZAYO ® (rezafungin for injection) REZZAYO is an echinocandin antifungal indicated in patients 18 years of age or older who have limited or no alternative options for the treatment of candidemia and invasive candidiasis. Approval of this indication is based on limited clinical safety and efficacy data. REZZAYO has not been studied in patients with endocarditis, osteomyelitis, and meningitis due to Candida. IMPORTANT SAFETY INFORMATION REZZAYO is contraindicated in patients with known hypersensitivity to rezafungin or other echinocandins. REZZAYO may cause infusion-related reactions, including flushing, sensation of warmth, urticaria, nausea, or chest tightness. If these reactions occur, slow or pause the infusion. REZZAYO may cause photosensitivity. Advise patients to use protection from sun exposure and other sources of UV radiation. Abnormalities in liver tests have been seen in clinical trial patients treated with REZZAYO. Monitor patients who develop abnormal liver tests and evaluate patients for their risk/benefit of continuing REZZAYO therapy. Most common adverse reactions (incidence 5%) are hypokalemia, pyrexia, diarrhea, anemia, vomiting, nausea, hypomagnesemia, abdominal pain, constipation, and hypophosphatemia. Please see the full Prescribing Information for REZZAYO (rezafungin for injection), available at
Business Upturn
4 minutes ago
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Atul and Buckman form JV for water treatment solutions in India and Sri Lanka
Atul Ltd, one of India's leading chemical companies, has partnered with Buckman Laboratories (Asia) PTE LTD, a subsidiary of US-based Bulab Holdings, Inc., to form a strategic 50:50 joint venture (JV) in the field of advanced water treatment and process optimization. The new company, to be called Atul-Buckman, is set to begin operations by October 2025. The JV will manufacture and market a full range of water treatment chemicals and digital solutions tailored for industries across India and Sri Lanka. The goal is to meet rising domestic demand, reduce reliance on imports, and promote sustainable, high-performance solutions for industrial water use. Atul-Buckman will be headquartered in India and focus on key sectors such as chemicals, textiles, pulp and paper, power, food processing, and municipal utilities. While Buckman brings its globally recognized portfolio of digital tools, chemistries, and technical know-how, Atul adds strong manufacturing capacity, market access, and an extensive distribution network across the region. The JV also plans to offer advanced digital monitoring systems to help customers manage water more efficiently, reduce consumption, enhance operational performance, and ensure environmental compliance. This move supports India's 'Make in India' initiative and national goals for sustainable industrial development and water conservation. Together, Atul and Buckman aim to become a trusted partner for integrated water and environmental management in the region. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Yahoo
33 minutes ago
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Singapore's Keppel raises $4.9 billion in private funds for education and data centre assets
(Reuters) -Singapore's Keppel has secured S$6.3 billion ($4.91 billion) in funds under management so far this year for its private fund strategies, including education assets and data centres, the global asset manager and operator said on Thursday. The company said the raising includes around S$907 million in capital commitments from global institutional investors for its Keppel Education Asset Fund II and Keppel Data Centre Fund III. The company aims to oversee $150 billion of funds by 2030. Christina Tan, CEO of fund management and also its chief investment officer said, "Keppel's private funds continue to attract robust investor interest, underscoring the strength of our platform and the appeal of strategies aligned with transformative megatrends". The Singapore-based asset manager last week reported net profit of S$431 million for the six months ended June, while also announcing a S$500 million buyback programme. ($1 = 1.2835 Singapore dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
