Day: March 11, 2024

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Fortrea Signs Definitive Agreement to Divest Endpoint Clinical and Patient Access Businesses to Arsenal Capital Partners

Proposed divestiture of Endpoint Clinical and Fortrea Patient Access businesses further streamlines Fortrea’s strategic focus as a pure-play contract research organization

Creates standalone best-in-class Randomization and Trial Supply Management and Patient Access solutions positioned for differentiation and growth

DURHAM, N.C., March 11, 2024 (GLOBE NEWSWIRE) — Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced it has signed a definitive agreement to divest assets relating to its Enabling Services segment, namely its Endpoint Clinical (“Endpoint”) and Fortrea Patient Access businesses, to Arsenal Capital Partners (“Arsenal”), a leading private equity firm specializing in building market-leading, technology-rich healthcare companies.

By divesting these businesses, Fortrea aims to advance the growth strategy and solutions of Endpoint and Fortrea Patient Access, positioning them for increased investment to accelerate the technology roadmap and further enhance operations to support best-in-class customer solutions and delivery. The remaining business of Fortrea will strengthen its focus on clinical development phases 1 through 4. Closing is targeted for the second quarter of 2024, subject to customary closing conditions and regulatory approvals, as well as the parties entering into certain services and operating agreements.

“Today marks a significant milestone in Fortrea’s ongoing journey, as we sharpen our focus on organically growing as a pure-play CRO, with added financial flexibility,” said Fortrea Chairman and CEO Tom Pike. “After undertaking a strategic review of our business, divesting Endpoint and Fortrea Patient Access aligns with the interests of our customers. Arsenal has extensive experience in building businesses that create systematic improvement in health outcomes, and I am confident that Endpoint and Fortrea Patient Access will be able to strengthen their market positions, nurture top-tier talent and invest in new capabilities and resources while delivering solutions that improve patients’ lives.”

“I am excited for this next chapter for Endpoint and Fortrea Patient Access,” said Sam Osman, president of Enabling Services at Fortrea, who will serve as the CEO of these businesses with Arsenal. “These businesses will be distinctively positioned to effectively manage the patient journey across clinical trials and into commercialization by driving patient access and adherence for approved therapies. Combining Arsenal’s deep investment acumen and leading industry operational expertise, I am confident the Endpoint and Fortrea Patient Access businesses are well positioned for growth and delivery of enhanced capabilities for patients and pharma sponsors. I look forward to our continued positive impact on healthcare.”

“Endpoint and Fortrea Patient Access have a proud, decades-long track record of market leadership in supporting clinical research and commercialization of innovative therapies. Arsenal takes pride in building organizations that meaningfully improve healthcare. We are excited to partner with management and employees to accelerate the growth of these two businesses,” said Gene Gorbach, an Investment Partner of Arsenal.

Dimitris Agrafiotis, Ph.D., Director of Digital, Analytics & AI at Arsenal said, “Endpoint and Fortrea Patient Access provide essential solutions that enable patients’ participation in clinical trials and access to therapies. I am delighted to support the talented team at Endpoint and Fortrea Patient Access. Together, we will further enhance the sophistication of technology capabilities that underpin these companies’ commitment to delivering the highest quality services to the pharmaceutical industry.”

Endpoint Clinical
Endpoint operates in the high growth eClinical market as a leading provider of Randomization and Trial Supply Management (RTSM) solutions to biopharmaceutical and CRO customers with expertise in serving complex and late-stage clinical trials. For more than 15 years, Endpoint has had a successful track record of effectively supporting more than 1,750 clinical trials involving 875,000 patients across 90 countries and has cultivated a blue-chip customer base and nurtured long-standing strategic relationships.

Fortrea Patient Access
Fortrea Patient Access is a scaled leader in the HUB services and patient access market, serving the biopharmaceutical industry with comprehensive patient support, product access, affordability and adherence solutions for more than 30 years. Further advanced by its recently expanded non-commercial specialty pharmacy, FortreaRx™, to support enhanced distribution of cold-chain and ambient free goods products, Fortrea Patient Access is committed to driving patient outcomes and improving healthcare accessibility through its extensive experience while currently supporting more than 2.5 million patients and over 100 unique brands across more than 25 disease indications.

Arsenal Capital Partners
Arsenal Capital Partners is a leading private equity investment firm that specializes in building market-leading industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 290 platform and add-on acquisitions, and achieved more than 35 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  For more information, visit www.arsenalcapital.com.

Advisors
Barclays is serving as exclusive financial advisor to Fortrea, and Smith Anderson is serving as its legal counsel. Sidley Austin LLP served as Arsenal’s legal counsel.

Earnings Call and Replay
Fortrea will discuss the divestiture announcement on its fourth quarter 2023 earnings conference call, which will be held today at 9:00 am ET. The conference can be accessed through the Fortrea Investor Relations website or the following earnings webcast link. To avoid potential delays, please join at least 10 minutes prior to the start of the call. A replay of the live conference call will be available shortly after the conclusion of the event and accessible on the events and presentations section of the Fortrea website. A supplemental slide presentation will also be available on the Fortrea Investor Relations website prior to the start of the call.

About Fortrea
Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development and patient access solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, consulting services, differentiated technology-enabled trial solutions and post-approval services. Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team of about 18,000 people working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally. Learn more about how Fortrea is becoming a transformative force from pipeline to patient at Fortrea.com and follow us on LinkedIn and X (formerly Twitter) @Fortrea.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the anticipated benefits of the transaction, including future financial and operating performance, and the anticipated timing for completing the transaction. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “guidance,” “expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results could differ materially from these forward looking statements due to a number of factors, including, but not limited to: satisfaction of the conditions precedent to consummation of the proposed divestiture of Endpoint Clinical and Fortrea Patient Access businesses transaction, including the ability to secure regulatory approvals, and the Company’s ability to complete the transaction in a timely manner or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the parties’ ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; and other factors described from time to time in documents that the Company files with the SEC. For a further discussion of the risks relating to the Company’s business, see the “Risk Factors” Section of the Company’s Registration Statement on Form 10, as filed with the Securities and Exchange Commission (the “SEC”), as such factors may be amended or updated from time to time in the Company’s subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included or incorporated by reference in this report and in the Company’s filings with the SEC. All forward-looking statements are made only as of the date of this report and the Company does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking statements to reflect future events or developments.

Fortrea Contacts:
Hima Inguva (Investors) – 877-495-0816, hima.inguva@fortrea.com
Sue Zaranek (Media) – 919-943-5422, media@fortrea.com
Kate Dillon (Media) – 646-818-9115, kdillon@prosek.com

Arsenal Contact:
Jackie Schofield at  pro-Arsenal@prosek.com

GlobeNewswire Distribution ID 9061141

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Recursion Announces Plans to Open New Office in London

Appoints Michael Bronstein as Scientific Advisor and launches recruiting effort to fill the first 20 open roles across technology and biology, establishing a hub for world-class TechBio talent in the heart of King’s Cross neighborhood

LONDON, March 11, 2024 (GLOBE NEWSWIRE) — Recursion (Nasdaq: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, today announced plans to open a new office in London’s vibrant King’s Cross neighborhood. Set to formally open in June 2024, the site will provide Recursion and Valence Labs, the company’s artificial intelligence research engine, access to world-class talent across Europe’s rapidly growing TechBio sector and embed Recursion in a thriving innovation ecosystem of leading technology and life science companies.

“As Recursion continues to lead and define the TechBio industry, it’s critical we hire the best possible talent, much of which is located in Europe,” said Chris Gibson, Ph.D., Co-founder and CEO at Recursion. “London stood out as an ideal location given its brilliant and interdisciplinary talent across the fields of technology, biology and chemistry. It’s also the epicenter for the rapidly growing TechBio sector in Europe, where leading technology and life science companies like Google and Merck both sit within walking distance of our new Recursion site. I look forward to expanding our operations in Europe and hiring many new Recursionauts who will help us advance our mission of decoding biology to radically improve lives.”

To support Recursion’s leadership in TechBio and entry into London, the company is excited to announce the addition of Michael Bronstein, DeepMind Professor of Artificial Intelligence at Oxford University, as a Scientific Advisor. Professor Bronstein is a world leader in geometric deep learning, graph neural networks, and protein design. Professor Bronstein joins AI luminary Professor Yoshua Bengio in supporting Recursion and Valence Labs in the development of state-of-the-art AI models to support the industrialization of drug discovery.

“Recursion is leading the field in advancing cutting-edge AI research for real-world applications with the potential to radically improve lives, and I’m honoured to join them in their mission,” said Prof Michael Bronstein. “I have collaborated with Valence prior to their acquisition by Recursion, and I look forward to continuing to work with the team to advance this important work, especially as Recursion continues to grow in London.”

Recursion’s 6,700 square foot London office will be located at 3 Pancras Square, King’s Cross London. The building is part of a 67-acre redevelopment project in the heart of King’s Cross, with over 4.5 million square feet of office space. Located within a 3-minute walk from King’s Cross Station and St. Pancras International, the site offers excellent transit access. The building includes an onsite cafe, bicycle storage, showers, prayer room and mothers room. In line with Recursion’s commitment to sustainability, the building meets the requirements for an “Excellent” rating by BREEAM building standards and is linked to a site-wide district heating and cooling network that results in net-zero carbon emissions.

“The UK Government’s plan for attracting more inward investment into the UK is working. Recursion’s investment is yet another vote of confidence in the UK, our top talent and our amazing tech and life sciences industries,” said Investment Minister Lord Johnson. “I’m delighted Recursion has chosen London, and we’ll continue to do everything we can to ensure the UK remains the top choice for investments like this.”

Today, Recursion has over 500 employees with a near-equal mix of life scientists and technologists across sites in Salt Lake City, Toronto, Montréal, and the San Francisco Bay Area. Recursion’s new London office will serve as an extension of both Recursion and Valence Labs’ teams. To launch recruiting efforts for the new site, Recursion has opened multiple new roles across technology and biology functions with immediate plans to hire the first 20 people to be based out of the new London office. Recursion and Valence Labs will also host a TechBio Mixer tomorrow, March 12, at the location of its new site to celebrate the office and network with the TechBio community.

For more information on open positions and to apply, visit recursion.com/careers and valencelabs.com/careers.

About Recursion
Recursion is a clinical stage TechBio company leading the space by decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest proprietary biological, chemical and patient-centric datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology, chemistry and patient-centric data to advance the future of medicine.

Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montreal and the San Francisco Bay Area. Learn more at www.Recursion.com, or connect on X (formerly Twitter) and LinkedIn.

Media Contact
Media@Recursion.com

Investor Contact
Investor@Recursion.com

Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding the opening of the London office and timing of such opening; the recruitment efforts and number of roles at the London office; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “could,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

GlobeNewswire Distribution ID 9060948

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Two people die in car accident


ONETHINDI: The Namibian Police Force (NamPol) in the Oshikoto Region opened a case of drunk driving against a 36-year-old Toyota Hilux driver after he reportedly hit a Toyota Corolla, resulting in the deaths of two people.

The deceased are the 43-year-old driver of the Corolla and an unknown female, who was a passenger in the same vehicle.

According to the region’s crime investigations coordinator, Deputy Commissioner Titus Ekandjo on Monday, the accident occurred pon Sunday around 21h00 between the Onethindi and Onandjokwe State Hospital road in Oshikoto’s Oniipa Constituency.

The driver of the Toyota Hilux pickup was not injured and was arrested for alleged drunk driving, and is currently admitted at Onandjokwe State Hospital for observation under police guard.

‘It is alleged that the driver of the white Toyota Corolla which was travelling from Onethindi towards Onandjokwe State Hospital’s direction was trying to make a U-turn while the white Toyota Hilux, which was travelling from Onandjokwe towards On
ethindi, was close,’ reported Ekandjo.

He added that in the process the pickup hit the sedan on the left side, resulting in the death of the Toyota Corolla driver and the passenger on the spot. The incident also caused injuries to other passengers from both vehicles.

The deceased’s remains were transported to the Onandjokwe State Hospital mortuary for post-mortem purposes and investigations continue.

Source: The Namibia Press Agency

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Migratory red locusts in Zambezi


KATIMA MULILO: Farmers and members of the public are informed and warned of the presence of African migratory red locusts in some parts of the Zambezi Region’s river field areas and Ohangwena Region, respectively.

In a media release by the Ministry of Agriculture, Water and Land Reform dated 07 March 2024, the African migratory red locusts have been detected and reported, as of 29 February 2024, in the Zambezi Region notably at Lake Liambezi and Old Masokotwani, destroying maize crops. The locusts are reported to be in the hopper and flying stages, respectively. To date 10 hectares have been destroyed by the locusts.

Furthermore, farmers in the surrounding areas such as Kapani, Kanono, Linyanti, Nakabolelwa, Masikili, Ngoma, Isuswa, Ioma, Mutikitila, Ibbu, Mahundu, Ngala, Chinchimae, Singobeka, Maunga, Sangwali and Oshikunde village in the Oshikunde Constituency are urged to be on the lookout and report any notable locust outbreak to the ministry or constituency office.

Locusts pose a serious threat to cro
ps in general and river field crops and livestock grazing areas.

Meanwhile, the ministry is said to have deployed extension officials to intensify surveillance to monitor and assess the situation and are advised to commence with ground spraying in the affected areas.

Source: The Namibia Press Agency

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Woman arrested for attempted murder at Otjiwarongo


OTJIWARONGO: A 40-year-old woman at Otjiwarongo was arrested on Sunday after she allegedly stabbed her boyfriend in the Ombili informal settlement after an argument.

Namibian Police Force (NamPol) Otjozondjupa Regional Crime Investigations Coordinator, Deputy Commissioner Edna Nawa, in an interview with Nampa on Monday said the 38-year-old male victim survived the alleged stabbing and was admitted to the Otjiwarongo State Hospital in a critical condition.

‘The victim was transported to the hospital with the knife still stuck in his right shoulder,’ said Nawa.

The police officer added that the knife was however successfully removed by a medical doctor at the Otjiwarongo State Hospital.

The victim’s condition was described as critical but stable on Monday, Nawa said.

The suspect faces a charge of attempted murder and is expected to appear in the Otjiwarongo Magistrate’s Court on Tuesday.

Police investigations continue.

Source: The Namibia Press Agency

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Power outage at Hochfeld Substation


WINDHOEK: NamPower on Monday announced that a power outage was recorded at the Hochfeld Substation on Sunday, which affected areas such as Midgard Lodge, Ovitoto Village and the surrounding areas, leaving them without power.

In a media statement issued by Area Manager, Collin Klein, the power utility indicated that residents in these areas have been without power since 19h19 on Sunday.

‘The prevailing situation is due to a broken lightening arrester pole at the Hochfeld Substation that caused damages to the 66kV Red Phase breaker leg,’ noted the statement.

Klein further assured that Nampower’s technical personnel are currently attending to the problem, while cautioning the public to treat all power lines and electrical points as live during power outages, until they are informed that the power has been restored.

Source: The Namibia Press Agency

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SPECIAL REPORT: CBC polarized after ‘controversial’ election of new health directorAbout 111,000 Citizens Displaced from Various Places Returned Home In Past Six MonthsRape-accused pastor apprehended at Omusati

By Wilson Musa

Christians of the nation’s oldest church, the Cameroon Baptist Convention (CBC) are still in disbelief following the controversial voting into office of a new Director of Health Services for the Church.

Mr. Ngum Samuel is the new Director of Health Services for the CBC. He was elected into office on March 6th following a vote by an extraordinary General Council of the Convention at the Baptist Center in Bamenda.

The Council comprised 58 members and was headed by a two-man team composed of the CBC Executive President, Rev. Dr. Nditemeh Charlemagne, and the CBC Chairman, Mr. Yosimbom Mkong John.

The meeting lasted over 5 hours with some members asking that the meeting be postponed to June although voting finally took place and Mr. Ngum 51 votes Mr. Njih 7 votes

The election comes months after an initial election held by the CBC Health Department was annulled in December 2023.

Where is the controversy?

Credible information reaching CNA has it that the CBC constitution is clear that the Gene
ral Council does not elect directors as this is done by the various Departments and the Council simply validates these results.

Unverified rumors also reaching CNA allege that the outgoing director, Prof. Tih was ‘tribalistic’ and wanted his own favorite candidate (a Mbum man to be clear) to be his successor. CNA investigations found this information wanting since Prof. Tih is not himself a Mbum man, but rather from Small Babanki and for him to qualify as tribalistic, he would need to have selected his fellow tribesman, which he clearly didn’t.

Prof. Tih’s leadership style has been to focus on excellence and quality, which is why his more than 20 years at the helm of the CBC Health Services saw it growing into one of the best healthcare organizations not just in Cameroon but Africa as a whole.

What happens now?

Mr. Ngum Samuel is the director-elect of health services and will officially take over office at a date to be announced. The 49-year-old is originally from Oku and the holder of a Master’s in Publi
c Health and is currently enrolled in a PhD program in Public Health and takes over office from Prof. Tih Pius who held the position for nearly 30 years.

Mr. Ngum who stood for election alongside Mr. Nji Richard (current administrator at Banso Baptist Hospital), has served the CBC Health Services in various capacities. He takes over as the second Cameroonian national to head the Health Services of the CBC after Prof. Tih Pius became the first Cameroonian to take over from American missionaries who had held monopoly of this position since the creation of the Health Department in the 1940s.

In his outgoing speech to fellow CBC health leaders in November 2023, Prof. Tih said about the likely candidate to succeed him:

‘God looks at the heart and will choose he who is willing not the perfect person. We are all weak vessels in His hand. The disciples knew that Jesus chose Peter as their leader. Jesus himself publicly declared his choice of Peter to the hearing of all the disciples. I may not do that, but I expec
t all of you to know who the Peter is and will give your full support to him or her when the time comes, and when the Board decides. I am not imposing on the Board’.

CNA will keep updating this story as we receive the information.

Post Script: Due to the sensitivity of this case, most CBC Christians were unwilling to be identified and spoke to CNA on condition of strict anonymity.

Source: Cameroon News Agency

Ethiopia’s Minister of Peace, Binalf Andualem revealed that about 111,000 citizens displaced from various places returned to their homes during the past six months.

The minister made the remark in his briefing regarding the six month performance of his ministry today.

On the occasion, he said it takes the cooperation and coordination of numerous bodies to achieve peace.

Ensuring peace is a continuous process, he stated emphasizing the necessity of making consistent efforts to achieve peace in a sustainable manner.

In this regard, the minister remarked that a number of measures have been taken over the past six months to ensure sustainable peace citing the public discussions that attracted more than 9 million citizens in various parts of the country.

Efforts have also been carried out with a view to strengthen the federal system by enhancing relations between regional states of the country, the minister indicated.

According to the minister, successful activities have been undertaken in conflict preventio
n and respond.

Regarding the rehabilitation efforts, about 111,000 citizens displaced from various places in Ethiopia returned to their homes during the past six months, Binalf revealed.

Of them, 70 percent had been uprooted by violence, with the remaining having been affected by natural calamities.

Source: Ethiopian News Agency

OSHAKATI: The Namibian Police Force (NamPol) in the Omusati Region has arrested a pastor who was wanted for allegedly raping a 15-year-old girl at Okando village in the Oshikuku Constituency between June 2020 and September 2022.

NamPol Omusati Crime Investigations Coordinator, Deputy Commissioner Moses Simaho, said the suspect was arrested on Monday and is expected to appear in the Outapi Magistrate’s Court on Tuesday.

According to Simaho, the matter was only reported to the police last week Thursday.

‘It is alleged that the suspect had sexual intercourse with a minor several times on different occasions during the above-mentioned time frame,’ he said.

He added that the matter was reported by the 18-year-old woman who lives with the victim.

Police investigation into the matter continues.

Source: The Namibia Press Agency