Latest news with #ProspectusRegulation
Business Wire
4 days ago
- Business
- Business Wire
BM3EAC Corp. 2025 Semi-Annual Report
AMSTERDAM--(BUSINESS WIRE)--BM3EAC Corp. (the 'Company'), a special purpose acquisition company incorporated under the laws of the Cayman Islands as an exempted company with limited liability and listed on Euronext Amsterdam, the regulated market operated by Euronext Amsterdam N.V., today published its semi-annual report for the period 1 January 2025 to 30 June 2025. The semi-annual report can be downloaded from the Company's website via the following link: This press release contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. DISCLAIMER The Company's semi-annual report referenced in this announcement may include forward-looking statements, which are based on the Company's current expectations and projections regarding a business combination, the business, the economy and other future conditions of the Company and speak only as of the date hereof. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies. The Company shall have no obligation to update any forward-looking statements after the date of this announcement. This announcement is not for distribution or release, directly or indirectly, and should not be distributed in or sent into, the United States, Australia, Canada, Japan, the Cayman Islands or South Africa or any other jurisdiction in which such distribution or release would be unlawful or would require registration or other measures. This announcement does not contain or constitute an offer of securities for sale or an invitation or offer to the public for securities in any jurisdiction. In the EEA, this announcement is only directed at persons who are 'qualified investors' within the meaning of Article 2(e) of the Prospectus Regulation (EU 2017/1129) as amended. In the United Kingdom, this announcement is directed only at 'qualified investors' within the meaning of Article 2(e) of the Prospectus Regulation (EU) No 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.
Business Wire
01-07-2025
- Business
- Business Wire
GenSight Biologics Announces Successful Completion of a Private Placement of Close to EUR 4 Million
PARIS--(BUSINESS WIRE)--Regulatory News: NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN AND SOUTH AFRICA GenSight Biologics (the " Company") (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, today announced the successful completion of a private placement of EUR 3,908,715.39 subscribed by a limited number of investors (the ' Private Placement '). ' We would like to thank our existing shareholders for their continued support, as well as the new international investors who have joined us in this important financing round, ' commented Laurence Rodriguez, Chief Executive Officer of GenSight Biologics. ' The investment reflects the market's recognition of GenSight's unique position and the significant potential of our therapeutic programs. With this funding, we remain well-positioned to execute on our strategic objectives and advance our regulatory initiatives, with the upcoming opening of the French Named Patient Access (AAC) program representing a key inflection point for the company.' The Private Placement is not subject to a prospectus requiring an approval from the French Financial Market Authority (Autorité des marchés financiers – the ' AMF '). However, in accordance with Article 1.5.(ba) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the ' Prospectus Regulation '), the Company has filed with the AMF a document containing the information set out in Appendix IX of the Prospectus Regulation (the ' Information Document ') for the purpose of the listing on the regulated market of Euronext in Paris (' Euronext Paris ') of the Offered Shares, the Pre-Funded Warrant Shares and the Investor Warrant Shares (as defined below) to be issued in the context of the Private Placement. Copies of the Information Document are available free of charge on the Company's website at and on the AMF's website at Use of proceeds The Company intends to use the net proceeds from the Private Placement to finance, for up to approximately 77%, the continued development of LUMEVOQ ®, the Company's most advanced Phase III drug candidate. In particular, the funds raised will help ensure the Company's operational continuity and the finalization of manufacturing transfer activities and secure the preparations for the anticipated opening of the AAC program in France and the initiation of the Phase III study (RECOVER). The balance will be used to meet certain financial obligations of the Company (including the forthcoming redemption payment of the convertible bonds subscribed by Heights Capital Management, Inc., via CVII Investment, Inc.). This will extend the Company's cash runway from mid-July 2025 to early October 2025. " The Private Placement represents a strong vote of confidence from both our existing investors and new international partners in GenSight's compelling value proposition and robust asset portfolio,' noted Jan Eryk Umiastowski, Chief Financial Officer of GenSight Biologics. ' The successful completion of this financing provides us with the operational runway to early October 2025. The opening of the AAC program in France is planned in Q4 2025. Then, from October 2025 onwards, the indemnity from the AAC program will establish a clear cash pathway for the months ahead. This strategic funding enables us to maintain our disciplined approach to our regulatory pathway." Terms and conditions of the Private Placement The Private Placement was carried out through the issuance, without preferential subscription rights and without a priority subscription period, of: 21,251,267 ordinary shares (actions ordinaires), par value €0.025 per share of the Company (the " Offered Shares"); 1,850,000 pre-funded warrants (the " Offered Pre-Funded Warrants") giving the right to subscribe to 1,850,000 additional ordinary shares (the " Pre-Funded Warrant Shares"); and 23,101,267 warrants (the " Offered Investor Warrants") giving the right to subscribe to 23,101,267 additional ordinary shares (the " Investor Warrant Shares"). Investors had the choice to subscribe for two 'units' composed of: Offered Shares to which Offered Investor Warrants were attached (the " ABSA"), with one Offered Investor Warrant attached to each Offered Share, or Offered Pre-Funded Warrants to which Offered Investor Warrants were attached (the " Pre-paid Units"), with one Offered Investor Warrant attached to each Offered Pre-Funded Warrant. Each Offered Pre-Funded Warrant gives the investor the right to subscribe to one Pre-Funded Warrant Share, and each Offered Investor Warrant gives the investor the right to subscribe to One Investor Warrant Share. The Offered Investor Warrants attached to the Offered Shares and to the Offered Pre-Funded Warrants are identical and thus fungible when they are detached from the Offered Shares and the Offered Pre-Funded Warrants, upon issuance. The Pre-Funded Warrant Shares and the Investor Warrant Shares (together, the " New Shares") are fungible with the Company's existing ordinary shares of €0.025 par value. The launch of the Private Placement was decided on June 30, 2025 by the Chief Executive Officer, pursuant to the delegation of competence granted to her by the Company's board of directors (the ' Board of Directors ') on June 19 and June 30, 2025. The Board of Directors acted pursuant to the delegation of competence granted to it under the 24 th resolution of the Company's shareholders on May 13, 2025 (the ' General Meeting '). The ABSA and the Pre-paid Units were issued in a capital increase with cancellation of shareholders' preferential subscription rights for the benefit of investors within the category of persons defined by the 24 th resolution of the General Meeting, in accordance with Article L. 225-138 of the French Commercial Code. The issue price of one ABSA is EUR 0.17. The issue price of one Pre-paid Unit is EUR 0.16. The exercise price of one Offered Investor Warrant is EUR 0.21 per Investor Warrant Share. The exercise price of one Offered Pre-Funded Warrant is EUR 0.01 per Pre-Funded Warrant Share. The EUR 0.17 issue price on one ABSA represents a facial discount of 15.63% (i.e., EUR 0.0315) to the closing price of the GenSight shares on Euronext Paris on the day of the determination of the issue price, i.e., EUR 0.2015 on June 30, 2025 (the ' Reference Price '). The exercise price of the Offered Investor Warrant represents a 4.22% (i.e., EUR 0.0085) premium to the Reference Price. The issue price of an ABSA, less the EUR 0.0546 theoretical value of the Offered Investor Warrant attached to it 1, plus the exercise price of such Offered Investor Warrant, represents a total 19.26% discount to the Reference Price for each of the two New Shares issued (the Offered Share and the Investor Warrant Share), consistent with the maximum discount authorized by the General Meeting pursuant to its 24 th resolution. The EUR 0.16 issue price of one Pre-paid Unit, less the EUR 0.0546 theoretical value of the Offered Investor Warrant attached to it 2, plus the exercise price of the Offered Pre-Funded Warrant and the exercise price of the Offered Investor Warrant, represents a total 19.26% discount to the Reference Price for each of the two New Shares issued (the Pre-Funded Warrant Share and the Investor Warrant Share), consistent with the maximum discount authorized by the General Meeting pursuant to its 24 th resolution. The Offered Pre-Funded Warrants may be exercised at any time within 60 months of their issuance. The Offered Investor Warrants may be exercised at any time within 60 months of their issuance. In the event all Offered Investor Warrants and all Offered Pre-Funded Warrants are exercised, their exercise will generate additional gross proceeds of EUR 4,869,766.07 (i.e., EUR 18,500,00 for the Pre-Funded Warrant Shares and EUR 4,851,266.07 for the Investor Warrant Shares). Impact of the Private Placement on the Company's shareholding Following the issuance of the Offered Shares, the Company's total share capital will be EUR 3,817,944.05 (composed of 152,717,762 ordinary shares). If all the Offered Pre-Funded Warrants are exercised, and thus all the Pre-Funded Warrant Shares issued, the Company's total share capital will be EUR 3,864,194.05 (composed of 154,567,762 ordinary shares). If all the Offered Investor Warrants are exercised, and thus all the Investor Warrants Shares issued, the Company's total share capital will be EUR 4,441,725.725 (composed of 177,669,029 ordinary shares). Please see sections 19.1.3 and 19.1.4 of GenSight's 2024 Universal Registration Document for a description of the securities issued by GenSight and giving access to its capital. To the Company's knowledge, immediately prior to completion of the Private Placement, the breakdown of the Company's share capital was as follows: To the Company's knowledge, immediately after the completion of the Private Placement and the issuance of the Offered Shares, the breakdown of the Company's share capital will be as follows: To the Company's knowledge, after the completion of the Private Placement and the issuance of the Offered Shares and all Pre-Funded Warrant Shares upon exercise of all Offered Pre-Funded Warrants, the breakdown of the Company's share capital will be as follows: To the Company's knowledge, after the completion of the Private Placement and the issuance of the Offered Shares and all Pre-Funded Warrant Shares upon exercise of all Offered Pre-Funded Warrants and the issuance of all Investor Warrant Shares upon exercise of all Offered Investor Warrants, the breakdown of the Company's share capital will be as follows: On the basis of the share capital of the Company immediately before completion of the Private Placement, the interest of a shareholder who held 1.00% of the Company's share capital at that time and who did not participate will stand at: 0.86% on a non-diluted basis and 0.51% on a diluted basis immediately after the completion of the Private Placement and the issuance of the Offered Shares, 0.85% on a non-diluted basis and 0.51% on a diluted basis after the completion of the Private Placement and the issuance of the Offered Shares and all Pre-Funded Warrant Shares upon exercise of all Offered Pre-Funded Warrants, and 0.74% on a non-diluted basis and 0.51% on a diluted basis after the completion of the Private Placement and the issuance of the Offered Shares and all Pre-Funded Warrant Shares upon exercise of all Offered Pre-Funded Warrants and the issuance of all Investor Warrant Shares upon exercise of all Offered Investor Warrants. Admission to trading of the New Shares, the Offered Pre-Funded Warrants and the Offered Investor Warrants The Offered Shares are expected to be admitted to trading on Euronext Paris on July 3, 2025. The Offered Investor Warrants are expected to be admitted to trading on the Euronext Growth market in Paris (" Euronext Growth Paris") on or prior to July 11, 2025. The Offered Pre-Funded Warrants will not be admitted to trading on any venue. The Pre-Funded Warrant Shares and the Investor Warrant Shares will be admitted to trading on Euronext Paris as they are issued following the exercise of the corresponding warrants. The New Shares will be subject to the provisions of the Company's by-laws and will be assimilated to existing shares upon final completion of the Private Placement. They will bear current dividend rights and will be admitted to trading on the same listing line as the Company's existing shares under the same ISIN code FR0013183985 / SIGHT. Lock-up commitments The Company has signed a lock-up commitment pursuant to which it has agreed to a lock-up period of 45 calendar days from the date of the settlement and delivery of the Private Placement, subject to certain customary exceptions. The directors and officers of the Company have signed a lock-up commitment pursuant to which they have agreed to a lock-up period of 60 calendar days from the date of the settlement and delivery of the Private Placement, subject to certain customary exceptions. Financial intermediaries Maxim Group, LLC acted as sole placement agent (the ' Placement Agent ') for the Private Placement in the United States, pursuant to an agreement entered into between the Company and the Placement Agent. Indicative timetable Decisions of the Board of Directors deciding the principle of the Private Placement and delegating to the Chief Executive Officer the necessary powers to implement the Private Placement. June 30, 2025 Decision of the Chief Executive Officer setting the terms and conditions of the Private Placement. July 1, 2025 Publication of this press release. July 1, 2025 Publication of the Information Document July 3, 2025 Publication of the Euronext notice of admission of the Offered Shares to trading on Euronext Paris. July 3, 2025 Settlement-delivery of the ABSAs and the Pre-paid Units- Detachment of the Offered Pre-Funded Warrants and the Offered Investor Warrants - Start of trading of the Offered Shares on Euronext Paris. July 11 at the latest, 2025 Admission of the Offered Investor Warrants on Euronext Growth Paris Expand Update on the Company's financial position As of May 31, 2025, the Company's cash and cash equivalents amounted to €0.9 million, virtually unchanged from March 31, 2025. The Company received EUR 0.7 million in Research Tax Credit (CIR) at the end of May 2025, with the balance of EUR 0.4 million expected in July 2025. For the record, the Company's financial debt includes loans guaranteed by the French government, a loan from the EIB, convertible bonds held by Heights Capital and Sight Again repayable advances, totaling EUR 25 million (nominal and interest, undiscounted value) as of May 31, 2025. This amount does not take into account (i) the close to EUR 4 million private placement announced in this press release, (ii) the repayment in principal of EUR 0.7 million on the convertible bonds held by Heights Capital through offset against their subscription in the aforementioned private placement, and (iii) the repayment of the outstanding balance of EUR 0.5 million in respect of the loans guaranteed by the French government described in section 8.3 of the 2024 URD. The settlement of this balance will end the default situation described in the 2024 URD. However, this default, through cross-default or cross-acceleration clauses, could have triggered the acceleration of certain other financial obligations of the Company. To date, no lender has given notice to the Company or formally demanded the acceleration of other financial debts. Based on current operations, current projections and this private placement of close to EUR 4 million, available cash will enable operations to continue until early October 2025. However, the Company's current resources remain insufficient to cover its operating needs for the next 12 months. In addition, the Company anticipates the launch of the AAC program no later than the fourth quarter of 2025. This launch remains subject to the ANSM's approval of a targeted dose-ranging study. The Company has submitted a preliminary study design to the agency and plans to finalize the study protocol within this timeframe. Once operational, this program should contribute to supporting clinical and regulatory activities. The Company has put in place a financing solution by mobilizing invoices related to AAC treatments within a very short time frame. Once the AAC program is operational, the Company will have a cash horizon of more than 12 months. The Company is implementing a financing strategy aimed at (i) ensuring the continuity of its operations until the start of the AAC program, (ii) preparing for the launch of the global Phase III clinical trial, and (iii) supporting the filing of the marketing authorization application with the MHRA in the United Kingdom for LUMEVOQ®. It is actively pursuing several financing options, including non-dilutive financing such as licensing agreements outside North America and Europe, partnerships, and potential mergers and acquisitions. Risk factors The Company draws the attention of the public to the risk factors relating to the Company and its business described in its 2024 Universal Registration Document, which is available free of charge on the Company's website ( , as amended by the Information Document. In addition, the main risks specific to securities are as follows: The existing shareholders who do not participate in the Private Placement will see their shareholding in the share capital of GenSight diluted, and this shareholding may also be further diluted in the event of the exercise of the Offered Investor Warrants, as well as in the event of new securities transactions. The volatility and liquidity of GenSight shares could fluctuate significantly. The market price of the Company's shares may fluctuate and fall below the subscription price of the shares issued in the context of the Private Placement. The sale of Company shares may occur on the secondary market, after the Private Placement, and have a negative impact on the Company share price. About GenSight Biologics S.A. GenSight Biologics S.A. is a clinical-stage biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders. GenSight Biologics' pipeline leverages two core technology platforms, the Mitochondrial Targeting Sequence (MTS) and optogenetics, to help preserve or restore vision in patients suffering from blinding retinal diseases. GenSight Biologics' lead product candidate, GS010 (lenadogene nolparvovec) is in Phase III in Leber Hereditary Optic Neuropathy (LHON), a rare mitochondrial disease that leads to irreversible blindness in teens and young adults. Using its gene therapy-based approach, GenSight Biologics' product candidates are designed to be administered in a single treatment to each eye by intravitreal injection to offer patients a sustainable functional visual recovery. Disclaimer Not for release, directly or indirectly, in or into the United States of America, Canada, Australia, Japan or South Africa. This press release and the information contained herein do not contain or constitute an offer to subscribe or purchase, or the solicitation of an order to purchase or subscribe, for securities in the United States of America or in any other jurisdiction where such an offer or solicitation would be unlawful. The securities referred to herein have not been and will not be registered under the Securities Act, or under the securities laws of any state or other jurisdiction of the United States of America, and may not be offered or sold in the United States of America except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any state or any other jurisdiction of the United States. GenSight does not intend to make a public offering of the securities in the United States of America. The distribution of this press release may be subject to legal or regulatory restrictions in certain countries. Persons in possession of this press release should inform themselves of and observe any local restrictions. The information contained herein is subject to change without notice. Forward-Looking Statements This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the completion expected proceeds and anticipated use of proceeds of the Private Placement; the anticipated cash runway of the Company; and future expectations, plans and prospects of the Company. Words such as 'anticipates,' 'believes,' 'expects,' 'intends,' 'projects,' and 'future' or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed securities offering discussed above will be consummated on the terms described or at all. Completion of the proposed Private Placement and the terms thereof are subject to numerous factors, many of which are beyond the control of the Company, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the filings the Company makes with the AMF from time to time. The Company expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by law. 1 Black & Scholes calculation, with an annual volatility of 28.32%. 2 Idem. 3 The number of shares contained in the table includes 85,702,922 shares that may be issued by the Company further to the exercise of the remaining share warrants, founders share warrants, free shares and stock options outstanding. 4 Sofinnova Partners: French management company located at 7-11 boulevard Haussmann, 75009 Paris, France, which manages Sofinnova Crossover I SLP. 5 Invus: a Bermudian company located at Clarendon House, 2 Church Street, Hamilton HM 11 Bermuda. Pursuant to the provisions of Article L. 233-9 I, 4° bis of the French Commercial Code, Invus has stated that they hold 6,360,058 shares of GENSIGHT BIOLOGICS S.A. as a result of holding "contracts for differences" ("CFDs") maturing on January 3, 2034, covering an equivalent number of GENSIGHT BIOLOGICS S.A. shares, to be settled in cash. 6 UPMC: a non-profit organization located 6425, Penn Avenue, Suite 200, Pittsburgh, Pennsylvania, United States of America. 7 Heights Capital: a Cayman Islands exempted company located PO Box 309GT, Ugland House South Church Street, George Town Grand Cayman, Cayman Islands. 8 The number of shares contained in the table includes 73,202,953 shares that may be issued by the Company further to the exercise of the remaining share warrants, founders share warrants, free shares and stock options outstanding.
Yahoo
24-06-2025
- Business
- Yahoo
Stabilization Notice - PRE STAB - CMA CGM S.A.
25/06/25 Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful. CMA GCM SA Pre-stabilisation Period Announcement BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014). The securities:1 Issuer: CMA CGM SA Guarantor (if any): N/A Aggregate nominal amount: TBC Description: EUR 5.5NC2 Offer price: TBC Other offer terms: Stabilisation: Stabilisation Manager(s) BNP Paribas, CACIB, HSBC, ING, SOCGEN, BRED CIC, CITI, NTX, SANTANDER Stabilisation period expected to start on: 24 June 2025 Stabilisation period expected to end no later than: 30 July 2025 Existence, maximum size and conditions of use of over‑allotment facility: The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law. Stabilisation trading venue: OTC In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules. This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction. This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom. In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the 'Prospectus Regulation') (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State. This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United 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
Euronews
12-06-2025
- Business
- Euronews
Irish government rejects motion to stop sale of Israeli bonds
The Irish government on Wednesday defeated a cross-party motion that called on it to stop the Central Bank of Ireland from facilitating the sale of Israeli bonds. The motion, presented by the Social Democrats and supported by Sinn Féin, Labour, and People Before Profit, was intended to block what many refer to as 'Israeli war bonds'. The instruments provide economic support to Israel while it conducts military operations in Gaza, and Ireland's Central Bank currently approves the sale of these bonds in EU markets. Bonds issued by non-EU countries must be approved by the financial regulator in one member state before they can be sold within the single market. The bill failed with 85 votes against and 71 in favour, upholding the government's position. Several TDs, Irish members of parliament, argued that Ireland should not be involved in financial instruments that fund destruction in Gaza. The Central Bank estimated that Israel has raised between €100mn and €130mn from their sale. Taoiseach Micheál Martin nonetheless rejected claims that the Irish government is complicit in genocide by allowing the facilitation of the bond sales. Despite publicly acknowledging the severity of Israel's attacks in Gaza, he maintained that Ireland must oppose the military action within legal and diplomatic channels. As such, the government argued that it cannot legally direct the Central Bank due to its independence under Irish and EU law. When the same objection arose last month in response to a similar motion from Sinn Féin, party leader Mary Lou McDonald argued: 'We have over 20 pages of independent, robust legal opinion clearly stating that the bill is compliant with Irish law, European law and international law.' As per the EU's Prospectus Regulation, non-EU countries like Israel must meet disclosure and legal standards to issue bonds in the bloc. If those standards are met, the Central Bank doesn't have the authority to reject bond applications. 'The Central Bank cannot decide to impose sanctions for breaches or alleged breaches of international law. It is for international bodies such as the UN or the EU to determine how to respond to breaches or alleged breaches of international law,' said Central Bank Governor Gabriel Makhlouf. He added that the Genocide Convention applies to the Irish State, not regulatory bodies like the Central Bank. The reason why the Irish Central Bank is at the core of this issue — despite Ireland being one of the EU countries that has been the most vocally pro-Palestine — is Brexit. When the United Kingdom voted to leave the European Union in 2016, Israel chose Ireland to be the home member state to approve its bonds. Prior to 2021, this responsibility fell to the UK. The current prospectus for Israeli bonds is set to expire in September, but Central Bank officials believe that Israeli authorities will likely initiate the renewal process several weeks beforehand. In the absence of new EU sanctions or changes to existing legislation, the Central Bank will remain legally bound to approve the bond prospectus, regardless of the political fallout. Meanwhile, protesters have been gathering for months outside the seat of the parliament, Leinster House, and the Central Bank, demanding that the government block Israeli bond sales. Britain's economic recovery suffered a setback in April, with gross domestic product (GDP) shrinking by 0.3% on a monthly basis, marking the steepest contraction since October 2023, according to data released by the Office for National Statistics (ONS) on Thursday. The contraction, which exceeded market expectations of a 0.1% fall, has renewed concerns over the UK economy's resilience and intensified pressure on both Downing Street and the Bank of England (BoE)'s policy stance. The April downturn followed a modest 0.2% expansion in March and comes amid a broader backdrop of weakening labour market data and fading consumer momentum. The services sector, which accounts for around 80% of UK economic output, was the primary drag in April, declining by 0.4%. Within services, the professional, scientific and technical activities subsector posted a significant fall of 2.4%. This contraction was driven mainly by a 10.2% plunge in legal activities, attributed in part to the impact of changes to Stamp Duty Land Tax thresholds in England and Northern Ireland. The tax change prompted homebuyers to bring forward purchases to March, resulting in a sharp drop in related services, such as conveyancing and estate agency work, in April. Advertising and market research also contributed negatively to GDP, with output down 3.4%, while growth in scientific research and development (up 6.7%) provided a partial offset. The wholesale and retail trade and repair of motor vehicles and motorcycles subsector also weighed on GDP, declining by 1.2% in April after a 0.9% expansion in March. Production output fell by 0.6% in April, with manufacturing production sliding 0.9% — adding to a 0.8% fall in the previous month. Overall industrial production contracted by 0.6%, coming in weaker than the 0.5% decline expected by analysts. Despite a rebound in construction output, which rose 0.9% month-on-month, it was not enough to counterbalance the broader economic dip. The downturn in GDP comes on the heels of deteriorating labour market data released earlier this week. The number of payrolled employees fell by 109,000 in May, the seventh consecutive monthly decline and the sharpest drop since May 2020. The total stood at 30.2 million, a 0.4% monthly fall. The unemployment rate ticked up to 4.6% in the three months to April, in line with expectations, while wage growth softened. Regular pay excluding bonuses increased by 5.2% year-on-year — the slowest pace in seven months and below the 5.4% forecast. Despite the mounting economic headwinds, the BoE is widely expected to leave interest rates unchanged at 4.25% at its upcoming meeting next week. However, traders have increased their bets on a rate cut in August, anticipating a 0.25 percentage point reduction as the economy shows further signs of cooling. Overall, money markets are currently pricing two interest rate cuts of cumulative 50 basis points by the BoE this year. Sterling came under pressure following the GDP release, with the euro rising to 0.85 pounds — the highest level in over a month during morning trading. UK government bond yields extended their weekly declines. The yield on the two-year gilt fell to 3.90%, the lowest since early May, while the ten-year yield slipped to 4.53%. Equity markets, however, remained broadly resilient. The FTSE 100 held steady around 8,860 points, just shy of Wednesday's all-time high of 8,885. Among the notable movers, Halma plc surged over 8% on the back of strong corporate results. BP also gained 1.8%, buoyed by higher oil prices following the announcement of a trade agreement between the United States and China. On the downside, Intermediate Capital Group and EasyJet dropped 4.1% and 2.6%, respectively.
Yahoo
11-06-2025
- Business
- Yahoo
Alvotech's Private Placement Completed with Delivery of SDRs and Shares to Investors
Alvotech (NASDAQ: ALVO, ALVO-SDB, the 'Company'), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced the completion of a private placement that was carried out on June 4, 2025, directed to Swedish and international institutional investors. About 40 institutional investors participated in the placement. About 60% of the demand came from institutional investors based in Sweden, Norway or the UK, and about 30% from US-based funds. Over 80% of the shares and Swedish Depositary Receipts (SDRs) allocated in the placement, were sold to investors that were not previously shareholders in Alvotech. 'I'm delighted to welcome a broad group of new shareholders that are ready to join Alvotech on its exciting journey to lead the biosimilars industry, with extensive experience and background from investing in healthcare and biotech globally. This placement will further diversify and strengthen Alvotech's shareholder base and increase free float of SDRs on Nasdaq Stockholm, as about 8,5 million SDRs are already trading on the Swedish market,' said Róbert Wessman, chairman and CEO of Alvotech. All SDRs and shares allocated have now been delivered to the counterparties, with a transfer of 7.5 million treasury shares previously held by Alvotech's subsidiary Alvotech Manco ehf. Important information The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions by law. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release is for information purposes only and does not constitute an offer to sell or an offer, or the solicitation of an offer, to acquire or subscribe for SDRs, shares or other securities issued by the Company, neither by the Company or anyone else, in any jurisdiction where such offer or invitation would be illegal prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the 'Prospectus Regulation') and has not been approved by any regulatory authority in any jurisdiction. The Company has not authorized any offer to the public of SDRs, shares or other securities in any member state of the EEA and no prospectus has been or will be prepared in connection with the Placement. In any EEA Member State, this communication is only addressed to and is only directed at 'qualified investors' in that Member State within the meaning of the Prospectus Regulation. This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The SDRs, the ordinary shares underlying the SDRs and the new ordinary shares referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the 'Securities Act'), or under the securities laws of any state or other jurisdiction of the United States and, accordingly, may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable state securities law. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The sale of the securities referred to herein in the United States is being made solely to a limited number of 'qualified institutional buyers' as defined in Rule 144A in reliance on an exemption from the registration requirements of the Securities Act. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into Australia, Belarus, Canada, Hong Kong, Japan, New Zeeland, Russia, Switzerland, Singapore, South Africa, South Korea, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations. In the United Kingdom, this press release and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, 'qualified investors' who are (i) persons having professional experience in matters relating to investments who fall within the definition of 'investment professionals' in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order'); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as 'relevant persons'). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision to acquire or subscribe for shares in connection with the Placement must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by the Joint Bookrunners. The Joint Bookrunners are acting for the Company and no one else in connection with the Placement and are not responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the Placement or any other matter referred to herein. This press release does not constitute a recommendation for any investors' decisions regarding the Placement. Each investor or potential investor should conduct a self-examination, analysis and evaluation of the business and information described in this press release and any publicly available information. The price and value of the securities can decrease as well as increase. Achieved results do not provide guidance for future results. Neither the contents of the Company's website nor any other website accessible through hyperlinks on the Company's website are incorporated into or form part of this press release. Failure to follow these instructions may result in a breach of the Securities Act or applicable laws in other jurisdictions. About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Two biosimilars, to Humira® (adalimumab) and Stelara® (ustekinumab) are already approved and marketed in multiple global markets. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech's commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Dr. Reddy's (EEA, UK and US), Biogaran (FR), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit None of the information on the Alvotech website shall be deemed part of this press release. For more information, please visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram, and YouTube. Alvotech Forward Looking StatementsCertain statements in this communication may be considered 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech's expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, and market launches. In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expect', 'intend', 'will', 'estimate', 'anticipate', 'believe', 'predict', 'potential', 'aim' or 'continue', or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech's control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to raise substantial additional funding, which may not be available on acceptable terms or at all; (2) the ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech's estimates of expenses and profitability; (6) Alvotech's ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (10) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (11) the ability of Alvotech's partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (12) Alvotech's ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (13) the success of Alvotech's current and future collaborations, joint ventures, partnerships or licensing arrangements; (14) Alvotech's ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (15) Alvotech's ability to manufacture sufficient commercial supply of its approved products; (16) the outcome of ongoing and future litigation regarding Alvotech's products and product candidates; (17) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company's business, financial position, strategy and anticipated milestones; and (18) other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication. ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONSBenedikt Stefansson, 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
