Category: 3. Business

Natilus’s BWB design offers 40% more interior capacity, which the HORIZON utilizes to make air travel more comfortable and enjoyable. Intended to have a largely customizable layout to meet the needs of each individual airline and its customer base, the HORIZON is reimagining what air travel can be with the introduction of innovative spaces for business travelers to families.

Work from the Sky in HORIZON’s Video Conference Pods

For the first time on commercial aircraft, the HORIZON will be equipped with three video conference pods that act as conference rooms for the business-oriented passengers. The pods will be compatible with both video and phone calls and will be Wi-Fi-enabled, so that passengers can continue to collaborate and be productive during flight.

Families Take Center Stage with Club Seating

The HORIZON will also include Deluxe Club Seating, where a family of four can comfortably sit two-by-two facing each other, making it easy to communicate, play, and share experiences throughout the flight. No longer limited by the dreaded middle seat, the club seating is attractive for airlines looking to cater to family units with small children.

Intelligent Lighting Connected to Infotainment

The HORIZON will be equipped with an intelligent lighting system with simulated skylights and windows that can be customized to a seating zone, mimicking natural light or ambient lighting to ease the impact of jetlag. The lighting can also be coordinated with the infotainment screens to create an immersive entertainment experience.

HORIZON: Benefits of 40% More Capacity

With its unique blended-wing body design, the dramatic gains in interior cabin space translate to an entirely new experience for passengers. In this new design, the HORIZON boasts:

• Luxe, lie-flat first class seats that allow travelers to rest during long-haul flights, evoking a sense of a private retreat;
• Economy seats where every passenger enjoys their own dedicated seat with back-of-seat infotainment systems, featuring a wide selection of movies, music, and connectivity options to make the journey as enjoyable as it is efficient;
• Tall ceiling heights at 7.5 feet to make the cabin feel even more spacious; and
• Eight exit doors for ease of egress, with the possibility for carriers to opt for double doors.

“The HORIZON is an innovative aircraft that ushers in a new era of air travel, offering significantly more interior space—which we’ve used to create a more comfortable and enjoyable cabin,” said Aleksey Matyushev, CEO and Co-founder of Natilus. “This aircraft will provide our commercial airline customers with the ultimate platform to elevate the passenger experience.”

About Natilus
Natilus is a San Diego-based developer of hyper-efficient blended-wing-body (BWB) aircraft designed to transport people and cargo more sustainably and efficiently than ever before. Natilus’s BWB aircraft unlocks improved aviation economics by reducing fuel consumption by 30% while increasing payload capability by 40%.The Natilus team is comprised of innovators from General Atomics, Northrop Grumman, Skunkworks, SpaceX, and Piper Aircraft. Learn more at natilus.co.

SOURCE Natilus

  

Sobi® (STO: SOBI), today announced a capped royalty purchase agreement with Apellis Pharmaceuticals, Inc. under which Sobi will reduce its ex-US royalty obligations to Apellis by 90% for Aspaveli® (systemic pegcetacoplan) in exchange for $275 million upfront and up to $25 million in additional milestone payments dependent on regulatory approvals in the European Union for C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN).

 

“We are pleased to continue our ongoing partnership with Apellis and share their strong belief in Aspaveli/EMPAVELI’s potential to deliver significant long-term growth,” said Guido Oelkers, Chief Executive Officer at Sobi.  “We look forward to continuing the regulatory process in Europe and are well positioned to bring this novel treatment to patients with C3G and IC-MPGN leveraging our deep rare disease expertise.”

 

Aspaveli/EMPAVELI is approved in the European Union, other countries globally, and the US for the treatment of paroxysmal nocturnal haemoglobinuria (PNH) who have haemolytic anaemia, a rare blood disorder. It is currently under review in the European Union and the U.S. for the treatment of C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN), rare kidney diseases. An opinion by the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) is expected before year-end. In the U.S., the Prescription Drug User Fee Act (PDUFA) action date is July 28, 2025.

 

“Through our collaboration, Sobi has developed a deep understanding of Aspaveli/EMPAVELI’s potential to significantly improve patient outcomes and deliver long-term value as a rare disease franchise,” said Timothy Sullivan, Chief Financial Officer, Apellis. “This transaction reflects our shared conviction in the potential of Aspaveli/EMPAVELI to transform the treatment landscape for patients with rare diseases, including C3G and IC-MPGN.”

 

Transaction Highlights

• Upfront Payment: $275 million in cash.
• Milestone Payments: Up to $25 million upon EMA approval of Aspaveli® for C3G and IC-MPGN.
• Royalty Structure: Sobi will reduce its ex-U.S. royalty obligation to Apellis Pharmaceuticals, Inc. by 90% until defined caps are achieved, after which ex-U.S. royalties revert to the original license agreement.
   

 

About the Sobi and Apellis Collaboration
Sobi and Apellis have global co-development rights for systemic pegcetacoplan.

Sobi has exclusive ex-U.S. commercialization rights for systemic pegcetacoplan, and its opt-in rights for future development programs are unchanged, exercisable at any time prior to commercialisation. Apellis has exclusive U.S. commercialization rights for systemic pegcetacoplan and worldwide commercial rights for ophthalmological pegcetacoplan, including for geographic atrophy.
 

About C3 Glomerulopathy (C3G) and Primary Immune Complex Membranoproliferative Glomerulonephritis (IC-MPGN)
C3G and primary IC-MPGN are rare and debilitating kidney diseases that can lead to kidney failure. Excessive C3 deposits are a key marker of disease activity, which can lead to kidney inflammation, damage, and failure. Approximately 50% of people living with C3G and primary IC-MPGN suffer from kidney failure within five to 10 years of diagnosis, requiring a burdensome kidney transplant or lifelong dialysis.1 Additionally, approximately 90% of patients who previously received a kidney transplant will experience disease recurrence.2 The diseases are estimated to affect 5,000 people in the United States and up to 8,000 in Europe.3

 

About Sobi®
Sobi is a global biopharma company unlocking the potential of breakthrough innovations, transforming everyday life for people living with rare diseases. Sobi has approximately 1,900 employees across Europe, North America, the Middle East, Asia and Australia. In 2024, revenue amounted to SEK 26 billion. Sobi’s share (STO:SOBI) is listed on Nasdaq Stockholm. More about Sobi at sobi.com and LinkedIn.

 

Contacts 
For details on how to contact the Sobi Investor Relations Team, please click here. For Sobi Media, click here. 

 

This information is information that Sobi is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on 1 July 2025 at 1:00 PM CEST.

 

Gerard Tobin

Head of Investor Relations

 

 

References

1. C3 glomerulopathy. National Institute of Health, Genetics Home Reference. https://ghr.nlm.nih.gov/condition/c3-glomerulopathy#resources. Accessed November 21, 2019.

2. Tarragón, B, et al. C3 Glomerulopathy Recurs Early after Kidney Transplantation in Serial Biopsies Performed within the First 2 Years after Transplantation. Clinical Journal of the American Society of Nephrology. August 2024; 19(8)1005-1015. doi: 10.2215/CJN.0000000000000474.

3. Data on file using literature consensus.

 

 

 

 

Welcome to Energy Source, coming to you today from a sweltering London, where a giant heatwave has descended on the city.

It’s been a hot news cycle as well, as the energy industry digests the news that Shell will not be bidding for BP — at least not before Christmas.

Meanwhile, a fragile truce remains in place in the Middle East, where hostilities between Israel and Iran seem to be on hold for now.

If you’d like to test your knowledge of how the oil market responded to previous Middle East crises, try your hand at the FT’s interactive “Draw your own chart” game. It’s harder than you think.

And in today’s Energy Source, my colleague Camilla Hodgson takes a look at the future of sodium-ion batteries — a potential rival to lithium-ion batteries — and whether they might be overhyped.

Thanks for reading, Leslie

Sodium battery hype doesn’t match reality, says new report

Demand for a new battery technology using sodium ions will grow slower than Chinese electric-vehicle battery maker CATL expects, with hype outpacing real-world deployment, according to new analysis.

The findings by research group Benchmark Mineral Intelligence, shared exclusively with the FT, found that forecasts by CATL about the growth of sodium-ion batteries were unrealistic.

The research finds that sodium-ion batteries, which make up less than 1 per cent of the global battery market today, will represent about 3 per cent of batteries in a decade in a base case scenario, and as much as 15.5 per cent in an “early adoption” scenario.

Sodium-ion batteries — which are made using sodium salt — are seen as a cheaper alternative to lithium-based batteries, and work better at very high and low temperatures. They have started to be used in some large, stationary energy storage systems, as well as in electric scooters in China.

However, they are typically less energy-dense relative to their size, which has held back their use in EVs, and have become less cost-competitive since the slump in lithium prices.

Demand was still “relatively small” for what was a “nascent technology”, said Benchmark.

In April, CATL launched a new range of sodium-ion batteries, which will start mass production by the end of the year. Founder and chief executive Robin Zeng has said he believes sodium-ion batteries could replace up to half of the market for lithium-iron phosphate batteries.

But Benchmark said on Tuesday that was unrealistic. Although sodium-ion batteries “have a place in the energy transition”, the technology was “not ready to go mass-market and the current positive sentiment is driven by hype”. 

According to Benchmark, Zeng’s forecast would represent about 1.8 terawatt hours of sodium-ion batteries deployed by 2035. That would require “an immediate breakthrough” in the technology’s performance and cost, and a rise in lithium prices, it said. 

By contrast, Benchmark’s most optimistic scenario is for demand to reach about 946 gigawatt hours by 2035, or just under 1 TWh, an estimate that also assumed rising lithium prices among other things. 

CATL and Chinese carmaker BYD are among the biggest manufacturers of sodium-ion batteries.

Fluctuating commodity prices have encouraged innovations in battery technology. Although lithium-iron phosphate batteries remain the dominant option, a range of alternatives, including sodium-ion and solid-state batteries, are also in development.

Sodium-ion supply chains need to scale up to bring down costs, and the technology should be directed into areas where it could “differentiate itself now that price isn’t compensating for weaker performance”, said Connor Watts, an analyst at price reporting agency Fastmarkets. 

That would include the energy storage market, where they would not be competing directly with lithium-based batteries on price. 

“Sodium’s continued improvement is inevitable, but it will take another few generational improvements before western consumers can be convinced to switch over,” said Watts. (Camilla Hodgson)

Power Points

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Energy Source is written and edited by Jamie Smyth, Martha Muir, Alexandra White, Kristina Shevory, Tom Wilson and Malcolm Moore, with support from the FT’s global team of reporters. Reach us at energy.source@ft.com and follow us on X at @FTEnergy. Catch up on past editions of the newsletter here.

Anthony Harrison, financial services expert at Pinsent Masons, was commenting on a recent speech by FCA chief executive Nikhil Rathi. In his comments, Rathi emphasised the need for a financial ecosystem that is not only globally competitive but also rooted in trust, transparency, and innovation.

“Mr Rathi’s speech highlights the very delicate balance needed to ensure competitiveness and growth while maintaining integrity and high standards across UK financial services,” said Harrison.

The UK aspires to be the world’s most innovative full-service financial centres by 2035. Financial services contribute £214 billion gross value added (GVA) to the economy, with leading sectors such as banking, insurance, and fintech. However, there are a range of challenges faced by these sectors, including market interconnectedness amplifying shocks, diverging international standards, and increasing global competition.

To tackle these challenges, the FCA has advocated for ‘outcomes-based’ regulation to better support growth, innovation and accountability. So far, reforms have set out to streamline processes for capital raising, such as listing reforms enabling transactions and the launch of the private shares trading venue PISCES. Further upcoming changes include reducing securitisation frictions, reforming prospectus requirements, and simplifying investment advice to encourage long-term investments.

Rathi set out the FCA’s aim of fostering a more open approach with firms, grounded in trust and shared problem solving. For instance, initiatives like the FCA’s artificial intelligence (AI) lab allow firms to test innovations safely, with feedback shifting away from streamlining regulations to building confidence and scaling innovation responsibly. This approach aims to strike a balance between regulatory oversight and fostering industry competitiveness, according to the FCA chief.

The FCA has also acknowledged past criticisms of being overly risk-averse, outlining steps to address them. Changes include the introduction of the consumer duty and proactive measures against financial crime. The FCA has also proposed shifts such as retiring the mortgage charter and considering differentiation in wholesale and retail market regulation, setting a goal of giving long-term confidence to firms and consumers while balancing risk and growth.

Harrison said: “The FCA appears keen to challenge criticism that it has been too risk averse in the past by championing some bigger initiatives it has implemented in recent years, such as the consumer duty and various successful actions taken in the financial crime space. However, clearly there is more to be done with the government keen to see more growth and less burdensome regulation. Mr Rathi’s comments on retiring the mortgage charter and being open to clearer client classifications applicable to investment firms signal a desire on the regulator’s part to keep pushing forward that growth agenda.”

Additionally, data prioritisation through new proportional data requirements was noted by Rathi as well as emphasis on the importance of market integrity. Rathi said that compromising standards for competitiveness is not an acceptable approach. Future opportunities were also highlighted by the FCA chief, including the UK’s potential to lead in areas such as tokenisation, appealing to younger, tech-savvy investors.

Harrison said: “Leveraging data in a smart, efficient way will play a key part in ensuring the regulator’s growth objective. It is not a surprise that the ‘p’ word, ‘proportionate’, has been cited again by Mr Rathi, as it has been by other senior FCA figures in recent speeches. It speaks, again, to the balancing act that is needed but should not be taken to mean that the regulator will be easing off on data requests.”

“Context is everything, and in certain areas, Mr Rathi has made it clear that visibility matters. With visibility come the need for the right data being produced at the right time to meet regulator requests as they come up, especially in periods of market volatility,” he said.

That marks a shift from decades ago, when supermarkets would use inexpensive packaging and stripped-down branding to send the message that they were “passing the savings on to you,” Myers explained.

It has long been common for some name brands and private-label operators to share manufacturers for certain goods, meaning that many of their competing packages contain the same products. The difference is that while Nabisco or General Mills, for example, have to spend on marketing and store placement fees for their items, Aldi or Costco don’t.

But the bare-bones packaging associated with private-label goods is increasingly a thing of the past — sometimes replaced by approaches that name-brand competitors criticize. Last month, Mondelēz International sued Aldi, alleging trademark infringement. The snack-maker accused the discount supermarket of “blatantly” copying the packaging of Oreos, Wheat Thins, Nilla Wafers and Ritz crackers for its private-label alternatives.

But in other instances, even store brands that don’t resemble well-known rivals have enough shelf appeal to attract shoppers on their own merit. The result is eroding brand loyalty for major incumbents. In First Insight’s survey, 47% of shoppers said they tried a store brand specifically because it was a “dupe” of a name-brand product, and 84% said they now trust private labels’ quality at least as much as national brands’.

Price, of course, remains a key factor in private labels’ appeal.

During the worst of the post-pandemic run-up in inflation, consumer goods giants such as Procter & Gamble raised prices on customers. Faced with steeper costs from supply-chain snarls and labor shortages, many companies bet that shoppers would shell out more to stick with products they knew and liked. And for a few years, many of their better-heeled customers did just that. But the winds have shifted, and in recent years shoppers have been reprioritizing value.

“They’re saying, ‘What I’m paying for what I’m getting is not worth it,’” Petro said.

After an earlier series of price hikes on cereals, snack bars and pet food, General Mills said last week that its main focus now is on juicing sales volume. “To do that, we’ll invest further in consumer value,” its CEO assured investors.

Michael Swanson, chief agriculture economist at Wells Fargo’s Agri-Food Institute, said the grocery wars largely hinge on what shoppers pay attention to.

When you look at the raw sticker prices on store shelves, it’s easy to notice how sharply they’ve climbed. Grocery prices have risen more than 23% over the last five years — but households’ average spending power has outpaced it, he pointed out. In “real,” or inflation-adjusted, terms, groceries are broadly cheaper than they’ve been in years. (While it surely didn’t feel that way for many families, 2024’s Thanksgiving dinner was its most affordable in nearly 40 years, farm data showed.)

“Whenever you get a pay raise, that’s a good thing. Whenever you see your favorite food go up, that’s a bad thing,” Swanson said. “But we really are very bad at tracking the relative change of those two things.”

Still, Swanson doesn’t expect shoppers’ diminishing brand loyalty or hunt for low prices to push name-brand products off supermarket shelves anytime soon. In fact, grocery stores typically rely on branded products to set price points for customers, he said.

“The only reason you know that private label is a value is because you glance right next to it in the refrigerator section and that something else is 25 or 40% more expensive,” Swanson said.