Latest news with #OMERS
Bloomberg
12-08-2025
- Business
- Bloomberg
CKI Said to Drop Bid for National Grid's £2 Billion LNG Terminal
CK Infrastructure Holdings Ltd. has pulled out of the bidding for a UK liquefied natural gas terminal valued at about £2 billion ($2.7 billion), according to a person familiar with the matter. The Hong Kong-based company was in the process of negotiating final terms of a deal for National Grid Plc 's Grain LNG facility and an agreement was expected in the coming days, Bloomberg News reported last week. CKI was competing with a consortium led by Ontario Municipal Employees Retirement System and about 20 parties initially expressed interest in the asset.
Business Wire
11-08-2025
- Business
- Business Wire
Enanta Pharmaceuticals Reports Financial Results for its Fiscal Third Quarter Ended June 30, 2025
WATERTOWN, Mass.--(BUSINESS WIRE)--Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA), a clinical-stage biotechnology company dedicated to creating small molecule drugs for viral infections and immunological diseases, today reported financial results for its fiscal third quarter ended June 30, 2025. This past quarter we continued to make steady progress across our pipeline, marked by the completion of enrollment in the RSVHR trial, a proof-of-concept study of zelicapavir in high-risk adults infected with RSV. Share 'This past quarter we continued to make steady progress across our pipeline, marked by the completion of enrollment in the RSVHR trial, a proof-of-concept study of zelicapavir in high-risk adults infected with RSV. These patients face a heightened risk of serious illness from RSV, but currently there are no approved antiviral treatments available. We look forward to reporting topline data for the RSVHR trial in September,' said Jay. R. Luly, Ph.D., President and Chief Executive Officer at Enanta Pharmaceuticals. 'We have continued to execute on advancing multiple immunology programs including high-impact targets, KIT and STAT6. We are progressing IND-enabling studies for our oral KIT inhibitor, EPS-1421, and expect to select a lead development candidate for our oral STAT6 inhibitor program in the second half of this year. We plan to build on our emerging pipeline of highly selective and potent oral inhibitors for the treatment of inflammatory diseases with the announcement of a third program later this year.' Fiscal Third Quarter Ended June 30, 2025 Financial Results Total revenue for the three months ended June 30, 2025 was $18.3 million and consisted of royalty revenue from worldwide net sales of AbbVie's hepatitis C virus (HCV) regimen MAVYRET®/MAVIRET® (glecaprevir/pibrentasvir), compared to $18.0 million for the three months ended June 30, 2024. A portion (54.5%) of Enanta's ongoing royalty revenue from AbbVie's net sales of MAVYRET®/MAVIRET® is paid to OMERS, one of Canada's largest defined benefit pension plans, pursuant to a royalty sale transaction affecting royalties earned after June 2023. For financial reporting purposes, the transaction was treated as debt, with the upfront purchase payment of $200.0 million recorded as a liability. Each quarter, Enanta records 100% of the royalty earned as revenue and then amortizes the debt liability proportionally as 54.5% of the cash royalty payments are paid to OMERS through June 30, 2032 subject to a cap of 1.42 times the purchase payment, after which point 100% of the cash royalty payments will be retained by Enanta. Interest expense from the royalty sale for the three months ended June 30, 2025 was $1.6 million, compared to $2.4 million for the three months ended June 30, 2024. Research and development expenses totaled $27.2 million for the three months ended June 30, 2025, compared to $28.7 million for the three months ended June 30, 2024. The decrease was primarily due to a decrease in expenses as a result of the timing of clinical trials in the Company's RSV programs. General and administrative expenses totaled $10.0 million for the three months ended June 30, 2025, compared to $13.4 million for the three months ended June 30, 2024. The decrease was primarily due to a decrease in legal expenses related to the Company's patent infringement lawsuit against Pfizer. Interest and investment income, net, totaled $2.3 million for the three months ended June 30, 2025, compared to $3.5 million for the three months ended June 30, 2024. The decrease was due to lower cash and investment balances year-over-year. Enanta recorded income tax expense of less than $0.1 million for the three months ended June 30, 2025, compared to an income tax benefit of $0.4 million for the three months ended June 30, 2024. The Company received its federal income tax refund of $33.8 million in April 2025. Net loss for the three months ended June 30, 2025 was $18.3 million, or a loss of $0.85 per diluted common share, compared to a net loss of $22.7 million, or a loss of $1.07 per diluted common share, for the corresponding period in 2024. Enanta's cash, cash equivalents and short-term marketable securities totaled $204.1 million at June 30, 2025. Enanta expects that its current cash, cash equivalents and marketable securities and its continuing portion of cash from future royalty revenue, should be sufficient to meet the anticipated cash requirements of its existing business and development programs into fiscal year 2028. Virology Enanta's virology pipeline is focused on developing oral antiviral treatments for serious infections, including the leading RSV therapeutic portfolio, consisting of zelicapavir and EDP-323, both of which received Fast Track designation from the U.S. Food and Drug Administration (FDA). The Company will evaluate potential partnership opportunities to further develop these RSV assets. Zelicapavir, a potent, oral N-protein inhibitor, is currently being evaluated in RSVHR, a Phase 2b, randomized, double-blind, placebo-controlled study in adults with RSV infection who are at high risk of complications. This includes patients over age 65 years and/or those with congestive heart failure, chronic obstructive pulmonary disease or asthma. Enrollment in RSVHR is complete with 186 patients and the Company is on track to report topline data in September. In May, the Company presented data at the European Society for Paediatric Infectious Diseases (ESPID) 2025 Conference highlighting its previously reported positive results from the Phase 2 study of zelicapavir in pediatric patients, including new data on population PK/PD and shortened time to viral load negativity. The presentation can be found on the Company's website. EDP-323 is a potent, oral RSV L-protein inhibitor, which can be used alone or in combination with other agents, such as zelicapavir, to potentially broaden the treatment window or addressable patient populations. In April, in an oral presentation at the European Society of Clinical Microbiology & Infectious Diseases Global 2025 Conference (ESCMID), Enanta presented results from its previously disclosed Phase 2a human challenge study of EDP-323 and highlighted new data on reduced respiratory mucus production. The presentation can be found on the Company's website. Immunology Enanta's immunology pipeline is focused on designing and developing highly potent and selective oral inhibitors for the treatment of inflammatory diseases, by targeting key drivers of the type 2 immune response. IND enabling studies and scale-up activities are ongoing for EPS-1421, a novel, potent, and selective oral inhibitor of KIT. EPS-1421 is being developed to treat chronic spontaneous urticaria and other mast cell driven indications by depleting mast cells through KIT inhibition, thereby addressing a primary driver of these diseases. EPS-1421 inhibits KIT with nanomolar potency in both binding and cellular assays, has sub-nanomolar activity in vivo , is highly selective for KIT versus other kinases, and has demonstrated good in vitro and in vivo ADME properties preclinically. Enanta remains on track to select a STAT6 inhibitor development candidate in the second half of 2025. Preclinical data show Enanta's prototype oral STAT6 inhibitors exhibit potent nanomolar activity and are highly selective for STAT6. Importantly, the prototype oral inhibitors resulted in rapid and complete inhibition of IL-4 induced phosphorylated STAT6 after a single oral dose in a mouse, demonstrating in vivo target engagement. Further, the prototypes reduced STAT6 activation and suppressed a type 2 inflammatory profile in an acute OVA asthma model. Finally, the prototypes display favorable in vitro and in vivo ADME properties with once-daily dosing potential. Enanta plans to expand its immunology pipeline with the introduction of a third program in 2025. Corporate Enanta's Partner AbbVie received FDA approval of an expanded indication for MAVYRET® (glecaprevir/pibrentasvir) as the first and only treatment for people with acute HCV. Enanta plans to issue its fiscal fourth quarter and year-end financial results press release on November 17, 2025. About Enanta Pharmaceuticals, Inc. Enanta is using its robust, chemistry-driven approach and drug discovery capabilities to become a leader in the discovery and development of small molecule drugs with an emphasis on indications in virology and immunology. Enanta's clinical programs are currently focused on respiratory syncytial virus (RSV) and its earlier-stage immunology pipeline aims to develop treatments for inflammatory diseases by targeting key drivers of the type 2 immune response, including KIT and STAT6 inhibition. Glecaprevir, a protease inhibitor discovered by Enanta, is part of one of the leading treatment regimens for curing hepatitis C virus (HCV) infection and is sold by AbbVie in numerous countries under the tradenames MAVYRET® (U.S.) and MAVIRET® (ex-U.S.) (glecaprevir/pibrentasvir). A portion of Enanta's royalties from HCV products developed under its collaboration with AbbVie contribute ongoing funding to Enanta's operations. Please visit for more information. Forward Looking Statements This press release contains forward-looking statements, including statements with respect to the timeline and prospects for advancement of Enanta's clinical programs in RSV and its preclinical immunology programs, including its programs targeting KIT and STAT6 inhibition. Statements that are not historical facts are based on management's current expectations, estimates, forecasts and projections about Enanta's business and the industry in which it operates and management's beliefs and assumptions. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors and risks that may affect actual results include: the impact of development, regulatory and marketing efforts of others with respect to vaccines and competitive treatments for RSV; the discovery and development risks of Enanta's programs in virology and immunology; Enanta's lack of clinical development experience; Enanta's ability to partner its RSV or other programs; Enanta's need to attract and retain senior management and key research and development personnel; Enanta's need to obtain and maintain patent protection for its product candidates and avoid potential infringement of the intellectual property rights of others; and other risk factors described or referred to in 'Risk Factors' in Enanta's Form 10-K for the fiscal year-ended September 30, 2024, and any other periodic reports filed more recently with the Securities and Exchange Commission. Enanta cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Enanta undertakes no obligation to update or revise these statements, except as may be required by law. Tables to Follow ENANTA PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED (in thousands, except per share amounts) Three Months Ended Nine Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue $ 18,314 $ 17,971 $ 50,199 $ 53,028 Operating expenses Research and development 27,210 28,742 82,931 100,698 General and administrative 9,997 13,414 34,231 44,167 Total operating expenses 37,207 42,156 117,162 144,865 Loss from operations (18,893 ) (24,185 ) (66,963 ) (91,837 ) Interest expense (1,618 ) (2,355 ) (5,294 ) (8,359 ) Interest and investment income, net 2,285 3,487 7,376 11,594 Loss before income taxes (18,226 ) (23,053 ) (64,881 ) (88,602 ) Income tax (expense) benefit (29 ) 395 1,692 1,380 Net loss $ (18,255 ) $ (22,658 ) $ (63,189 ) $ (87,222 ) Net loss per share Basic $ (0.85 ) $ (1.07 ) $ (2.96 ) $ (4.12 ) Diluted $ (0.85 ) $ (1.07 ) $ (2.96 ) $ (4.12 ) Weighted average common shares outstanding Basic 21,377 21,180 21,322 21,145 Diluted 21,377 21,180 21,322 21,145 Expand ENANTA PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (in thousands) June 30, September 30, 2025 2024 Assets Current assets Cash and cash equivalents $ 44,812 $ 37,233 Short-term marketable securities 159,299 210,953 Accounts receivable 8,333 6,646 Prepaid expenses and other current assets 10,240 12,413 Income tax receivable 24 31,999 Short-term restricted cash — 608 Total current assets 222,708 299,852 Property and equipment, net 36,617 32,688 Operating lease, right-of-use assets 38,250 40,658 Long-term restricted cash 3,360 3,360 Other long-term assets 94 94 Total assets $ 301,029 $ 376,652 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 3,547 $ 8,002 Accrued expenses and other current liabilities 10,853 13,547 Liability related to the sale of future royalties 27,755 34,462 Operating lease liabilities 2,394 1,524 Total current liabilities 44,549 57,535 Liability related to the sale of future royalties, net of current portion 119,943 134,779 Operating lease liabilities, net of current portion 55,656 53,943 Series 1 nonconvertible preferred stock 1,350 1,350 Other long-term liabilities 252 231 Total liabilities 221,750 247,838 Total stockholders' equity 79,279 128,814 Total liabilities and stockholders' equity $ 301,029 $ 376,652 Expand
CBC
11-08-2025
- Business
- CBC
Hudson's Bay lease sale may negatively impact pension fund: OMERS' real estate arm
The real estate investment arm of one of the country's largest pension funds is worried about the value of its assets if a B.C. billionaire is able to buy Hudson's Bay leases at its properties. In documents filed with the Ontario Superior Court over the weekend, Oxford Properties Group argues transferring leases to "an unvetted and unproven" entrepreneur like Ruby Liu "poses a serious and unacceptable risk" to the company. "A diminution in the value or stability of Oxford's real estate portfolio would negatively impact the performance of OMERS' investments, and by extension, adversely affect the long-term interests of millions of current and future pension plan beneficiaries," Nadia Corrado, a vice-president with Oxford, said in affidavit entered into the court record Saturday. Oxford is the real estate division of Ontario Municipal Employees Retirement System, which administers the pensions of more than 600,000 plan members. Oxford has more than $79 billion in assets under management and hundreds of properties on four continents. Liu, who owns three B.C. malls and a golf course, is looking to take over about two dozen Bay leases. Three of those leases are in Oxford properties — Southcentre Mall in Calgary, Hillcrest Shopping Centre in Richmond Hill, Ont., and Upper Canada Mall in Newmarket, Ont. Liu has said she plans to use the spaces to build a new department store she will name after herself. It will have three tiers of stores — flagship, platinum and standard — filled with entertainment, dining and recreation spaces. She has said she and a team of 1,800 staff she will hire can get the bulk of the stores open within 180 days of signing leases. She has allocated $325 million to accomplishing the feat, which will involve repairing stores, forging relationships with suppliers and marketing her entirely new brand. Liu, who did not comment for this story, has said she is confident she can win property owners over if the court allows her purchase of the leases to go through. 'Surprisingly deficient and superficial' However, landlords, including Oxford, are fighting Liu, saying her plans are underfunded, have unrealistic timelines and are bound to fail. A court hearing is scheduled in the case for later this month. Oxford's doubts about Liu emerged as soon as its executives met with her on June 2. "That meeting was unproductive and revealed a troubling absence of financial transparency, commercial sophistication and basic preparedness," Corrado recalled in her affidavit. "No financial statements, proof of funding or evidence of capital readiness were provided." She alleged Liu, who made her fortune in Chinese real estate, told Oxford she had a business plan but wouldn't provide it unless Oxford pledged its support for her taking over the lease. When Oxford asked about whether she had suppliers willing to sell her merchandise to fill stores, Corrado alleges Liu told the company to "relax, lay back and do not worry." WATCH | Ruby Liu's vision for Hudson's Bay locations: B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations 1 month ago Oxford had a hard time taking that advice. At stake were leases with terms ranging from 49 to 65 years and covering some of the company's most desirable shopping spaces. The size and orientation of the Bay space at Hillcrest Mall alone "means that any misstep will materially affect the overall customer experience, tenant retention, and, in turn, diminish the value of Oxford's asset," Corrado said. Based on her experience, she said it takes years for companies to curate a concept for a new retailer, even for one taking over very small units. She said in the court documents that she found it hard to believe Liu thought such work could be done in a matter of months for even a single leased location of more than 150,000 square feet and thought the timeline spoke to Liu's inexperience. "The introduction of an unproven anchor tenant lacking established retail credibility poses a significant risk in that it can degrade the customer experience, diminish the overall quality of the shopping centre, and generate a negative 'halo effect' that impacts entire wings of the mall," Corrado said. "Given that anchor leases can endure for decades, the long-term presence of a poor anchor can permanently undermine and potentially destroy the commercial viability of substantial portions, or even the entirety of a shopping centre." In their own filings made Saturday, many other landlords agreed with Oxford's concerns. Morguard Investments Ltd. called information Liu supplied about her plans "surprisingly deficient and superficial and frankly, puerile." It said it was willing to wait to find a better long-term tenant and, in the meantime, wants to enter into temporary leases terminable by the landlord with 90 days' notice with clothing company Urban Behavior and accessories retailer Ardene. Primaris Real Estate Investment Trust said it left four hours' worth of meetings with Liu and her team with "absolutely no confidence that she had the relevant experience or understanding of the enormity of what she is seeking to undertake by opening a multi-store business concept in several provinces from the ground up." Cadillac Fairview felt her plan "defies commercial common sense" but hired Ernst & Young to evaluate it anyway. A report filed with the court showed the consultancy firm thought the estimated costs and timelines in Liu's business plan were not feasible and would be significantly higher given the large number of repairs the properties require and the complex relationships she must forge with suppliers and other vendors. Liu and the Bay have until Tuesday to file a response to the landlords in court. At the end of the week, they will begin cross-examinations before a judge hears their case at the end of the month.
CTV News
11-08-2025
- Business
- CTV News
Hudson's Bay lease sale may negatively impact pension fund: OMERS' real estate arm
TORONTO — The real estate investment arm of one of the country's largest pension funds is worried about the value of its assets if a B.C. billionaire is able to buy 25 Hudson's Bay leases at its properties. In court documents filed over the weekend, Oxford Properties Group argues Ruby Liu would diminish the value and stability of its real estate portfolio and by extension, adversely affect the long-term interests of millions of OMERS pension plan beneficiaries. Liu is looking to take over about two dozen Bay leases and use the spaces to build a new department store she will name after herself and fill with entertainment, dining and recreation spaces. Landlords, including Oxford, are fighting Liu, saying her plans are underfunded, have unrealistic timelines and are bound to fail. Liu is confident she can win the property owners over if a court allows her purchase of the leases to go through. The leases include three Oxford properties — Southcentre Mall in Calgary, Hillcrest Shopping Centre in Richmond Hill, Ont., and Upper Canada Mall in Newmarket, Ont. Oxford is the real estate division of Ontario Municipal Employees Retirement System, which administers the pensions of more than 600,000 plan members. Oxford has more than $79 million in assets under management and hundreds of properties on four continents. This report by The Canadian Press was first published Aug. 11, 2025. Tara Deschamps, The Canadian Press
Yahoo
11-08-2025
- Business
- Yahoo
Hudson's Bay lease sale may negatively impact pension fund: OMERS' real estate arm
TORONTO — The real estate investment arm of one of the country's largest pension funds is worried about the value of its assets if a B.C. billionaire is able to buy 25 Hudson's Bay leases at its properties. In court documents filed over the weekend, Oxford Properties Group argues Ruby Liu would diminish the value and stability of its real estate portfolio and by extension, adversely affect the long-term interests of millions of OMERS pension plan beneficiaries. Liu is looking to take over about two dozen Bay leases and use the spaces to build a new department store she will name after herself and fill with entertainment, dining and recreation spaces. Landlords, including Oxford, are fighting Liu, saying her plans are underfunded, have unrealistic timelines and are bound to fail. Liu is confident she can win the property owners over if a court allows her purchase of the leases to go through. The leases include three Oxford properties — Southcentre Mall in Calgary, Hillcrest Shopping Centre in Richmond Hill, Ont., and Upper Canada Mall in Newmarket, Ont. Oxford is the real estate division of Ontario Municipal Employees Retirement System, which administers the pensions of more than 600,000 plan members. Oxford has more than $79 million in assets under management and hundreds of properties on four continents. This report by The Canadian Press was first published Aug. 11, 2025. Tara Deschamps, The Canadian Press 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
