Category: 3. Business

• Findings from the post-hoc analysis of LIBERTY-CD study indicates efficacy of ZYMFENTRA^® (subcutaneous infliximab) regardless of disease location, consistent across ileum-dominant and colon-dominant Crohn’s disease (CD)
• Findings support the therapeutic potential of ZYMFENTRA in addressing persistent treatment gaps especially in ileum-dominant CD

INCHEON, South Korea, Nov. 26, 2025 /PRNewswire/ — Celltrion, Inc. today announced that a post-hoc analysis of the LIBERTY-CD study, which showed that the efficacy of ZYMFENTRA® (infliximab-dyyb) is consistent regardless of disease location, has been published in a peer reviewed journal, Clinical Gastroenterology and Hepatology.^[1]

“The consistency of treatment effect across disease locations is important, as ileal Crohn’s disease (CD) is highly correlated with negative long-term outcomes and the fact that the terminal ileum being the most challenging segment to treat,” said Prof. Jean-Frédéric Colombel, MD, Janowitz Division of Gastroenterology, Icahn School of Medicine at Mount Sinai. “The consistent clinical and endoscopic outcomes observed with subcutaneous formulation of infliximab, regardless of disease location, suggest its potential as an effective therapy across different ileocolonic segments.”

The post hoc analysis utilized the endoscopic data from the phase 3 LIBERTY-CD trial of subcutaneous formulation of infliximab (infliximab SC), ZYMFENTRA, to investigate the clinical outcomes and related predictive factors by disease location in patients with moderately-to-severely active CD who received infliximab SC maintenance treatment.

Among 329 patients, 52.6% had colon-dominant CD (n=173) and 47.4% had ileum-dominant CD (n=105). At Week 54, patients receiving infliximab SC achieved significantly greater efficacy outcomes across all endpoints compared with placebo, regardless of disease location. Rates of clinical remission were 60.95% in the ileum-dominant group and 66.95% in the colon-dominant group, versus 37.25% and 29.09%, respectively, in the placebo group. Clinical response and endoscopic response rates similarly favored infliximab SC over placebo in both location groups (clinical response: 62.86% vs 41.18% in ileum-dominant and 67.80% vs 38.18% in colon-dominant; endoscopic response: 53.33% vs 19.61% in ileum-dominant and 52.54% vs 18.18% in colon dominant). When assessed at the segment level, endoscopic responses at Week 54 were greater with infliximab SC versus placebo across all ileocolonic segments, including the terminal ileum, with consistent treatment effect sizes observed throughout each segment.

“As 70-80% of patients with Crohn’s disease have ileal involvement at diagnosis, effective treatment of the ileum has the potential to benefit a large proportion of patients with Crohn’s disease,” said Nam Lee, Vice President of Global Medical Affairs at Celltrion. “It is encouraging to have this additional analysis that supports consistent efficacy of subcutaneous infliximab regardless of different disease location and segments.”

The full manuscript “Endoscopic response to subcutaneous infliximab by disease location: A post hoc analysis of the LIBERTY-CD study” is available online at Clinical Gastroenterology and Hepatology today.

Notes to Editors:

About ZYMFENTRA^® (infliximab-dyyb; subcutaneous infliximab)

ZYMFENTRA^® (infliximab-dyyb) is a prescription medicine used as an injection under the skin (subcutaneous injection) by adults for the maintenance treatment of moderately-to-severely active ulcerative colitis following treatment with an infliximab product given by intravenous infusion (IV), Moderately-to-severely active Crohn’s disease following treatment with an infliximab product given by intravenous infusion (IV). ZYMFENTRA blocks the action of tumor necrosis factor-alpha (TNF-alpha), a protein that can be overproduced in response to certain diseases and cause the immune system to attack normal, healthy parts of the body.

ZYMFENTRA was approved by the FDA through the Biologics License Application (BLA) under the 351 (a) pathway of the Public Health Service Act (a “stand-alone” BLA). ZYMFENTRA is considered a new biologic with a first-approved subcutaneous administration form and thus will be under patent protection for its dosage form by 2037 and for its route of administration by 2040.

Indication and Important Safety Information

ZYMFENTRA^® is a prescription medicine indicated in adults for maintenance treatment of:

• Moderately-to-severely active Crohn’s disease following treatment with an infliximab product administered intravenously.
• Moderately-to-severely active ulcerative colitis following treatment with an infliximab product administered intravenously.

It is not known if ZYMFENTRA is safe and effective in children under 18 years of age.

What is the most important information I should know about ZYMFENTRA?

SERIOUS INFECTIONS

Patients treated with ZYMFENTRA are at increased risk for developing serious infections involving various organ systems and sites that may lead to hospitalization or death. Discontinue ZYMFENTRA if a patient develops a serious infection or sepsis.

Reported infections include:

• Active tuberculosis (TB), including reactivation of latent TB. Patients frequently presented with disseminated or extrapulmonary disease. Patients should be tested for latent TB before and during treatment with ZYMFENTRA. Treatment for latent infection should be initiated prior to treatment with ZYMFENTRA.
• Invasive fungal infections, including histoplasmosis, coccidioidomycosis, candidiasis, aspergillosis, blastomycosis, and pneumocystosis. Patients may present with disseminated, rather than localized, disease. Empiric anti-fungal therapy should be considered in patients at risk for invasive fungal infections who develop severe systemic illness.
• Bacterial, viral, and other infections due to opportunistic pathogens, including Legionella and Listeria.

The risks and benefits of treatment with ZYMFENTRA should be carefully considered prior to initiating therapy in patients with chronic or recurrent infection. Closely monitor patients for the development of signs and symptoms of infection during and after treatment with ZYMFENTRA, including the possible development of TB in patients who tested negative for latent TB infection prior to initiating therapy.

Risk of infection may be higher in patients greater than 65 years of age, patients with comorbid conditions and/or patients taking concomitant immunosuppressant therapy. In clinical trials, other serious infections observed in patients treated with infliximab included arthritis bacterial, pneumonia, and urinary tract infection.

MALIGNANCIES

Malignancies, some fatal, have been reported in children, adolescents, and young adults treated with TNF blockers, including infliximab products.

Approximately half of these cases were lymphomas, including Hodgkin’s and non-Hodgkin’s lymphoma. The other cases represented a variety of malignancies, including rare malignancies that are usually associated with immunosuppression and malignancies that are not usually observed in children and adolescents. The malignancies occurred after a median of 30 months after the first dose of therapy. Most of the patients were receiving concomitant immunosuppressants.

Post-marketing cases of hepatosplenic T-cell lymphoma, a rare type of T-cell lymphoma, have been reported in patients treated with TNF blockers, including infliximab products. These cases have had a very aggressive disease course and have been fatal. The majority of reported cases have occurred in patients with Crohn’s disease or ulcerative colitis, and most were in adolescent and young adult males. Almost all of these patients had received treatment with azathioprine or 6-mercaptopurine concomitantly with a TNF blocker at or prior to diagnosis. Carefully assess the risks and benefits of treatment with ZYMFENTRA, especially in these patient types.

In clinical trials of all TNF blockers, more cases of malignancies were observed compared with controls and the expected rate in the general population. In clinical trials of some TNF blockers, including infliximab products, more cases of other malignancies were observed compared with controls. As the potential role of TNF blocker therapy in the development of malignancies is not known, caution should be exercised when considering treatment of patients with a current or a past history of malignancy.

Melanoma and Merkel cell carcinoma have been reported in patients treated with TNF blocker therapy, including infliximab products. Periodic skin examination is recommended for all patients, particularly those with risk factors for skin cancer.

CONTRAINDICATIONS

ZYMFENTRA is contraindicated in patients with a previous severe hypersensitivity reaction to infliximab-dyyb, other infliximab products, any of the inactive ingredients of ZYMFENTRA or any murine proteins (severe hypersensitivity reactions have included anaphylaxis, hypotension and serum sickness).

HEPATITIS B VIRUS REACTIVATION

TNF blockers, including infliximab products, have been associated with reactivation of hepatitis B virus (HBV) in patients who are chronic carriers. Some cases were fatal. Patients should be tested for HBV infection before initiating ZYMFENTRA. For patients who test positive, consult a physician with expertise in the treatment of hepatitis B. Exercise caution when prescribing ZYMFENTRA for patients identified as carriers of HBV and monitor closely for active HBV infection during and following termination of therapy with ZYMFENTRA. Discontinue ZYMFENTRA in patients who develop HBV reactivation and initiate antiviral therapy with appropriate supportive treatment. Exercise caution when considering resumption of ZYMFENTRA and monitor patients closely.

HEPATOTOXICITY

Hepatobiliary disorders, including acute liver failure, jaundice abnormal hepatic function, hepatic steatosis, hepatitis, hepatotoxicity, hyperbilirubinemia and non-alcoholic fatty liver, have been reported in patients receiving infliximab products post-marketing. Some cases were fatal or required liver transplant. Aminotransferase elevations were not noted prior to discovery of liver injury in many cases. Patients with symptoms or signs of liver dysfunction should be evaluated for evidence of liver injury. If jaundice and/or marked liver enzyme elevations (eg, ≥5 times the upper limit of normal) develop, ZYMFENTRA should be discontinued and a thorough investigation of the abnormality should be undertaken.

CONGESTIVE HEART FAILURE

Cases of worsening congestive heart failure (CHF) and new onset CHF have been reported with TNF blockers. Some cases had a fatal outcome. In several exploratory trials of other TNF blockers in the treatment of CHF, there were greater proportions of TNF-blocker-treated patients who had CHF exacerbations requiring hospitalization or increased mortality. ZYMFENTRA has not been studied in patients with a history of CHF and ZYMFENTRA should be used with caution in patients with CHF.

HEMATOLOGIC REACTION

Cases of leukopenia, neutropenia, thrombocytopenia and pancytopenia (some fatal) have been reported. The causal relationship to infliximab-product therapy remains unclear. Exercise caution in patients who have ongoing or a history of significant hematologic abnormalities. Advise patients to seek immediate medical attention if they develop signs and symptoms of blood dyscrasias or infection. Consider discontinuation of ZYMFENTRA in patients who develop significant hematologic abnormalities.

HYPERSENSITIVITY AND OTHER ADMINISTRATION REACTIONS

In post-marketing experience, serious systemic hypersensitivity reactions (including anaphylaxis, hypotension and serum sickness) have been reported following administration of infliximab products. If an anaphylactic or other clinically significant hypersensitivity reaction occurs, institute appropriate therapy and discontinue ZYMFENTRA.

INJECTION SITE REACTIONS

In clinical studies, localized injection-site reactions were reported following administration of ZYMFENTRA. If a clinically significant injection-site reaction occurs, institute appropriate therapy and discontinue ZYMFENTRA.

NEUROLOGIC REACTIONS

Agents that inhibit TNF have been associated with central nervous system (CNS) manifestation of systemic vasculitis, seizure and new onset or exacerbation of CNS demyelinating disorders, including multiple sclerosis and optic neuritis and peripheral demyelinating disorders, including Guillain-Barré syndrome. Exercise caution when considering ZYMFENTRA in patients with these disorders and consider discontinuation if these disorders develop.

RISK OF INFECTION WITH CONCURRENT ADMINISTRATION OF OTHER BIOLOGICS PRODUCTS

Serious infections and neutropenia have been reported with concurrent use of ZYMFENTRA with other immunosuppressive biological products. The concurrent use of ZYMFENTRA with other immunosuppressive biological products used to treat UC and CD may increase the risk of infection and is not recommended.

RISK OF ADDITIVE IMMUNOSUPPRESSIVE EFFECTS FROM PRIOR BIOLOGICAL PRODUCTS

Consider the half-life and mode of action of prior biological products to avoid unintended additive immunosuppressive effects when initiating ZYMFENTRA.

AUTOIMMUNITY

Treatment with TNF blockers may result in the formation of autoantibodies and in the development of a lupus-like syndrome. Discontinue ZYMFENTRA treatment if symptoms of a lupus-like syndrome develop.

VACCINATIONS AND USE OF LIVE VACCINES/THERAPEUTIC INFECTIOUS AGENTS

Prior to initiating ZYMFENTRA, update vaccinations in accordance with current vaccination guidelines. Live vaccines or therapeutic infectious agents should not be given with ZYMFENTRA due to the possibility of clinical infections, including disseminated infections. At least a 6-month waiting period following birth is recommended before the administration of any live vaccine to infants exposed in utero to ZYMFENTRA.

ADVERSE REACTIONS

In clinical trials with ZYMFENTRA, the most common adverse reactions occurring in ≥3% of ZYMFENTRA-treated patients included site reactions, COVID-19, anemia, arthralgia, infection site reaction, increased alanine aminotransferase and abdominal pain for UC, and COVID-19, headache, upper respiratory tract infection, injection site reaction, diarrhea, increased blood creatine phosphokinase, arthralgia, increased alanine aminotransferase, hypertension, urinary tract infection, neutropenia, dizziness and leukopenia for CD.

Please click for Full U.S. Prescribing Information.

Globally, prescribing information varies; refer to the individual country product label for complete information.

About Celltrion, Inc.

Celltrion is a leading biopharmaceutical company that specializes in researching, developing, manufacturing, marketing and sales of innovative therapeutics that improve people’s lives worldwide. Celltrion is a pioneer in the biosimilar space, having launched the world’s first monoclonal antibody biosimilar. Our global pharmaceutical portfolio addresses a range of therapeutic areas including immunology, oncology, hematology, ophthalmology and endocrinology. Beyond biosimilar products, we are committed to advancing our pipeline with novel drugs to push the boundaries of scientific innovation and deliver quality medicines. For more information, please visit our website https://www.celltrion.com/en-us. and stay updated with our latest news and events on our social media: LinkedIn, Instagram, X, and Facebook.

About Celltrion USA

Celltrion USA is Celltrion’s U.S. subsidiary established in 2018. Headquartered in New Jersey, Celltrion USA is committed to expanding access to innovative biologics to improve care for U.S. patients. Celltrion’s FDA-approved biosimilar products in immunology, oncology, hematology, and endocrinology include: INFLECTRA® (infliximab-dyyb), TRUXIMA® (rituximab-abbs), HERZUMA® (trastuzumab-pkrb), VEGZELMA® (bevacizumab-adcd), YUFLYMA®(adalimumab-aaty), AVTOZMA® (tocilizumab-anho), STEQEYMA® (ustekinumab-stba), STOBOCLO® (denosumab-bmwo), OSENVELT® (denosumab-bmwo), OMLYCLO® (omalizumab-igec), and EYDENZELT® (aflibercept-boav) as well as the novel biologic ZYMFENTRA® (infliximab-dyyb).

Celltrion USA will continue to leverage Celltrion’s unique heritage in biotechnology, supply chain excellence and best-in-class sales capabilities to improve access to high-quality biopharmaceuticals for U.S. patients. For more information, please visit www.celltrionusa.com and stay updated with our latest news and events on our social media: LinkedIn.

FORWARD-LOOKING STATEMENT

Certain information set forth in this press release contains statements related to our future business and financial performance and future events or developments involving Celltrion, Inc. and its subsidiaries that may constitute forward-looking statements under pertinent securities laws. This press release contains forward looking statements. These statements may be also identified by words such as “prepares”, “hopes to”, “upcoming”, “plans to”, “aims to”, “to be launched”, “is preparing”, “once gained”, “could”, “with the aim of”, “may”, “once identified”, “will”, “working towards”, “is due”, “become available”, “has potential to”, “anticipate” the negative of these words or such other variations thereon or comparable terminology.

In addition, our representatives may make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Celltrion, Inc. and its subsidiaries’ management, of which many are beyond its control.

Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them.

Such forward-looking statements necessarily involve known and unknown risks and uncertainties associated with the company’s business, including the risk factors disclosed in its Annual Report and/or Quarterly Reports, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such statements.

Celltrion, Inc. and its subsidiaries undertake no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.

For further information please contact:
Katie Gallagher
[email protected]   
+1 617-657-1324

SOURCE Celltrion

Flying taxis and drones could soon become part of everyday life in a West Midlands city following the launch of a new scheme.

Coventry City Council has started the Urban Ascent project, which will involve experts studying how drones can improve city services and speed up emergency and medical deliveries.

The project will also set up a plan to ensure drones are introduced safely while transporting medicines and supplies for the NHS, delivering defibrillators or even carrying out aerial road surveys.

Councillor Jim O’Boyle said the plans would help Coventry “take the next step in aligning technology with public needs”, especially with preparations for urban air taxis.

“We are talking about things like drones being used to fly urgent medical supplies between hospitals, being used to inspect bridges and roads and even using them to enable an overview of things like road accidents and road congestion,” he said.

The urban air taxis are part of a family of vehicles called “eVTOLs”, which stands for electric vertical take-off and landing aircraft, and could be used to replace expensive journeys currently done by helicopters.

Earlier this year, Coventry-based drone company Skyfarer teamed up with University Hospitals Coventry and Warwickshire (UHCW) NHS Trust to see if radioactive medicine could be delivered to hospitals by drone.

The Urban Ascent work is being funded by Innovate UK and the Department for Transport through the Future Flight Regional Demonstrator programme, while also being led by the council.

Mariya Tarabanovska, innovation lead for Future Flight at Innovate UK, said the project was a strong example of local authorities, industry, and academia working together “to prepare for the safe integration of new aviation services which benefit local communities and drive growth”.

Givaudan announced that its CEO, Gilles Andrier, has been recognised for his professional journey, during the Cosmétiquemag awards ceremony. This annual celebration honours the women and men who have stood out during the year. For over 35 years, these awards have highlighted the excellence of professionals across the cosmetics and fragrance sectors. 

Since taking the helm in 2005, Gilles Andrier has led Givaudan through transformative growth in the fragrance and beauty markets. Under his leadership, the Company’s turnover more than doubled, rising from CHF 2.7 billion to over CHF 7.4 billion. At the same time, Givaudan’s valuation surged from CHF 6.4 billion in 2005 to nearly CHF 37 billion* by the end of 2024, expanding from 5,900 to over 16,000 employees worldwide. This impressive trajectory underscores Givaudan’s ongoing commitment to innovation and sustainable growth, positioning the Company to remain a global leader in the fragrance and beauty industry well into the future.

Gilles Andrier says: “I am deeply and sincerely honoured to receive the Achievement Award from Cosmétiquemag. This recognition is not just a personal milestone but a tribute to the incredible passion and tireless dedication of everyone at Givaudan, whose unwavering commitment fuels our shared success every single day. My bond with the fragrance and beauty industries runs profoundly deep, and I take immense pride in how we have raised the standards and continuously redefined these fields. Looking towards the future, I am genuinely excited and inspired by the vast opportunities for creativity, innovation, and growth that await us. Together, we will continue to shape the future of beauty with boldness and heart.”

Patricia Thouanel, Editor-in-Chief of Cosmétiquemag, adds: “Awarding Gilles Andrier is an acknowledgment of a visionary leader whose profound impact on the beauty industry spans nearly two decades. His leadership has not only propelled Givaudan’s success but also fostered a culture of innovation and collaboration within the industry, that inspires all of us.”

The ceremony was held yesterday, attended by hundreds of key stakeholders from the fragrance and beauty industries.

 

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About Givaudan
Givaudan is a global leader in Fragrance & Beauty and Taste & Wellbeing. We celebrate the beauty of human experience by creating for happier, healthier lives with love for nature. Together with our customers we deliver food experiences, craft inspired fragrances and develop beauty and wellbeing solutions that make people look and feel good. In 2024, Givaudan employed over 16,900 people worldwide and achieved CHF 7.4 billion in sales with a free cash flow of 15.6%. With a heritage that stretches back over 250 years, we are committed to driving long-term, purpose-led growth by improving people’s health and happiness and increasing our positive impact on nature. This is Givaudan. Human by nature. Discover more at: www.givaudan.com.

About Givaudan Fragrance & Beauty
Givaudan Fragrance & Beauty crafts inspired fragrances to perfume lives and memories, and develops innovative beauty and wellbeing solutions that make people look and feel good all over the world. Nature is both our responsibility and our most precious muse. We are just as committed to sustainability as we are to creating innovative products that satisfy consumer needs and anticipate their desires. With a collaborative approach that favours co-creation, we have built a diverse portfolio across personal care, fabric care, hygiene, home care, fine fragrances, and beauty, reflecting our multidisciplinary expertise. This is Givaudan. Human by nature. Learn more at www.givaudan.com/fragrance-beauty.

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For further information please contact
Claudia Pedretti, Head of Investor and Media Relations
T +41 52 354 0132
E claudia.pedretti@givaudan.com

Pauline Martin, Fragrance & Beauty Communications
E pauline.martin.pm1@givaudan.com

Annual inflation rose to a 16-month high of 3.8% in October, adding to pressure on the government as it seeks to make savings across the public sector.

When governments, whether Commonwealth, state or local, increase spending it adds to inflation. Opinions differ on whether Commonwealth spending makes a significant difference. Opposition finance spokesperson Jane Hume argues it does; Treasurer Jim Chalmers countering “the Reserve Bank hasn’t mentioned that in their recent statements”.

Reducing government spending will, however, help curb inflation. It may be one of the motives for a reported federal government decision to seek budget cuts of up to 5% across its departments and agencies.

Finance Minister Katy Gallagher has denied the reports, saying in question time:

the idea that we are imposing a 5% cut on agencies is incorrect. […] What we have asked agencies to do is to think about […] all the programs they administer and to consider whether they are still priorities.

Put like that, it is normal budget process. Departments are always asked to consider priorities.

If, however, the report of a 5% savings target is true, we will likely see cuts to various kinds of departmental spending including salaries, overtime, consultants, IT and travel.

Cuts such as these, although hard for the public service, would be welcome for the Reserve Bank. Then Reserve Bank governor Philip Lowe put the case bluntly in a 2023 speech that fiscal policy (that is, government tax and spending) should align better with monetary policy (setting interest rates) to support economic growth.

What the inflation report shows

The latest Australian Bureau of Statistics report showed inflation over the year to October rose to 3.8%, up from 3.6% in the year to September.

The largest contributors to annual inflation were the things people notice the most: housing (up 5.9%), food and beverages (3.2%), and recreation (3.2%). The housing component was driven by a 37.1% jump in electricity costs as some state energy rebates unwound.

It means cost of living will remain front-of-mind for voters and politicians.

The group with the lowest increase in prices was communications (up 0.8%). This reflects the highly competitive structure of the telecommunications industry and the impact of technological change.

The annual figure was also affected by a negative inflation number from October 2024 dropping out of the annual calculations.

The new, complete CPI

This is the first release of the improved “complete” monthly consumer price index (CPI). Previously, the monthly update was called an “indicator” because it covered fewer goods and services than the long-running quarterly CPI report.

But even the improved monthly series will be more volatile than the quarterly report.

Underlying inflation, which takes out the items with the most extreme price changes and is called the “trimmed mean”, was 3.3% in October. This was only marginally changed from 3.2% in September.

This measure is generally a better guide to the ongoing trend in inflation, but it too remains above the Reserve Bank’s 2–3% target band.

What does it mean for my mortgage?

At its meeting earlier this month, the Reserve Bank board considered the most recent forecasts prepared by its staff. These implied that if the central bank cut interest rates again, as markets were expecting, underlying inflation was “expected to be above 3% until the second half of 2026”. But if they left interest rates unchanged, inflation would be “settling closer to the midpoint” of the 2–3% inflation target.

The implication was that the Reserve Bank would not be cutting (or raising) rates unless incoming economic data was sufficiently dramatic to change the forecasts materially. Today’s data would probably not be regarded as being sufficiently dramatic.

The Reserve Bank regards the underlying “trimmed mean” measures of the monthly and quarterly inflation rates as the more important. But it will still be concerned about today’s high “headline” number.

Expectations matter

Most economists expect the central bank to leave rates on hold for several months at least.

Media stories about high inflation may lift inflationary expectations in the community. If businesses think suppliers and competitors are raising prices, they are more likely to do so themselves. And if union leaders think prices are rising faster than wages (currently growing by 3.4%), they may be more likely to push for higher wage increases.

Some of the change between September and October could have arisen from the Bureau of Statistics adopting a new methodology, expanding the sample of prices of goods and services it measures. The bureau did not say how much of an impact this has had. It complicates the picture for the Reserve Bank and makes it even more likely they will adopt a “wait and see” approach.

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Venture Global has accused Shell of waging a “three-year campaign” to damage its liquefied natural gas business, as a boardroom battle to dominate the market for the super-chilled fuel heats up.

In an note to staff obtained by the Financial Times, the US company’s co-founders Michael Sabel and Robert Pender blasted Shell’s “misguided decision” to appeal a recent arbitration loss to Venture Global, labelling it the actions of an “upset” industry incumbent.

“[Shell’s] action relies on completely baseless claims and is an unfortunate continuation of their three-year campaign to damage Venture Global. This behaviour should be very concerning to Shell’s employees, board of directors and shareholders,” read the email, which was sent as a Thanksgiving message to the LNG company’s 2,000 employees.   

The letter also toasts Venture Global’s success in signing $28bn in customer supply deals in Japan, Greece and Spain in the past month, saying it would face down competitors to enable it to become the “single largest LNG producer” in the world.

Venture Global has had a tumultuous year after battling arbitration cases filed by some of its largest customers, including Shell, BP and other European companies.

They alleged the US LNG provider breached supply contracts by failing to deliver shipments under long-term supply contracts, instead selling them on the spot market to profit from higher prices triggered by Russia’s full-scale invasion of Ukraine in 2022.

Venture Global denies it violated the contracts, arguing it was not obliged to ship the gas because its export plant on the US Gulf coast had not started commercial operations. The company had declared force majeure on its contractual commitments because its facility’s power supply needed repair.  

In August, Venture Global defeated Shell at the International Chamber of Commerce. But in October it lost a separate case against BP, which is seeking damages worth in excess of $1bn.

Earlier this month Shell challenged its arbitration defeat in a New York state court in an attempt to overturn the panel’s finding.

In their note to employees, Venture Global’s co-founders said the company would continue to defend itself in the case.  

“There’s no question the competition in our industry is fierce, and its clear Venture Global is outcompeting the rest. While that undoubtedly will continue to upset some of the industry incumbents, our team will continue to work hard and deliver real results,” says the note.

Shell did not immediately respond to a request for comment.

Venture Global’s legal difficulties have not limited its ability to sign new supply deals. Late on Tuesday the company said Tokyo Gas had signed an agreement to buy 1mn tonnes per annum of LNG over 20 years, starting from 2030 — the most recent supply deal signed by the producer.