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“We see that fruquintinib improved overall survival in all [metastatic] subgroups. Survival [outcomes] with fruquintinib are much better in [patients with] lung [metastases] than in [those with] liver or bone [metastases], and the worst [outcomes] were in [patients with] peritoneal disease. However, these are more prognostic rather than predictive factors, because within each subgroup, fruquintinib improves survival vs placebo.”

Rocío García-Carbonero, MD, of Hospital Universitario 12 de Octubre, discussed updated findings from a prespecified subgroup analysis of the phase 3 FRESCO-2 trial (NCT04322539), which evaluated fruquintinib (Fruzaqla) vs placebo in patients with refractory metastatic colorectal cancer (mCRC). The subgroup analysis focused on outcomes by site of baseline metastases.

Data presented at the 2025 ESMO Gastrointestinal Cancers Congress included outcomes stratified by liver, lung, bone, and peritoneal metastatic involvement. In this analysis, fruquintinib demonstrated improved overall survival (OS), progression-free survival (PFS), and disease control rate (DCR) across all metastatic subgroups when compared with placebo. The OS benefit was observed in patients with liver-only metastases (HR, 0.256; 95% CI, 0.079-0.824; P = .0760); those with bone metastases with or without other metastatic sites (HR, 0.399; 95% CI, 0.215-0.741; P = .0065); and those with peritoneal metastases with or without other metastatic sites (HR, 0.669; 95% CI, 0.395-1.134; P = .2453). An OS benefit was not observed within the lung-only metastases subgroup (HR, 0.998; 95% CI, 0.208-4.792; P = .9561); however, García-Carbonero explained that data for this subgroup were immature. The median OS in the lung-only subgroup was 14.1 months for fruquintinib vs not evaluable for placebo.

Importantly, the findings were derived from a post hoc analysis with small patient numbers, precluding definitive conclusions. Nonetheless, García-Carbonero emphasized that the data support the broad applicability of fruquintinib in the refractory mCRC setting, even in patients with metastases associated with poorer prognosis.

For a while, it looked like the boom in deal activity that was expected after President Donald Trump retook the White House wouldn’t happen. Companies pulled IPOs as the Liberation Day tariffs hit sentiment, while others put acquisition plans on hold.

Deals, in short, dried up. But that seems to be changing.

Deal activity is picking up for a host of reasons, experts say, among them Trump’s retreat from some of his harsher tariff plans and increasing investor expectations that trade deals will be struck or tariffs at least kept at their baseline levels. Add to that a relatively resilient U.S. economy and record-high stock markets and you get a recipe for rising deal volume.

IPO and M&A volumes are at their highest levels in years, according to Dealogic data, after years when high interest rates put a damper on things. In the first half of 2025, 174 companies raised more than $31 billion from U.S. IPOs, the most since 2021, when a record $200 billion of funds were raised in the same year-to-date period.

U.S. M&A volume so far this year has already topped $989 billion, the highest level since 2021’s record year, when there were $1.56 trillion in deals in the same period.

Investors Regain Taste for IPOs

Trump’s Liberation Day tariffs hit stock markets and led companies like Swedish fintech Klarna to pause plans for IPOs. That’s changing as investors are piling into tech and fintech firms, and investors are eyeing the possibility of interest-rate cuts in the second half that could keep stocks rising.

CoreWeave (CRWV), a cloud computing company backed by Nvidia (NVDA), has since seen its shares more than triple since its March listing. USDC stable coin issuer Circle Internet Group (CRCL) was among June’s IPO stars, benefiting from the increasing popularity of crytocurrencies and bitcoin; Israel-based retail trading platform eToro (ETOR) and space and defense tech firm Voyager Technologies (VOYG) were also among June’s star listings.

Circle and CoreWeave “in particular have been outstanding performers and a big driver of investor interest,” said Dealogic’s Global ECM Head Samuel Kerr said.

The pipeline of new deals is now building up again: In early July, design software maker Figma filed for an IPO.

Here are 2025’s top five US IPOs ranked by funds raised, according to Dealogic.

1. Venture Global

LNG exporter Venture Global (VG) raised $1.75 billion from its January IPO, the most by a listing so far this year in the U.S. and the most since Lineage’s $5.1 billion listing in July last year. Unlike some more recent tech IPOs, its shares have lagged below their listing price.

2. CoreWeave

CoreWeave (CRWV), a cloud computing company backed by Nvidia (NVDA), raised $1.57 billion from its listing on the Nasdaq in March. It had a tepid debut, but has since become one of this year’s stars, trading more than three times above its $40 IPO price.

3. SailPoint

SailPoint, a Texas-based cybersecurity company that private equity firm Thoma Bravo took private in 2022, made its return to public markets in February, raising $1.38 billion from its listing. Its shares continue to lag its $23 IPO price.

4. Circle Internet Group

Crypto firm Circle Internet Group (CRCL) has been one of this year’s IPO stars, raising $1.21 billion from its IPO priced at $31 a share in June; the stablecoin issuer’s stock is now around $189.

5. Chime Financial

The fifth-biggest IPO this year was the $994 million June offer by fintech firm Chime Financial. Its shares remain above their $27 IPO price.

M&A Rides the AI Wave

M&A volumes, which like IPOs took a hit this year, have been helped by enthusiasm for companies linked to artificial intelligence.

“Although March brought a burst of large-cap deals, optimism faded in April after ‘Liberation Day’ tariffs sent shockwaves through the market,” Mergermarket Head Lucinda Guthrie said. “Still, the opportunities presented by the volatility in the public markets drew attention from private capital. A key deal driver in 1H25 has been M&A to fuel the evolving AI landscape. ”

Here are the top M&A deals so far this year in the U.S, according to Dealogic, ranked by deal size, with No. 1, the funding round into ChatGPT maker OpenAI— illustrating the allure of AI investments. (All the deal volumes are excluding debt.)

1. SoftBank, Others Buy OpenAI Stake

The ChatGPT maker raised $40 billion in new funding from a group of investors who took a 13.3% stake in a round led by SoftBank Group. Other investors included its biggest backer, Microsoft (MSFT).

2. Google Offers $32B for Wiz

Google parent Alphabet (GOOGL) struck a $32 billion cash deal for cybersecurity startup Wiz in March that would be the tech giant’s largest acquisition ever. The deal hasn’t closed yet.

3. Amrize Gets Spun Out

In June, Swiss building-materials company Holcim spun off its North American operations in a $28.7 billion deal. The Chicago-based cement and roofing provider started trading under the stock symbol (AMRZ).

4. Charter Communications Buys Cox

Charter Communications (CHTR) announced a $24.1 billion deal in May to buy privately held rival Cox Communications in a deal that would combine two of the U.S.’s largest cable providers. The deal has yet to close.

5. Constellation Energy Takes on Calpine

Nuclear power producer Constellation Energy (CEG) agreed to buy private energy company Calpine for $17 billion excluding debt, a transaction that would create the largest clean energy provider in the U.S. The combined company would serve the AI boom, feeding the growing power needs of data centers.

CHENNAI: OpenAI has initiated an unusual, company-wide shutdown for one full week beginning early July, citing severe employee burnout as the primary reason. According to several reports, teams have been averaging 80-hour workweeks, pushing leadership to mandate this break for staff wellbeing However, the timing of the shutdown has sparked speculation. Some experts argue that it serves a dual purpose — not only as a wellness break but also as a strategic buffer in the escalating AI talent war with Meta.

Meta, led by Mark Zuckerberg, has launched an aggressive recruitment campaign targeting OpenAI researchers. Although there are varying reports, but signing bonuses have been described as reaching up to $100 million, with Meta successfully courting at least seven to eight OpenAI scientists.  

OpenAI’s Chief Research Officer, Mark Chen, sent a candid internal memo describing the exodus as feeling “like someone has broken into our home and stolen something.” He warned employees that Meta would likely step up outreach efforts during the shutdown, urging them not to make hasty, isolated decisions..

In response, OpenAI leadership—including Chen and CEO Sam Altman—have pledged comprehensive countermeasures. These include recalibrating compensation packages and exploring some ‘creative recognition strategies’.

OpenAI is also personally reaching out to employees who have received external offers, and reinforcing company mission and values in communications.

Supportive messages from senior research managers to the broader engineering teams also emphasised caution against “ridiculous exploding offers” and encouraged staff to remain in dialogue with internal leadership.

Microsoft has officially shut down its office in Pakistan and laid off five employees, marking a significant development in the country’s tech sector, as reported by Dawn.

The move, which sparked speculation on social media, was first brought to public attention by a LinkedIn post from Jawad Rehman, the former head of Microsoft Pakistan.

Citing insider information, he claimed the tech giant had “officially closed its operations” in the country.

While Microsoft maintained a small on-ground presence in Pakistan until recently, most of its operations were already being managed by foreign offices and local partners, according to Dawn.

Responding to Dawn’s queries, a Microsoft spokesperson confirmed the closure, stating, “We will serve our customers through both our strong and extensive partner organisation, and other closely located Microsoft offices. We follow this model successfully in several other countries around the world.”

According to Dawn, the decision is part of Microsoft’s global restructuring efforts and broader transition towards artificial intelligence (AI) and Software-as-a-Service (SaaS) business models.

Just this week, Microsoft announced a four per cent reduction in its global workforce, amounting to nearly 9,000 job cuts out of 2,28,000 total employees, following earlier layoffs in May.

The Ministry of IT and Telecommunications, in a statement cited by Dawn, clarified that this should not be seen as Microsoft “exiting” Pakistan, but rather a shift to a cloud-based, partner-led model consistent with evolving industry standards.

Technology expert Habibullah Khan explained to Dawn that as companies move from on-premise to SaaS models, physical presence in local markets becomes less necessary. He added that Microsoft’s closure in Pakistan is aligned with this shift and is part of a global trend, not a commentary on Pakistan’s tech landscape.

Dawn also noted that other multinationals, such as Careem, have recently announced scaling back or ceasing operations in Pakistan, though Khan emphasised Microsoft’s move is more about cost-efficiency and strategy, not instability. (ANI)

(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)

KARACHI – A recent breakdown of commercial bank accounts’ balances in Pakistan reveals a significant concentration of low-value deposits, highlighting financial disparities across the banking population.

According to data compiled by the State Bank of Pakistan (SBP) and analyzed by Topline Securities, a staggering 51 percent of bank accounts in the country have less than Rs5,000 in deposits. The report sheds light on the limited financial capacity of a majority of account holders, indicating widespread financial under-inclusion.

The data further revealed that 20pc of accounts maintain balances between Rs5,000 and Rs50,000.

It adds that 26% hold deposits ranging from Rs50,000 to Rs1 million while only **3%** of accounts contain balances above Rs1 million.

This concentration of low-balance accounts suggests that while banking access may be growing, a large portion of the population is either unable or unwilling to maintain substantial deposits.

The findings also emphasize the role of microfinance, digital wallets, and low-cost banking solutions to uplift the underbanked segments of the population.

On the other hand, SBP’s foreign exchange reserves closed at US$ 14.51 billion as on 30 June 2025.

During FY25, SBP’s Fx reserves has recorded an increase of US$ 5.12 billion to reach US$ 14.51 billion as on 30 June 2025 compared to US$ 9.39 billion as on 30 June 2024. This reflects a noticeable improvement in the country’s current account balance and realization of planned inflows during the year.