Fintech PR
Hanwha Group bids for global shipbuilding leader Austal
SEOUL, South Korea, April 2, 2024 /PRNewswire/ — Hanwha Group (Hanwha) has submitted an indicative offer to the Australian headquartered Austal board to acquire the global business of Austal, via a scheme of arrangement, subject to satisfactory due diligence.
Hanwha brings important capabilities and investment to support Austal’s business and local Australian communities while aligning with government objectives in Australia, the US and South Korea.
A recent media report which states concerns that the Australian government would not grant permission of the sale of Austal because it carries out defence contracting work for the Australian government is baseless.
“There is no foundation of the claim that the Foreign Investment Review Board (FIRB) would reject Hanwha’s acquisition of the company,” David Kim, Executive Vice President at Hanwha said. Hanwha is respectful of the FIRB regulatory approval process, but is confident in its ability to obtain FIRB approval for the transaction.
“Hanwha has already obtained FIRB approval for prior investments in Australia and has a proven track record of investment in Australia’s defence industrial base, being the contracted supplier of infantry fighting vehicles, self-propelled howitzers and ammunition resupply vehicles with significant investment in a Geelong manufacturing facility that employs local workers.”
Hanwha is a credible buyer with a highly competitive offer. The company’s rationale for the interest in Austal includes:
- Strengthening alliances: Hanwha is a known entity and respected ally to both Australia and US defence leaders with a strategic presence in the Indo-Pacific. Hanwha’s acquisition of Austal would build upon the countries’ alliances and support Australia’s national security as a partner and ally, building upon a series of relationships between key defence and security partners.
- Supporting government priorities: The deal is aligned with Australian government objectives outlined in the Independent Analysis of Navy’s Surface Combatant Fleet, where Hanwha’s capabilities and investment would accelerate delivery of critical programs and allow Australia to keep sovereign shipbuilding capabilities in Henderson, WA.
- Austal value: Hanwha has more than 50 years of experience in shipbuilding, which would expand Austal’s growth potential and accelerate innovation (e.g. steel shipbuilding, production automation, Smart Shipyards, autonomous technology) while unlocking Austal value with increased investment and efficiencies.
- Long-term partner: Hanwha is a long-term partner with the intent to invest in the business along with the workforce and communities it supports, while bringing stability to the company with long-term partnership at the forefront of decision making. With a focus on local jobs, community partnerships and economic development, Hanwha is an ideal partner for stable long-term growth compared to other ownership models.
Hanwha believes an Austal acquisition would benefit numerous stakeholders, including governments, shareholders, employees, and communities and is planning to go through all the proper processes towards a successful sale.
Hanwha Group
Hanwha, founded in 1952, is a Fortune Global 500 company and South Korea’s seventh largest business group with US$65.3 billion in total sales and US$179.7 billion in total assets.
As a global leader with a diversified business portfolio covering green energy; materials; aerospace, ocean & mechatronics; finance; and retail & services, Hanwha delivers future-ready solutions and impactful innovations that power industries and enrich communities.
Our relentless commitment to sustainability drives our bold innovation, allowing us to create transformative solutions for individuals, society, and the planet, creating a robust foundation for sustainable development and a brighter future for all.
Hanwha Ocean
Hanwha Ocean is a globally renowned maritime and shipbuilding company with 50+ years of shipbuilding experience, including a wide range of naval ships that include submarines, warships other naval support vessels, as well as commercial vessels, such as LNG Carriers and Very Large Crude oil Carriers. Hanwha Ocean’s Okpo shipyard is the second largest and one of the most efficient shipyards in the world. Hanwha Ocean is a leader in building advanced warships and submarines for the Korean Navy and for many international clients, including UK, Norway, Indonesia, and Thailand. Capabilities include building of Destroyers, FFX-II Frigates, and various types of warships ranging between 1,000 to 10,000 tons. The company is also at the center of history with submarines of the Korean Navy. Since the building of KSS-I submarines in the late 1980s, the company has delivered KSS-III in 2021, designed and built independently for the first time in Korea, demonstrating Hanwha Ocean’s expertise in submarine construction.
For further information please contact:
Jinwon Park
Senior Manager
Hanwha Group
(t) +82 10 3880 4541
(e) [email protected]
Andrew Joyce
Partner
Pyne & Partners
(t) +61 (02) 6108 3020
(e) [email protected]
Logo – https://mma.prnewswire.com/media/2377236/Hanwha.jpg
View original content:https://www.prnewswire.co.uk/news-releases/hanwha-group-bids-for-global-shipbuilding-leader-austal-302105625.html
NEW YORK, Dec. 18, 2024 /PRNewswire/ — The New York Stock Exchange (NYSE) is proud to offer a new daily pre-market update and additional content directly from the iconic NYSE Trading Floor.
Access the new Daily NYSE Pre-market update and additional content here: https://www.multivu.com/nyse/9306251-en-new-york-stock-exchange-pre-market-update
DAILY NYSE PRE-MARKET UPDATE
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Video – https://mma.prnewswire.com/media/2584161/NYSE_Market_Dec_18_2024.mp4
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View original content:https://www.prnewswire.co.uk/news-releases/nyse-content-advisory-todays-pre-market-update-december-18-2024-302335036.html
Fintech PR
Gan & Lee Pharmaceuticals Announces U.S. FDA Clearance of the IND application for the innovative Bi-weekly GLP-1RA GZR18 Injection, Bofanglutide, with chronic weight management Indication (A Phase 2 head-to-head with Tirzepatide clinical trial)
BEIJING and BRIDGEWATER, N.J., Dec. 18, 2024 /PRNewswire/ — Gan & Lee Pharmaceuticals (Gan & Lee, Shanghai Stock Exchange: 603087.SH), is pleased to announce that the Food and Drug Administration (” FDA “) has cleared the Investigational New Drug (IND) application for GZR18 Injection to conduct a phase 2 clinical trial, a head-to-head with Tirzepatide from Eli Lilly and Company (NYSE: LLY) in the US (NCT06737042). GZR18 is a long-acting glucagon-like peptide-1 (GLP-1) receptor agonist (RA) being developed by Gan & Lee Pharmaceuticals. The clinical trial indication of this application is the chronic weight management for obese or overweight patients, with or without T2DM.
According to the latest data released by the World Obesity Federation (WOF) Global Obesity Report (2024), approximately 2.2 billion adults worldwide were overweight (referring to BMI ≥ 25kg/m2) in 2020, accounting for about 42% of the total adult population. It is expected that this number will rise to 3.3 billion by 20351. Obesity can lead to a series of complications, including diabetes, cardiovascular diseases and even mental diseases such as depression. The medical expenses caused by obesity and its complications have brought a heavy medical burden to patients and society.
GZR18, as a GLP-1 receptor agonist, can delay gastric emptying by activating GLP-1 receptors expressed on the gastrointestinal tract; and enhance satiety and suppress appetite by activating GLP-1 receptors in the hypothalamus and other parts, thereby reducing the patient’s weight. GZR18 injection is the first bi–weekly GLP-1 mono-agonist formulation. Current clinical data has demonstrated weight loss effects comparable to or even better than multi-target once-weekly GLP-1 formulations, providing new insights for the future development of GLP-1 drugs. The development of the bi-weekly GZR18 injection is expected to offer more flexible treatment options for obese patients , leading to improved long-term weight management efficacy and adherence.
About GZR18
GZR18 is a long-acting glucagon-like peptide-1 (GLP-1) receptor agonist (RA) being developed by Gan & Lee Pharmaceuticals. The indications currently under development are type 2 diabetes and chronic weight management for obese or overweight patients. Clinical data shows that administering GZR18 injection once a week and every two weeks can achieve good hypoglycemic or weight loss effects2.
References:
1. World Obesity Alliance 2024 World Obesity Report [EB/OL]. London: World Obesity Alliance,
2. LINONG JI, WEI CHEN, RUIHUA DONG, MINGXIA YUAN, DONG ZHAO, SHUGUANG PANG, LIYUAN ZHAO, JING ZHAO, ZHONG-RU GAN; 1858-LB: A Novel GLP-1 Analog, GZR18, Induced an 18.6% Weight Reduction in Subjects with Obesity in a Phase Ib/IIa Trial. Diabetes 14 June 2024; 73 (Supplement_1): 1858–LB. https://doi.org/10.2337/db24-1858-LB
About Gan & Lee
Gan & Lee Pharmaceuticals developed the first Chinese domestic insulin analog. Currently, Gan & Lee has six core insulin products, including five insulin analog varieties: long-acting glargine injection (Basalin®), fast-acting lispro injection (Prandilin™), fast-acting aspart injection (Rapilin®), mixed protamine zinc lispro injection (25R) (Prandilin™25), aspart 30 injection (Rapilin®30), and one human insulin injection – mixed protamine human insulin injection (30R) (Similin®30). The company has two approved medical devices in China, namely reusable insulin injection pen (GanleePen), and disposable pen needle (GanleeFine®).
In China’s 2024 National Insulin-Specific Centralized Procurement, Gan & Lee Pharmaceuticals ranked first among all selected companies in terms of procurement demand for insulin analogs. The company is also making strides in international markets, with the disposable pen needle (GanleeFine®) approved by the US Food and Drug Administration (FDA) in 2020 and received GMP inspection approval from the European Medicines Agency (EMA) in 2024. These achievements significantly boost Gan & Lee’s competitiveness in both international and domestic markets.
In the future, Gan & Lee will strive for comprehensive coverage in diabetes treatment. Moving forward with its mission to become a world-class pharmaceutical company, Gan & Lee will also actively develop new chemical entities and biological drugs, focusing on treatments for metabolic diseases, cardiovascular diseases, and other therapeutic areas.
Further Information:
[email protected] (Media)
[email protected] (Business Development)
[email protected] (Medical Information)
Logo – https://mma.prnewswire.com/media/2439708/Gan_Lee_Pharmaceuticals_Logo.jpg
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Project in partnership with AUO starts on January 1, 2025
MANCHESTER, England, Dec. 18, 2024 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), has received and accepted a £900,000 (USD 1.1 million) grant from Innovate UK for its previously announced project partnership with AUO to develop a rollable, transparent microLED display. Part of the 2024 UK-Taiwan Collaborative R&D Initiative, the 2-year project will commence on January 1, 2025, with initial grant payments beginning in the first quarter of 2025.
About the 2024 UK-Taiwan Collaborative R&D Initiative
The 2024 UK-Taiwan Collaborative R&D Initiative has invested more than £10 million this year to promote bilateral industrial technology research and development cooperation. The nine award-winning projects will promote the joint development of advanced technologies in fields such as electrical information communication, biomedicine, and electromechanical by Taiwan-UK enterprises.
About Smartkem
Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry. Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s organic inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.
Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 18 patent families, 16 pending patents and 40 codified trade secrets. For more information, visit: www.Smartkem.com and follow us on LinkedIn http://www.linkedin.com/company/Smartkem-limited.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
Contacts:
Selena Kirkwood
Head of Communications for Smartkem
T: +44 (0) 7971 460 364
[email protected]
U.S. Investors
David Barnard, CFA
Alliance Advisors Investor Relations
T: 1 415 433 3777
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/smartkem-receives-900-000-grant-from-innovate-uk-for-advanced-microled-displays-302334970.html
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