Deep underneath Singapore’s northeastern district of Punggol, a 5km (three-mile) network of metal pipes roars as it pumps chilled water to cool offices and classrooms overhead. The 140-year-old concept known as district cooling uses less electricity than centralised air conditioners – a major advantage for a resource-starved tropical island-nation that has to import nearly all its energy and where...
Deep underneath Singapore’s northeastern district of Punggol, a 5km (three-mile) network of metal pipes roars as it pumps chilled water to cool offices and classrooms overhead. The 140-year-old concept known as district cooling uses less electricity than centralised air conditioners – a major advantage for a resource-starved tropical island-nation that has to import nearly all its energy and where temperatures are rising twice as fast as the global average. The city state has laid pipes beneath...
GSK Plc is in discussions to purchase cancer treatment maker Nuvalent Inc. for between $9 billion and $10 billion, the Financial Times reported , citing unidentified people familiar with the matter. The firms were locked in talks late Monday with the goal of reaching an agreement as soon as this week, though the discussions could still fall apart altogether due to last-minute hurdles, the paper sa...
GSK Plc is in discussions to purchase cancer treatment maker Nuvalent Inc. for between $9 billion and $10 billion, the Financial Times reported , citing unidentified people familiar with the matter. The firms were locked in talks late Monday with the goal of reaching an agreement as soon as this week, though the discussions could still fall apart altogether due to last-minute hurdles, the paper said. The deal would be a hefty premium on Cambridge, Massachusetts-based Nuvalent’s market capitalization of nearly $7 billion. It would be one of GSK’s biggest-ever purchases, according to the FT. GSK and Nuvalent didn’t immediately respond to requests for comment from the FT. The Nuvalent report comes as new Chief Executive Officer Luke Miels works to revitalize GSK, with analysts previously saying he could look to implement an efficiency program while boosting deals to flesh out the company’s pipeline of new drugs. The British drugmaker isn’t known as a risk-taking company, and has long struggled to allay investors’ fears about its pipeline. It only recently returned to oncology after abandoning the field for years. In January, GSK agreed to a $2.2 billion deal to buy US biotech Rapt Therapeutics , which develops treatments for inflammatory and immunologic diseases. The firm secured a pulmonary hypertension drug in another transaction. GSK also plans five simultaneous late-stage trials for a cancer drug it hopes will be a blockbuster, Bloomberg reported in April. Read More: GSK Follows Oncology Rivals’ Playbook in Search of Growth
OpenAI Files Confidentially For IPO, Joining SpaceX and Anthropic In Capitalizing On AI Frenzy The rush by AI companies to go public before the window closes (i.e., "market conditions" emerge) entered its final lap late on Monday, when OpenAI joined its two mega peers in filing for a blockbuster IPO that could value the ChatGPT creator at more than $1tn as it races rival Anthropic to list its shar...
OpenAI Files Confidentially For IPO, Joining SpaceX and Anthropic In Capitalizing On AI Frenzy The rush by AI companies to go public before the window closes (i.e., "market conditions" emerge) entered its final lap late on Monday, when OpenAI joined its two mega peers in filing for a blockbuster IPO that could value the ChatGPT creator at more than $1tn as it races rival Anthropic to list its shares publicly, following an imminent offering by SpaceX. OpenAI said it had confidentially submitted a draft IPO prospectus to the US Securities and Exchange Commission, formally kicking off the process for one of the year’s most hotly anticipated debuts. The company is also planning to launch a tender sale of its shares to provide liquidity to employees in the coming weeks, before the company goes public, Bloomberg reported. Why employees would want to sell shares ahead of an IPO is not exactly clear, unless they fear the market reaction to the public offering would disappoint. OpenAI’s listing announcement comes days before SpaceX is set to IPO in a deal that could raise a record $86bn and value Elon Musk’s rockets-to-AI conglomerate at $1.78tn. Anthropic, the startup behind the chatbot Claude, said last week that it had filed confidentially for an IPO of its own. The company soared to a $965 billion valuation in its latest private funding round - above OpenAI’s for the first time - as its revenue surged. The three Wall Street listings comes at a time of unbridled euphoria among investors over AI, which has helped propel US stocks to a series of record highs but also prompted worries that markets are overheating. Last week, Goldman published a note seeking to preempt the big question: " Can Markets Absorb Massive Stock Supply From Coming Mega IPOs Without A Crash :" While Goldman did not express concerns about the coming flood of stock supply (its argument is that demand will more than offset the flood of new shares), the bank which is also a lead underwriter for both Space...