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Expanding Trades Opportunities in Arizona

Phoenix, AZ and New York, NY – The Blackstone Charitable Foundation has awarded a $3 million grant to launch Blackstone Skilled Futures in partnership with Arizona State University, Maricopa Community Colleges and local nonprofits. The program aims to increase access to high-quality training and workforce development, focusing on construction and advanced manufacturing in the Phoenix area.

Blackstone Skilled Futures will support students in need, along with capacity building for training institutions and other wraparound support to ensure learners can get the education, certifications, and employment in these fields.

The initiative will also support high school students with career-connected programming, creating workforce pipelines into post-secondary training and industry credentials in high-wage, high-demand, and high-skill jobs in the skilled trades.

Arizona’s rapid growth in electric vehicles, AI, energy infrastructure and semiconductors is fueling a construction and advanced manufacturing boom. The Arizona Office of Economic Opportunity projects 37,000 new construction jobs will be added in Arizona by 2031, including 13,000 electricians and 3,000 HVACR (heating, ventilation, air conditioning and refrigeration) technicians. Job demand in advanced manufacturing parallels this trend, with the state expecting to add over 30,000 jobs by 2033.

“It’s getting harder and harder for people to find good-paying, stable jobs without a college degree, but this investment helps change that,” said Senator Ruben Gallego. “By preparing Arizona students for careers in high-demand fields like construction, manufacturing and energy, we can strengthen our local businesses, keep our state competitive, and help more people build their careers and families in Arizona.”

Blackstone Skilled Futures plans to:

• Award scholarships to 4,000 students
• Introduce skilled trades to 3,500 new students
• Enroll 5,000 students in training or apprenticeships
• Support 1,000 job placements

The program will provide scholarships, dual-enrollment credits, OSHA training, recruitment tools and connections to employers. ASU’s Academic Alliances, in partnership with the OSHA Training Institute at ASU’s Del E. Webb School of Construction and Maricopa Community Colleges, will expand training and certificate programs.

“The demand for skilled trades is growing and these careers are the backbone of a thriving Arizona community. The Blackstone Charitable Foundation is committed to opening doors for individuals to gain the training, tools and opportunities they need to succeed. By investing in skilled trades, we’re not just helping to meet today’s demand, we’re supporting a stronger future for the city and the people who call it home,” said Maura Pally, executive director of the Blackstone Charitable Foundation.

“ASU is honored to work closely on this grant with the Blackstone Charitable Foundation and the Maricopa Community Colleges, one of the university’s most valued community college partners,” said Nancy Gonzales, executive vice president and university provost. “We share a mission of student excellence, access and impact and this collaboration is a direct reflection of ASU’s commitment to transfer student success.”

The colleges and university will collaborate with Center for the Future of Arizona (CFA), Greater Phoenix Chamber of Commerce, Phoenix Mayor’s Future Talent Fund and Maricopa County Regional School District to increase the number of students pursuing these skilled trades.

Center for the Future of Arizona will connect education and industry leaders to build seamless college and career pathways in high-demand sectors through the Arizona Pathways to Prosperity initiative. The organization will engage school districts, nonprofit organizations, municipalities, state agencies, companies and chambers of commerce – to recruit students and provide technical assistance and scholarships. CFA will continue collaborating with the Greater Phoenix Chamber Foundation to support employer outreach.

“Building the workforce of the future requires collaboration, innovation, and a deep commitment to creating opportunity through education and training,” said Sybil Francis, chair, president and CEO of Center for the Future of Arizona. “We are proud to join the Blackstone Charitable Foundation, ASU, and Maricopa Community Colleges in creating pathways that empower young people across Arizona to pursue rewarding, high-skill careers. Together, we’re providing all Arizonans with access to training and opportunities to help them thrive.”

At the same time, the Maricopa Community Colleges will lead localized engagement efforts, which include expanding scholarships for low-income students, securing industry partners to serve as hosts and training providers for apprenticeships, facilitating work-based learning and career support activities such as resume reviews and mock interviews, and convening industry advisory councils to inform curriculum updates and identify student engagement opportunities.

“Maricopa Community Colleges have a rich history of training skilled workers,” said Steven R. Gonzales, Maricopa Community Colleges chancellor. “As the largest provider of workforce training in Arizona, we are developing the next generation of skilled workers—who will undoubtedly play a critical role in supporting nearly every facet of our infrastructure.”

Collectively, the partners will reach a variety of populations who can benefit from these skilled trades opportunities, including high school students, community college students and working adults to rapidly scale access to high-wage, high-demand careers.

About Arizona State University
Arizona State University, ranked the No. 1 “Most Innovative School” in the nation by U.S. News & World Report for 11 years in succession, has forged the model for a New American University by operating on the principles that learning is a personal and original journey for each student; that they thrive on experience and that the process of discovery cannot be bound by traditional academic disciplines. Through innovation and a commitment to accessibility, ASU has drawn pioneering researchers to its faculty even as it expands opportunities for qualified students.

About Blackstone Charitable Foundation (BXCF)
With a commitment to fostering career and economic mobility, the Blackstone Charitable Foundation leverages its financial and human capital to support initiatives that bridge opportunity gaps and strengthen communities. Blackstone Skilled Futures is BXCF’s latest grant program, aiming to expand the next generation of skilled talent by reducing barriers and increasing access to high-quality training programs in the trades. BXCF has also funded the Phoenix talent pipeline through Blackstone LaunchPad, with over $1.5 million in grants to support ASU and MCCCD students in skill-building, career readiness and paid summer internships.

About Maricopa Community Colleges
The Maricopa County Community College District includes 10 individually accredited colleges – Chandler-Gilbert, Estrella Mountain, GateWay, Glendale, Mesa, Paradise Valley, Phoenix, Rio Salado, Scottsdale, and South Mountain – and the Maricopa Corporate College, serving approximately 140,000 students with bachelor’s degrees, two-year degrees, certificates, and university transfer programs. Visit www.maricopa.edu to learn more.

About Center for the Future of Arizona
Center for the Future of Arizona (CFA) is a nonprofit, nonpartisan “do-tank” that brings Arizonans together to create a stronger and brighter future for our state. Through its extensive survey research & communications, Arizona Progress Meters, and impact initiatives & programs in education, workforce, and civic health, CFA listens to Arizonans to learn what matters most to them, shares trusted data about how Arizona is doing in those priority areas, brings critical issues to public attention, and works with communities and leaders to solve public problems. CFA’s work is focused on building The Arizona We Want – a research-informed vision of success for the state, where all Arizonans, now and in the future, thrive and enjoy sustained prosperity, unmatched quality of life, and real opportunity.

Media Contact
Avery Didden
[email protected]

IPO activity has steadily increased through the year, peaking in July with 26 IPOs in what the Wall Street Journal called “a red-hot summer for IPOs” amidst “the best IPO market in years.” Around 200 companies filed to go public in the first three quarters of 2025, compared to 214 for all of 2024. Close to US$31 billion in proceeds was raised up to September 30, higher than US$29.6 billion for all of 2024.

If the momentum continues, it is possible that IPO activity in the fall of 2025 and into 2026 could reach its highest levels since 2021, as tariff-induced volatility wanes and interest rate cuts are introduced. However, as recent years have shown, the political and legal landscape can be unpredictable, potentially influencing the strength of the IPO pipeline.

Market conditions driving increased underwriter interest

Many factors may influence a company’s decision to go public, but from an insurance perspective, the current market conditions are the most favorable in some time. Key drivers behind this positive environment include a continuing soft directors and officers liability (D&O) market, a scarcity of new public company opportunities, and equity markets that have continued to rise despite some volatility.

Since the 2002 passage of Sarbanes-Oxley — which aimed to enhance corporate transparency and accountability through stricter regulations for public companies — D&O carriers have sought to increase the number of public companies in their portfolio. However, while the number of D&O carriers has grown substantially, the pool of public companies has remained at reduced levels for over two decades.

This imbalance has resulted in more insurers competing for fewer opportunities and contributed to generally soft D&O market conditions. As a result of this limited supply relative to demand, underwriters are demonstrating a greater appetite to write IPOs than they have in recent years, particularly when the legal landscape was less favorable for insuring public offerings.

A shifting legal landscape

An IPO has traditionally been one of the riskiest events in a company’s history. The many disclosures and risk factors required in an S-1 filing ahead of an IPO provide numerous opportunities for plaintiff attorneys to identify potential misstatements. Under Section 11 of the 1933 Securities Exchange Act, companies face strict liability for any statements found to be false or misleading. This is a lower standard of proof than applied under Section 10(b)(5) of the 1934 Securities Exchange Act against companies, which covers false or misleading statements in subsequent securities filings, such quarterly 10-Q earnings reports.

Federal forum provisions rebalanced IPO insurance markets

Some plaintiffs’ attorneys brought IPO-related suits in state courts, often in plaintiff-friendly venues like California. This trend grew after 2010 and was reinforced in 2018 when the Supreme Court ruled in Cyan v. Beaver County that IPO securities lawsuits could proceed in state court, significantly increasing litigation risk for companies going public. In response, many insurers raised premiums and reduced capacity.

To mitigate this risk, many companies began adding federal forum provisions to their bylaws, requiring IPO-related lawsuits to be filed only in federal court. Courts upheld these provisions, normalizing the litigation landscape. The introduction of federal forum provisions in 2020 allowed insurers to regain confidence that IPO-related securities suits would be litigated in federal court, leading to greater underwriter appetite for IPOs.

Despite decline in number, SPACs continue to shape IPO market

While special purpose acquisition companies have existed for some time, 2021 saw a capital-raising phenomenon where the number of SPACs that filed to go public well exceeded previous years. While SPAC filings declined considerably after 2021, these companies are still responsible for a considerable amount of overall IPO activity.

Key factors driving improved IPO insurance conditions

Recent years have brought a unique combination of factors that contributed to a favorable insurance market for IPOs. These include a depressed D&O market with limited new opportunities and a renewed certainty that IPO litigation will not be handled in state courts. These factors have contributed to a favorable insurance environment for IPOs, including:

• Increased capacity. Insurers, who previously generally limited IPO risk coverage to US$5 million, now broadly offer US$10 million limits.
• Pricing. IPO premiums have dropped significantly. While the average premium for a primarily D&O layer in 2021 stood at over US$200,000 per million, this has gone down to less than US$60,000 per million in 2025.
• Coverage. A major enhancement this year was the introduction of underwriter coverage that can be added as a specialized enhancement to a traditional D&O policy. This insuring agreement replaces the company’s indemnity to the underwriter at rates that are typically attractive for the insured.

Navigating an evolving risk landscape through tailored insurance programs

As the IPO market continues to gain momentum, private companies should consider that navigating today’s complex and evolving risk landscape requires proactive and tailored risk management strategies, including a robust insurance program that is adapted to their evolving needs.

The specialists within Marsh’s FINPRO Practice have the deep market expertise and experience to help organizations optimize their coverage to protect their leadership teams and their bottom line.

For more information, contact your Marsh representative.

Sevabertinib monotherapy elicited robust and durable responses as therapy for patients with HER2-mutant advanced non–small cell lung cancer (NSCLC) in both front-line and pretreated settings, according to results from the phase 1/2 SOHO-01 trial (NCT05099172) presented at the European Society for Medical Oncology (ESMO) Congress 2025.¹ Results were simultaneously published in the New England Journal of Medicine.²

In cohort D (n = 81), which included patients who were previously treated, the objective response rate (ORR) by blinded independent central review (BICR) was 64% (95% CI, 53%-75%), with 2% achieving complete responses (CRs), 62% achieving partial responses (PRs), 25% having stable disease, 7% having progressive disease, and 4% not being evaluable. The disease control rate (DCR) was 81% (95% CI, 71%-89%).

The median duration of response (DOR) was 9.2 months (95% CI, 6.3-13.5), with a 12-month DOR rate of 42%; the median progression-free survival (PFS) was 8.3 months (95% CI, 6.9-12.3), with a 12-month PFS rate of 44%.

With a median follow-up of 13.8 months (range, 1-32), the median duration of treatment (DOT) was 9.9 months (range, 0-32). A total of 30% of patients had ongoing treatment, 20% had a treatment duration of more than 15 months, and responses were maintained after dose reductions or interruptions.

Subgroup analyses revealed that ORR was consistent across all subgroups, such as age, sex, race, number of previous systemic treatments, presence of baseline brain metastases, and receipt of prior platinum chemotherapies.

In patients with non-squamous NSCLC and HER2 tyrosine kinase domain (TKD) mutations (n = 70), the ORR by BICR was 71%, and the median PFS was 9.6 months (95% CI, 6.9-14.7). In patients with HER2 Y772_A775dupYVMA alterations (n = 49), the ORR by BICR was 78%; in those with YVMA, the median PFS was 12.2 months (95% CI, 6.9-16.4), and in those with other TKD mutations, the median PFS was 7.0 months (95% CI, 4.0-not estimable [NE]).

Additionally, in cohort E, which included patients who received prior treatment with HER2 antibody drug conjugates (n = 55), the ORR by BICR was 38% (95% CI, 25%-52%), with 5% achieving CRs, 33% achieving PRs, 42% having stable disease, 13% having progressive disease, and 7% not being evaluable; the DCR was 71% (95% CI, 57%-82%).

The median DOR was 8.5 months (95% CI, 5.6-16.4), with a 12-month DOR rate of 29%, and the median PFS was 5.5 months (95% CI, 4.3-8.3), with a 12-month PFS rate of 28%. The median follow-up was 11.6 months (range, 2-22).

In cohort F, which enrolled patients who were treatment-naïve (n = 73), the ORR by BICR was 71% (95% CI, 59%-81%), with 4% achieving CRs, 67% achieving PRs, 22% having stable disease, 3% having progressive disease, and 1% not being evaluable. The DCR was 89% (95% CI, 80%-95%).

The median DOR was 11.0 months (95% CI, 8.1-NE), and the median PFS was NE (95% CI, 9.6-NE). The median follow-up was 9.9 months (range, less than 1-15).

Further, brain metastases were present in 22% of patients in cohort D, 27% of cohort E, and 12% of cohort F. An analysis demonstrated systemic responses were similar in patients with and without brain metastases. In cohort D, patients with and without brain metastases had ORRs of 61% and 65%, respectively; in cohort E, the ORRs were 27% and 43%; and in cohort F, the ORRs were 78% and 70%.

In patients who had brain metastases at baseline in cohorts D, E, and F, post-baseline progression in the brain was observed in 22%, 20%, and 0%, respectively. In those with no brain metastases at baseline in cohorts D, E, and F, post-baseline progression in the brain was observed in 6%, 5%, and 3%, respectively.

“Sevabertinib demonstrated robust and durable responses in patients with HER2-mutant NSCLC in both pretreated and first-line settings. The most common [adverse] effect was diarrhea, which was manageable; there were no reported cases of interstitial lung disease (ILD) or pneumonitis,” said presenting study author Xiuning Le, MD, PHD, associate professor in the Department of Thoracic/Head and Neck Medical Oncology of the Division of Internal Medicine at the University of Texas MD Anderson Cancer Center, and coauthors, in the presentation.¹ “These data support sevabertinib as a potential new targeted therapy for patients with HER2-mutant NSCLC.”

SOHO-01 enrolled patients with advanced NSCLC with HER2 or EGFR mutations; this analysis included data from the cohorts of patients with HER2 mutations. Cohort D enrolled patients who were previously treated, but naïve to HER2-targeted therapies; cohort E enrolled patients who were previously treated with HER2-targeted ADCs; and cohort F enrolled patients who were naïve to systemic therapy for advanced disease.

Across cohorts D, E, and F, the median age of patients was 60 years, 65 years, and 65 years, respectively, and 62%, 64%, and 78% had never smoked. Activating Y772_A775dupYVMA HER2 mutations were observed in 60%, 73%, and 79%, respectively, and 90%, 95%, and 97% had HER2 TKD mutations. Fam-trastuzumab deruxtecan-nxki (Enhertu) was received as previous anti-cancer therapy by 2%, 75%, and 0%, and chemotherapy was received by 96%, 80%, and 8%.

Treatment consisted of increasing oral doses of sevabertinib from 10 mg once daily to 40 mg twice daily, to identify the recommended dose for expansion.

The primary end point of the extension phase was ORR per RECIST v1.1 by BICR. Secondary end points included DOR, DCR, PFS, and safety and tolerability.

Regarding safety, drug-related adverse events (AEs) occurred in 69% of cohort D, 100% of cohort E, and 97% of cohort F; grade 3 AEs were reported in 36%, 31%, and 21%. Notably, grade 3 diarrhea events occurred in 23% of cohort D, 11% of cohort E, and 5% of cohort F. ILD or pneumonitis was not observed in any patients.

Biomarker data from SOHO-01 are being shared in a poster at ESMO on October 18, 2025.³

Sevabertinib is also being evaluated as a first-line therapy for patients with locally advanced or metastatic NSCLC with HER2 mutations in the ongoing phase 3 SOHO-02 trial (NCT06452277).

Disclosures: Dr. Le cited consultant roles for AbbVie, AstraZeneca, BlossomHill, Blueprint Medicines Corporation, Boehringer Ingelheim, Daiichi Sankyo Company, Eli Lilly and Company, Janssen Biotech, Merck KGaA, Novartis, Regeneron Pharmaceuticals, and Spectrum Pharmaceuticals.

References

1. Le X, Kim TM, Dong X, et al. Sevabertinib (BAY 2927088) in advanced HER2-mutant non-small cell lung cancer (NSCLC): results from the SOHO-01 study. Presented at the 2025 European Society for Medical Oncology Congress. Presented at the 2025 ESMO Congress; October 17–20, 2025; Berlin, Germany. Abstract LBA75.
2. Le X, Kim TM, Loong HH, et al. Sevabertinib in advanced HER2-mutant non–small-cell lung cancer. N Engl J Med. Published online October 17, 2025. doi:10.1056/NEJMoa2511065
3. Girard N, Li L, Kim KM, et al. Molecular factors and ctDNA dynamics associated with clinical outcomes in patients with HER2-mutant NSCLC treated with sevabertinib (BAY 2927088): Exploratory analysis of the SOHO-01 study. Will be presented at the 2025 ESMO Congress; October 17–20, 2025; Berlin, Germany. Abstract 2001P.