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  • Innovent Announces PECONDLE® (Picankibart Injection) Phase 3 Study (CLEAR-2) Meets Endpoints, Delivering Superior Long-Term Management Solution for Moderate-to-Severe Psoriasis

    SAN FRANCISCO and SUZHOU, China, Dec. 8, 2025 /PRNewswire/ — Innovent Biologics, Inc. (“Innovent”) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncologic, autoimmune, cardiovascular and metabolic, ophthalmologic and other major diseases, announces that that PECONDLE® (picankibart injection, R&D code: IBI112), its self-developed recombinant anti-interleukin-23p19 subunit monoclonal antibody, achieved both primary and key secondary efficacy endpoints in the Phase 3 CLEAR-2 study – a randomized withdrawal and retreatment clinical trial in Chinese participants with moderate-to-severe plaque psoriasis. As the first China-developed IL-23p19 monoclonal antibody, PECONDLE® received market approval from the National Medical Products Administration (NMPA) in November 2025 for the treatment of adult patients with moderate-to-severe plaque psoriasis who are candidates for systemic therapy.

    This study (NCT06049810) is a prospective, multicenter, randomized, double-blind, placebo-controlled Phase 3 trial using a randomized withdrawal and retreatment design. It aims to evaluate the efficacy of subcutaneous picankibart in participants with moderate-to-severe plaque psoriasis during maintenance treatment and after withdrawal, following achievement of treatment targets. A total of 566 participants were enrolled and all received picankibart treatment through Week 32. Those who achieved ≥90% improvement in Psoriasis Area Severity Index (PASI 90) at Week 32 were re-randomized either to a maintenance group receiving picankibart 100 mg or 200 mg, or to a withdrawal group receiving placebo. The primary endpoint was the proportion of participants who maintained a PASI 90 response at Week 56. This endpoint objectively quantifies sustained high-level lesion clearance during long-term therapy, establishing a validated measure for efficacy durability and maintenance regimen superiority.

    The primary endpoint was met, demonstrating that quarterly dosing of picankibart sustained long-term efficacy superiority

    At Week 56, the proportions of participants maintaining PASI 90 response were 89.3% in the 100 mg group and 90.1% in the 200 mg group for picankibart maintenance treatment, both significantly higher than the corresponding withdrawal groups (37.7% and 51.7%, respectively; P < 0.0001 for both). These robust data demonstrate that quarterly dosing of picankibart provides sustained and reliable superior efficacy compared to treatment withdrawal.

    All key secondary endpoints were met, with picankibart delivering comprehensive improvements in both skin clearance and quality of life

    All secondary efficacy endpoints were successfully met, with significantly higher proportions of participants in the 100 mg and 200 mg picankibart maintenance groups versus the corresponding withdrawal groups achieving PASI 75, PASI 100 (complete skin clearance), sPGA score of 0 or 1, sPGA score of 0 (clear skin), and DLQI score 0/1 (dermatology life quality index) at Week 56 (P < 0.0001 for all comparisons). These results demonstrate that quarterly dosing of picankibart provides comprehensive and durable clinical benefits.

    Picankibart demonstrates durable efficacy post-withdrawal and significantly reduces relapse risk with maintenance treatment

    At Week 56, PASI 90 response was maintained in both 100 mg and 200 mg maintenance groups, whereas the corresponding withdrawal groups exhibited median efficacy durability of 20.4 weeks and 24.6 weeks (32.4 weeks and 36.6 weeks post-last dose of picankibart), respectively. Maintenance treatment with picankibart 100 mg and 200 mg significantly reduced the risk of losing PASI 90 response compared with the corresponding withdrawal groups (P < 0.0001). As indicated by the primary endpoint, nearly half of the participants in withdrawal groups still maintained skin clearance (PASI 90) even after 24 weeks of treatment discontinuation, confirming picankibart’s disease-modifying effect in achieving deep skin clearance for moderate-to-severe psoriasis.

    Picankibart demonstrated a favorable safety profile with no new safety signals identified

    Throughout the study, picankibart maintained a consistent safety profile, with no new safety signals observed compared to previous clinical trials.

    Professor Shi Yuling, the Principal Investigator of the Clinical Study, Shanghai Skin Disease Hospital, stated, “Existing evidence confirms that IL-23p19 antibodies offer sustained long-term efficacy and superior treatment convenience in psoriasis management. The CLEAR-2 study—China’s first randomized withdrawal and retreatment trial of a domestically developed IL-23p19 inhibitor (picankibart)—provides critical insight into the necessity of maintenance therapy, the durability of post-withdrawal, and effective retreatment strategies. We’re are greatly encouraged by its success in achieving both primary and secondary endpoints, which underscores picankibart’s exceptional long-term stability during maintenance therapy and its outstanding sustained response following treatment discontinuation. These results offer crucial assurance for chronic patients with chronic disease while empowering clinicians with evidence-based guidance to optimize long-term management.”

    Dr. Lei Qian, the Chief R&D Officer of General Biomedicine from Innovent Biologics, stated, “PECONDLE®’s successful Phase 3 CLEAR-2 results validate its core advantages as a next-generation IL-23p19 inhibitor: achieving deep, durable remission through quarterly dosing, coupled with favorable safety and significant quality-of-life improvements. As China’s first self-developed IL-23p19 biologic, these breakthrough findings enable us to deliver convenient, patient-friendly treatment options with verified efficacy for moderate-to-severe cases. We’ll continue exploring indication expansion through comprehensive lifecycle management, maximizing clinical value while addressing unmet needs such as treatment resistance.”

    About Psoriasis

    Psoriasis is a chronic, recurrent, inflammatory and systemic disease induced by genetic and environmental factors, affecting individuals of all ages and genders. It typically presents as scaly erythema or plaques, with non-infections, localized or widespread distribution. As a life-long noninfectious condition, psoriasis is notoriously difficult to treat. The disease can be categorized into psoriasis vulgaris (including guttate psoriasis and plaque psoriasis), pustular psoriasis, erythrodermic psoriasis and arthropathic psoriasis. Approximately 80%~90% of patients have plaque psoriasis, with nearly 30% of the cases being moderate-to-severe. Global psoriasis prevalence varies significantly, with over 7 million patients in China alone. Current systemic treatments in China include methotrexate (MTX), cyclosporine A, retinoic acids, small molecule target agents and biological agents. Since 2019, biologics have become a central focus in psoriasis treatment, with IL-23 inhibitors standing out due to their rapid onset, robust efficacy, good safety, and long-lasting effects, which are more advantageous in comprehensive and deep lesion clearance and prolonging relapse-free periods. 

    About PECONDLE® (Picankibart Injection)

    PECONDLE® (picankibart injection) is a monoclonal antibody independently developed by Innovent with proprietary intellectual property rights. This product specifically targets the IL-23p19 subunit, preventing IL-23 from binding to cell surface receptors. Picankibart has the potential to offer a more effective treatment option for patients with psoriasis, ulcerative colitis or other autoimmune diseases.

    PECONDLE® (picankibart injection) is approved by the NMPA of China for the treatment of moderate-to-severe plaque psoriasis in adult patients who are candidates for systemic therapy.

    Currently, multiple clinical studies of picankibart are underway, including:

    • Phase 3 study conducted in patients with moderate-to-severe plaque psoriasis (CLEAR-1);
    • Phase 3 study conducted in patients with moderate-to-severe plaque psoriasis with randomized withdrawal;
    • Phase 3 study in patients with moderate-to-severe plaque psoriasis who were previously treated with biologics;
    • Phase 2 study in patients with moderate-to-severe active ulcerative colitis;

    Except for the ongoing CLEAR-3 study, all other studies have met their primary endpoints.

    In addition, new clinical studies of picankibart in the treatment of adolescent psoriasis and adult psoriatic arthritis are initiated.

    About Innovent

    Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 17 products in the market. It has 1 new drug applications under regulatory review, 4 assets in Phase III or pivotal clinical trials and 15 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Sanofi, Takeda, Incyte, Adimab, LG Chem and MD Anderson Cancer Center.

    Guided by the motto, “Start with Integrity, Succeed through Action,” Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

    Statement:Innovent does not recommend the use of any unapproved drug (s)/indication (s).

    Forward-Looking Statement

    This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

    These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent’s competitive environment and political, economic, legal and social conditions.

    Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

    SOURCE Innovent Biologics

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  • Trump gives Nvidia the OK to sell advanced AI chips to China

    Trump gives Nvidia the OK to sell advanced AI chips to China

    US President Donald Trump has announced that he will allow AI chip giant Nvidia to sell its advanced H200 chips to “approved customers” in China.

    “We will protect National Security, create American Jobs, and keep America’s lead in AI,” Trump said on social media on Monday.

    The decision will apply to other US chip companies like AMD and comes after extensive lobbying by Nvidia boss Jensen Huang, who visited Washington last week to drum up support.

    Nvidia – both the world’s leading chip firm and most valuable company – has found itself at the centre of a geopolitical tug-of-war between the US and China in recent months, and had been banned from selling its most advanced chips to Beijing.

    Trump reversed the chip-selling ban in July, but demanded that Nvidia pay 15% of its Chinese revenues to the US government.

    Beijing then reportedly ordered its tech companies to stop buying Nvidia chips manufactured for use in the Chinese market.

    “We applaud President Trump’s decision to allow America’s chip industry to compete to support high paying jobs and manufacturing in America,” Nvidia said in a statement provided to BBC News.

    Mr Huang told the BBC in September that the US needed “to make sure that people can access this technology from all over the world, including China.”

    He has also repeatedly warned that China, which has cultivated a chip production ecosystem of its own, was close behind the US in chip development.

    Nvidia hailed Trump’s announcement on Monday.

    “Offering H200 to approved commercial customers, vetted by the Department of Commerce, strikes a thoughtful balance that is great for America,” Nvidia said in its statement.

    The companies shares rose slightly on the news.

    Trump said “$25% [sic] will be paid to the United States of America” in his post.

    The BBC has reached out to the White House for clarification on the arrangement, which will likely face opposition from national security hawks in Congress.

    Researchers at Georgetown University’s Center for Security and Emerging Technology (CSET) said China’s People’s Liberation Army is using advanced chips designed by US companies to develop AI-enabled military capabilities.

    “By making it easier for the Chinese to access these high-quality AI chips, you enable China to more easily use and deploy AI system for military applications,” said Cole McFaul, senior research analyst at CSET. “They want to harness advanced chips for battlefield advantage.”

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  • “LEQEMBI®” (lecanemab) for the Treatment of Early Alzheimer’s Disease Included in China’s Commercial Insurance Innovative Drug List – Biogen

    1. “LEQEMBI®” (lecanemab) for the Treatment of Early Alzheimer’s Disease Included in China’s Commercial Insurance Innovative Drug List  Biogen
    2. Real-World Data Support for Lecanemab in Early AD  Medscape
    3. Eisai Presents New Data on the Continued and Expanding Benefit of LEQEMBI(R) (lecanemab-irmb) Maintenance Treatment in Early Alzheimer’s Disease at CTAD 2025  marketscreener.com
    4. Breakthrough Alzheimer’s drug ‘could slow disease by 8 years’  Qazinform
    5. Key facts: Biogen’s Alzheimer’s drug delays progression by 30%; CEO boosts shares  TradingView

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  • Glean hits $200 million ARR, up from $100 million nine months back

    Glean hits $200 million ARR, up from $100 million nine months back

    Glean, last valued at $7.2 billion, has hit $200 million in annual recurring revenue, CEO Arvind Jain revealed at Fortune Brainstorm AI San Francisco. 

    “What’s driving all of this is the awareness from CEOs and executives that this is the time to invest in AI,” Jain said in an exclusive interview before the conference. “Everybody has been looking for a safe, secure, more appropriate version of ChatGPT for their employees. And we bring the capabilities that ChatGPT brings to consumers to business users, and in the context of their company.”

    Jain founded Glean in 2019, and the company has made its name in enterprise search and AI applications. In June, Glean raised its $150 million Series F, sending its valuation over $7 billion, a leap from the $4.6 billion valuation the company fetched in 2024. 

    “The biggest challenge that customers face with AI is the fact that AI technologies are actually not built for their companies,” said Jain. “Most of the AI technologies are built…on the data on the Internet, public data. And so when you bring those models…inside your company, and you try to actually make them do some work internally, they don’t really have any understanding of how your business works and your context.”

    And in an AI landscape with lots of ARR numbers floating around, Jain is clear: This ARR number includes only subscription revenues from their software—no consulting or services revenue. Jain adds that Glean’s contracts range from one to three years, and that there’s “no sub-one-year contract in our model.”

    Glean’s rise through the AI boom has been uniquely tied to the challenges that enterprises face when trying to apply AI. The much quoted MIT study from this summer—that 90% of generative AI pilots are failing—reflects the existential question for companies: Where does AI ROI actually come from?

    “There are two narratives,” said Jain. “One narrative of AI is that nothing works, and then the other one is that it’s taking off. It’s getting more serious. Companies are able to actually do many, many, many useful things with AI. And we’re definitely generating success and excitement for customers.”

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  • PepsiCo reaches deal with activist Elliott to stave off proxy fight – Financial Times

    PepsiCo reaches deal with activist Elliott to stave off proxy fight – Financial Times

    1. PepsiCo reaches deal with activist Elliott to stave off proxy fight  Financial Times
    2. Exclusive | PepsiCo to Cut Costs, Lower Food Prices in Deal With Activist  The Wall Street Journal
    3. Pepsi settles with Elliott, will trim 20% of SKUs  Axios
    4. PepsiCo staffers nationwide — including Chicago — brace for layoff news  Crain’s Chicago Business
    5. PepsiCo Announces Priorities to Enhance Shareholder Value and Provides Preliminary 2026 Financial Outlook  Morningstar

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  • Tagraxofusp/Azacitidine/Venetoclax Triplet Is Safe, Feasible in First-Line and R/R BPDCN

    Tagraxofusp/Azacitidine/Venetoclax Triplet Is Safe, Feasible in First-Line and R/R BPDCN

    The addition of azacitidine (Vidaza) and ventoclax (Venclexta) to tagraxofusp (Elzonris) was feasible in patients with first-line or relapsed/refractory blastic plasmacytoid dendritic cell neoplasm (BPDCN), and may increase both complete response (CR) rates and the number of patients proceeding the transplant compared with tagraxofusp alone, according to results from a phase 2 trial (NCT03113643) presented during the 2025 ASH Annual Meeting.1

    In previously untreated patients (n = 16), at a median follow-up of 16.7 months (95% CI, 8.6-26.6), the composite CR rate was 88%, comprising best responses of CR (50%), CR with incomplete hematologic recovery (CRi; 38%) and clinical CR (0%). The overall response rate (ORR) was 94%, including 1 partial response (PR; 6%). The median duration of response (DOR) was not reached (NR). No patients achieved stable disease (SD) or experienced disease progression (PD), and 1 patient was not evaluable due to early death.

    For patients with relapsed/refractory disease (n = 11), the composite CR rate was 64%; this included CR, CRi and CRc rates of 9%, 36% and 18%, respectively. The ORR was comprised entirely of CRs. SD was achieved by 27% of patients and 9% experienced PD. The median DOR was 7.2 months (95% CI, 5.5-36.4%). Of note, all but one patient in this cohort had disease relapse or death; the remaining patient had a median follow-up of 42.4 months.

    Notably, 63% and 55% of patients in the first-line and relapsed/refractory groups, respectively, proceeded directly to allogeneic stem cell transplant (SCT), including 10 of the 11 patients age 75 or older in the first-line cohort.

    Regarding safety, investigators reported that the toxicity profile of the tagraxofusp, azacitidine, and venetoclax triplet was as expected and consistent with prior studies of this regimen in patients with acute myeloid leukemia (AML).

    Moreover, the rate of capillary leak syndrome (CLS) was equivalent or lower with the triplet than with single-agent tagraxofusp, according to historical data. Overall, the CLS rate with the triplet was 14.8%; respective rates of grade 2 and 3 CLS were 11.1% and 3.7%, and no grade 4 or 5 CLS events occurred. All CLS events occurred in cycle 1 and were manageable with albumin and diuresis.

    “There is a high rate of known prior and concomitant hematologic malignancies in these patients with BPDCN,” lead study author Andrew A. Lane, MD, PhD, stated in an oral presentation of the data. “The addition of agents like azacitidine and venetoclax [to tagraxofusp] is attractive because it can have activity in those diseases that may not be as high with tagraxofusp alone. [Therefore,] we think [that this triplet] is an effective new treatment option for patients with BPDCN.”

    Lane serves as a physician and director of the Blastic Plasmacytoid Dendritic Cell Neoplasm Center at Dana-Farber Cancer Center, and is an associate professor of medicine at Harvard Medical School, both in Boston, Massachusetts.

    Key Takeaways From a Phase 2 Study of Tagraxofusp/Azacitidine/Venetoclax

    • This triplet regimen was found to be feasible in both previously untreated and relapsed/refractory BPDCN.
    • The regimen’s safety profile was as-expected and was deemed comparable to that of the triplet regimen in prior evaluations in AML.
    • Composite CR rates with the triplet in previously untreated and relapsed/refractory patient populations were 88% and 64%, respectively.

    What was the rationale for evaluating this triplet regimen both upfront and in the relapsed/refractory setting?

    “We previously found in the laboratory that tagraxofusp resistance in AML and BPCDN is mediated by DNA methylation and silencing of diphthamide genes, which are necessary for the cytotoxicity of diphtheria toxin, and that tagraxofusp resistance can be reversed with azacitidine treatment,” Lane explained. “We’ve also shown that BPDCN is highly dependent on BCL2 and sensitive to venetoclax.”

    Lane also noted clinical data from a phase 1b study (NCT03113643), which evaluated the safety of tagraxofusp plus azacitidine with or without venetoclax in AML. Results showed that 69% of patients with first-line AML who received the triplet (n = 26) achieved a best response of CR, 19% achieved a CRi, and 12% achieved a morphologic leukemia-free state. The median time to best response among these 18 patients was 55 days. Furthermore, there was no indication of increased toxicity with tagraxofusp with azacitidine with or without venetoclax in combination, and adverse effects (AEs) related to tagraxofusp were also as expected.

    How was this phase 2 trial designed?

    This phase 2 study enrolled patients 18 years of age or older with previously untreated or relapsed/refractory BPDCN onto separate cohorts. Patients were required to have albumin levels of 3.2 g/L or greater, alanine aminotransferse (ALT)/aspartate aminotransferase (AST) levels below 2.5 x the upper limit of normal (ULN), bilirubin levels below 1.5 x ULN, and creatinine levels below 1.5 x ULN; an ECOG performance status of 2 or lower; and normal cardiac ejection fractions. Screening lumbar puncture was required. Patients with asymptomatic central nervous system disease were permitted to enroll and receive intrathecal (IT) chemotherapy, and IT prophylaxis was both permitted and encouraged for all.

    Eligible patients received 12 µg/kg of tagraxofusp on days 4 through 6, 75 mg/m2 of azacitidine on days 1 through 7, and 400 mg of venetoclax on days 1 through 21 for a 28-day cycle. Venetoclax ramp-up occurred on days 1 through 3 of cycle 1. Notably, patients were hospitalized in cycle 1 until the completion of tagraxofusp administration to monitor for CLS. Outpatient treatment was allowed starting at cycle 2 and beyond.

    The study’s primary end point was safety, and key secondary end points included response rate, estimated progression-free survival (PFS) and overall survival (OS). Response evaluation in marrow, skin, and the extramedullary space was also conducted.

    What were the baseline characteristics of patients in this study?

    In the overall patient population (n = 27), the median age was 70 years (range, 21-81). Most patients were male (93%), White (93%), had non-Hispanic ethnicity (78%), and an ECOG performance status of 1 (63%). “Skin only” disease occurred in 30% of patients. Overall, 37% of patients had a prior or concomitant hematologic malignancy, including chronic myelomonocytic leukemia (n = 4), myelodysplastic syndrome (n = 4), or a myeloproliferative neoplasm (n = 3). Mutations in TET2 (37%), ASXL1 (26%), RNA splicing factor (19%), NRAS/KRAS/FLT3 (15%), and TP53 (7%) were observed.

    For patients with relapsed/refractory disease, prior therapies included tagraxofusp (64%), pivekimab sunirine (IMGN632; 36%), venetoclax (27%, 2 with a hypomethlyating agent), and SCT (36%).

    Patients with previously untreated BPDCN received a median of 2.5 cycles (range, 1-4) of treatment. In the relapsed/refractory group, the median number of cycles was 2 (range, 1-5).

    What additional safety and efficacy data were reported at the meeting?

    For patients with previously untreated BPDCN, the median OS, PFS, and DOR were all NR. The 2-year PFS and OS rates were 65% (95% CI, 40%-91%) and 53% (95% CI, 30%-80%), respectively. In the relapsed/refractory group, the median OS was 8.4 months (95% CI, 4.8-21.7) and the median PFS was 6.3 months (95% CI, 2.2-11.2). The median DOR was 7.2 months (95% CI, 5.5-36.4).

    In the overall patient population, the most common grade 3 or higher treatment-related AEs were thrombocytopenia (63%), decreased white blood cell count (59%), neutropenia (48%), anemia (19%), and hypoxia (11%). Other AEs included increased ALT levels, increased AST levels, atrial fibrillation, febrile neutropenia, hyperglycemia, hypophosphatemia, multi-organ failure, sinus tachycardia, and syncope (4% each).

    No cases of veno-occlussive disease were reported. In the overall patient population, the all-cause mortality rates at 30- and 60-days were 3.7% and 7.4%, respectively. One patient with first-line BPDCN died in cycle 1 due to multi-organ failure, and 1 patient with relapsed/refractory disease died after cycle 1 due to disease progression. The median time from the start of cycle 1 to cycle 2 was 33 days.

    Disclosures: Lane received consultancy fees from ProteinQure, IDRx, Cimeio, Qiagen, Jnana Therapeutics, Stemline, and AbbVie. He also holds stock options in Stelexis BioSciences and Stemline.

    References

    1. Lane AA, Luskin M, Keating J, et al. Tagraxofusp, azacitidine, and venetoclax (TAG-AZA-VEN) triplet therapy shows efficacy, tolerability, and transplant potential in patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN): results of a phase 2 trial. Blood. 2025;146(suppl 1):653. doi:10.1182/blood-2025-653
    2. Lane AA, Garcia JS, Raulston EG, et al. Phase 1b trial of tagraxofusp in combination with azacitidine with or without venetoclax in acute myeloid leukemia. Blood. 2024;8(3):591-602. doi:10.1182/bloodadvances.2023011721

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  • Utilities Down as Treasury Yields Rise – Utilities Roundup

    Utilities Down as Treasury Yields Rise – Utilities Roundup

    Shares of power producers fell as Treasury yields rose ahead of the Federal Reserve meeting.

    “Traditionally, most of the time, we don’t think of utilities as being in the growth camp, but right now they certainly are,” said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

    “It looks like demand is going to grow exponentially for the next decade, perhaps longer.” 

    
  Write to Rob Curran at rob.curran@dowjones.com 
    

    
  (END) Dow Jones Newswires
    

    
  December 08, 2025 17:53 ET (22:53 GMT)
    

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  • Alexander & Baldwin to be Taken Private in $2.3 Billion Transaction

    Alexander & Baldwin to be Taken Private in $2.3 Billion Transaction

    Shareholders to Receive $21.20 Per Share in Cash Representing a 40.0% Premium to Closing Price on December 8, 2025

    HONOLULU – Alexander & Baldwin, Inc., (NYSE: ALEX) ( “A&B” or the “Company”), a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, today announced that it has entered into a definitive merger agreement in which a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (collectively, the “Investor Group”) will acquire all outstanding A&B common shares for $21.20 per share in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. As a result of this transaction, A&B will become a private company.

    A&B is the largest owner of high-quality, grocery-anchored shopping centers in Hawai‘i. The Company’s portfolio consists of approximately 4.0 million square feet of commercial space, including 21 retail centers, 14 industrial assets and four office properties, as well as fee interests in 146 acres of ground lease assets.

    “For 155 years, A&B has grown alongside Hawaiʻi, shaped by the people, values and communities that define these islands,” said Lance Parker, President and Chief Executive Officer of A&B. “Today, we are taking an important step toward our long-term vision for A&B as stewards of Hawai‘i’s premier commercial real estate. As a private company supported by the deep real estate expertise and experience of our new ownership group, A&B will have greater capacity to serve its tenants and communities. In our next chapter, we will continue focusing on real estate that supports the daily lives of residents, overseeing our properties with care and remaining steadfast in our role as partners for Hawai‘i.”

    “We’re pleased to reach this agreement, which delivers significant, immediate and certain value to our shareholders while strengthening A&B’s ability to serve the diverse needs of communities across Hawai‘i,” said Eric Yeaman, Chairman of the A&B Board. “The Board is confident that today’s news is in the best interests of all of A&B’s stakeholders. It delivers a substantial cash premium for shareholders and long-term benefits for our valued employees, tenants and communities.”

    “As a Hawai‘i-grown company founded over 35 years ago, we have seen firsthand the community contributions and lasting value that Alexander & Baldwin has created across generations,” said Stephen Metter, CEO at MW Group. “We look forward to supporting the Company’s legacy and magnifying our collective impact on the communities we serve.”

    Blackstone Real Estate has a long history of responsible ownership in Hawai‘i, including iconic hospitality properties, such as Grand Wailea, The Ritz-Carlton Maui, Kapalua, Turtle Bay and Hilton Hawaiian Village, as well as retail property Pearlridge Center and high-quality rental housing on O‘ahu.

    “We’re excited to reach this agreement, which deepens our commitment to Hawai‘i and our long-standing support for its local businesses. Our approach has always centered on operating responsibly and creating new opportunities for community members, including the more than 9,000 jobs created and supported by our investments in Hawai‘i,” said David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate. “We have a deep appreciation for what the Alexander & Baldwin management team has built, and we look forward to working together going forward.”

    “Alexander & Baldwin has built an outstanding portfolio and we look forward to working with our partners and the Company to help continue its success,” said Caleb Cragle, Head of Strategic Investments, DivcoWest.

    Continuing A&B’s Legacy as Partners for Hawai‘i

    The Investor Group is aligned with the following principles to further the Company’s vision for building a better Hawai‘i, today and for the future:

    • Maintaining A&B’s Strong Local Focus: Following the closing of the transaction, A&B will retain its name, brand and Honolulu headquarters.

    • Continued Leadership From Local Team: The Company will continue to be led by a Hawai‘i-based team and is committed to strengthening the relationships and community connection that have driven its long-term success.

    • Enhancing Existing Portfolio of Properties: A&B will continue to maintain its properties at high standards of quality for its tenants and community members. The Investor Group intends to invest over $100 million across the portfolio to enhance the properties and reinforce their essential role in the communities they serve.

    Transaction Details
    Under the terms of the agreement, A&B shareholders will receive $21.20 per share in cash for each share of A&B common stock they own. This amount represents a 40.0% premium to A&B’s closing stock price on December 8, 2025, the last full trading day prior to the transaction announcement.

    The transaction, which was unanimously approved by the A&B Board of Directors, is expected to close in the first quarter of 2026, subject to customary closing conditions including approval by the Company’s shareholders.

    Upon completion of the transaction, A&B’s common stock will no longer be listed on the NYSE.

    A&B also announced today that its Board of Directors approved a fourth quarter 2025 dividend of $0.35 per share. The dividend is payable on January 8, 2026, to shareholders of record as of the close of business on December 19, 2025. Under the terms of the merger agreement, the per-share consideration that shareholders will receive at the closing of the transaction will be reduced to reflect this dividend.

    Advisors
    BofA Securities is serving as A&B’s exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP are serving as legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.

    Wells Fargo and Eastdil Secured are acting as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP are serving as Blackstone’s legal counsel.

    Gibson, Dunn & Crutcher LLP is serving as DivcoWest’s legal counsel.

    ABOUT ALEXANDER & BALDWIN
    Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai‘i commercial real estate and is the state’s largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 4.0 million square feet of commercial space in Hawai‘i, including 21 retail centers, 14 industrial assets, and four office properties, as well as 146 acres of ground lease assets. Over its 155-year history, A&B has evolved with the state’s economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Learn more about A&B at www.alexanderbaldwin.com.
    About MW Group, Ltd.
    MW Group, Ltd. is a privately-held, commercial real estate development company based in Honolulu, Hawai‘i. For more than three decades, the company has led the acquisition, development and management of a diverse portfolio of commercial properties valued at over $1 billion, including retail, industrial, office, self-storage facilities and senior assisted living communities. The company is committed to long-term stewardship, community-building, and creating enduring value through strategic partnerships and operational excellence. Learn more at www.mwgroup.com.

    About Blackstone Real Estate
    Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

    About DivcoWest
    Founded in 1993 by Stuart Shiff, DivcoWest, a DivCore Capital company, is a vertically integrated, real estate investment firm headquartered in San Francisco, with offices in Cambridge, Beverly Hills, Menlo Park, Washington DC, Austin, and New York City. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to commercial real estate. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 61 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. Follow @DivcoWest on LinkedIn.

    Contacts:

    A&B
    Investor Contact:
    Clayton Chun
    (808) 525-8475
    [email protected]
    Media Contact:
    Tran Chinery
    [email protected]
    MW Group
    Dylan Beesley
    Bennet Group Strategic Communications
    [email protected]

    Blackstone
    Jeffrey Kauth
    [email protected]
    Dylan Beesley
    Bennet Group Strategic Communications
    [email protected]

    DivcoWest
    Andrew Neilly
    A2N2 Public Relations
    925.915.0759
    [email protected]
    Nancy Amaral
    A2N2 Public Relations
    925.915.0673
    [email protected]
    IMPORTANT INFORMATION AND WHERE TO FIND IT
    In connection with the transaction, the Company will file a proxy statement on Schedule 14A with the Securities and Exchange Commission (the “SEC”). The Company also may file other documents with the SEC regarding the transaction. This communication is not a substitute for the proxy statement or any other document which the Company may file with the SEC. INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Investors and shareholders may obtain free copies of the proxy statement and other documents that are filed or will be filed by the Company with the SEC (in each case when available) from the SEC’s website (www.sec.gov), or from the Company’s website (https://investors.alexanderbaldwin.com/sec-filings). Alternatively, these documents, when available, can be obtained for free upon written request to the Company at 822 Bishop Street, Honolulu, HI 96813.

    PARTICIPANTS IN THE SOLICITATION
    The Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders of the Company in connection with the transaction. Information regarding the Company’s directors and executive officers is contained in the Company’s proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 11, 2025, and any subsequent documents filed with the SEC. To the extent the holdings of the Company’s securities by the Company’s directors and executive officers have changed since the amounts set forth in the proxy statement for its 2025 annual meeting of shareholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the identity of the participants, and their respective direct and indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other relevant materials to be filed with the SEC in connection with the transaction when they become available. You may obtain free copies of these documents using the sources indicated above.

    FORWARD-LOOKING STATEMENTS
    This communication includes forward-looking statements, as defined in the U.S. federal securities laws, which involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date the statements were made and are neither statements of historical fact nor guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include, but are not limited to, (i) the risk that the merger may not be completed on the anticipated terms and timing, or at all, including the risk that the required approval of the Company’s shareholders may not be obtained or that the other conditions to completion of the merger may not be satisfied, (ii) potential litigation relating to the merger that could be instituted against the Company or its directors or officers, including the effects of any outcomes related thereto, (iii) the risk that disruptions from the merger will harm the Company’s business, including current plans and operations, including during the pendency of the merger, (iv) the Company’s ability to retain and hire key personnel, (v) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger, (vi) risks related to diverting management’s attention from ongoing business operations, (vii) potential business uncertainty, including changes to existing business relationships, during the pendency of the merger that could affect the Company’s financial performance, (viii) certain restrictions under the merger Agreement that may impact the Company’s ability to pursue certain business opportunities or strategic transactions, (ix) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (x) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger, including in circumstances requiring the Company to pay a termination fee, (xi) prevailing market conditions and other factors related to the Company’s REIT status and the Company’s business, and (xii) the risk factors discussed in Part I, Item 1A of the Company’s most recent Form 10-K under the heading “Risk Factors,” Form 10-Q and other filings with the SEC (which are available via the SEC’s website at www.sec.gov). The information in this communication should be evaluated in light of these important risk factors. We do not undertake any obligation to update or review the Company’s forward-looking statements, except as required by law, whether as a result of new information, future developments or otherwise.

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  • Great British Railways flies the flag as logo goes back to the future | Rail industry

    Great British Railways flies the flag as logo goes back to the future | Rail industry

    No matter how much train fares cost under Great British Railways, no one can accuse the government of wasting money on an expensive redesign.

    The logo, branding and livery for the impending renationalised and reformed railway will be unveiled by ministers at London Bridge on Tuesday. It is red, white and, yes, blue.

    The Department for Transport said passengers will get their “first look at the future” of Britain’s railways – a future that may ring a few bells. Designed in-house at the DfT, the logo is the GBR name in rail typeface accompanied by the double arrow symbol – what the DfT describes as a “nod to Britain’s proud railway heritage”, rather than a direct lift from British Rail.

    The first actual trains to be repainted could arrive from next spring, but fans of pretend ones can see the brand on a Hornby model and a virtual version in the Train Sim World 6 game at London Bridge, and on displays at other leading stations around the country.

    The unveiling comes as legislation aimed at reforming the railway is debated in the House of Commons on Tuesday. The government hopes the bill will create a unified, accountable nationalised railway after decades of a fragmented private system.

    The transport secretary, Heidi Alexander, said: “The future of Britain’s railways begins today. I’m immensely proud to unveil the new look for Great British Railways as we deliver landmark legislation to nationalise our trains and reform the railway so it better serves passengers.

    “This isn’t just a paint job – it represents a new railway, casting off the frustrations of the past and focused entirely on delivering a proper public service for passengers.

    “With fares frozen, a bold new look and fundamental reforms becoming law, we are building a railway Britain can rely on and be proud of.”

    The Department for Transport says the double arrow symbol is a ‘nod to Britain’s proud railway heritage’. Photograph: Department for Transport

    Seven of England’s former private train operators are already back in public hands, covering a third of all passenger journeys in Great Britain, with the rest due to renationalised by the end of 2027. The new GBR, to be headquartered in Derby, will bring track and train operations together, at arm’s length from the government, and a strengthened passenger watchdog will be set up to monitor service.

    The new brand design also features on the GBR ticketing app under development, which the government will roll out as a new one-stop shop for passengers to check on their journeys and to buy tickets for travel across the whole network, without any booking fees. The DfT said the GBR app would also simplify travel for disabled passengers, who will be able to book Passenger Assist services to board and disembark trains in the same app when buying tickets.

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    In October, the design of the new Great British Railways station clock was unveiled, also at London Bridge.

    The new brand design will also feature on the GBR ticketing app. Photograph: Department for Transport

    Alex Robertson, the chief executive of the current independent watchdog Transport Focus, said: “As well as what is written into law, the success of GBR will depend on its people and culture, and today gives us a glimpse into what that could look and feel like.”

    A first big test for state-controlled services comes from next week when hundreds more LNER trains are added each week on a revamped east coast mainline timetable.

    Alexander announced last month that rail fares in England will be frozen in 2026 for the first time in 30 years.

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  • Meta pledge to use less personal data for ads gets EU nod, avoids daily fines – Reuters

    1. Meta pledge to use less personal data for ads gets EU nod, avoids daily fines  Reuters
    2. Facebook and Instagram will let European users see fewer personal ads  The Verge
    3. Meta must remove dark patterns to comply with DMA requirements, consumer group says  MLex
    4. EU Acknowledges Meta’s Undertaking To Offer EU Users Ad Choice On Facebook, Instagram  Nasdaq
    5. Meta proposal for less data sharing is approved by European Commission  The Record from Recorded Future News

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